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BK - Canadian Banc News Story

C$6.25 -0.0  -0.5%

Last Trade - 04/08/20

Market Cap £40.2m
Enterprise Value £n/a
Revenue £n/a
Position in Universe th / 2677

Canadian Banc Corp. Monthly Dividend Declaration for Class A & Preferred Share

Thu 23rd April, 2020 2:00pm
Canadian Banc Corp. Monthly Dividend Declaration for Class A & Preferred Share

TORONTO, April 23, 2020 (GLOBE NEWSWIRE) -- Canadian Banc Corp. (The "Company") declares its monthly distribution of $0.05167 for each Class A share and $0.04167 for each Preferred share. Distributions are payable May 8, 2020 to shareholders on record as at April 30, 2020.

Under the distribution policy announced in September 2013, 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 April 30, 2020 will receive a dividend of $0.05167 per share based on the VWAP of $6.20 payable on May 8, 2020. The yield will remain stable at 10.00% (based on the VWAP) under this distribution policy.

Preferred shareholders will receive prime plus 1.50% with a minimum rate of 5.00%.

Since inception Class A shareholders have received a total of $15.73 per share and Preferred shareholders have received a total of $7.87 per share inclusive of this distribution, for a combined total of $23.60.

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 engages in a selective covered call writing program.

Distribution Details

Class A Share (BK)$0.05167
Preferred Share (BK.PR.A)$0.04167
Ex-Dividend Date:April 29, 2020
Record Date:April 30, 2020
Payable Date:May 8, 2020

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