Canadian Banc Corp.: Dividend Rate Increases Over 100% During Past Year for Class A Share
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 10/20/14 -- Canadian Banc Corp. ("the Company") declares its monthly distribution of $0.11267 for each Class A share and $0.04167 for each Preferred share. Distributions are payable November 10, 2014 to shareholders on record as of October 31, 2014.
Since the Company implemented a change in its distribution policy in September 2013, the distribution to Class A shareholders has increased more than 100%. The monthly dividend payable on the Class A shares is determined by applying a 10% annualized rate on the volume weighted average market price (VWAP) of the Class A shares over the last 3 trading days of the preceding month. As a result, Class A shareholders of record on October 31, 2014 will receive a dividend of $0.11267 per share based on the VWAP of $13.52 over the last 3 trading days in September, payable on November 10, 2014. The yield will remain stable at 10% (based on the VWAP) under this distribution policy.
Preferred shareholders continue to receive prime plus 0.75% with a minimum rate of 5%.
Since inception Class A shareholders have received a total of $8.31 per share and Preferred shareholders have received a total of $5.06 per share inclusive of this distribution, for a combined total of $13.37 per unit.
The Company invests in a portfolio of six publicly traded Canadian Banks as follows: Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Bank of Nova Scotia, Toronto- Dominion Bank. Shares held within the portfolio are expected to range between 5-20% in weight but may vary at any time. To generate additional returns above the dividend income earned on the portfolio, The Company will engage in a selective covered call writing program.
Contacts:
Canadian Banc Corp.
Investor Relations
416-304-4443 or Toll Free at 1-877-4-Quadra (1-877-478-2372)
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Datum: 20.10.2014 - 13:00 Uhr
Sprache: Deutsch
News-ID 345268
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contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Personal Finance
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