Canadian Banc Recovery Corp: Regular Monthly Dividend Declaration for Class A and Preferred Share
September 18 2009 - 9:00AM
Marketwired
Canadian Banc Recovery Corp (formerly Prime Rate Plus Corp) ("The
Company") declares its regular monthly distribution of $0.06250
(5.00% annualized) for each Class A share which reflects the
distribution policy of prime rate in Canada (2.25% as at September
15, 2009) plus 2% annually. The Company also declares its regular
monthly distribution of $0.04167 (5.00% annualized) for each
Preferred share which reflects the distribution policy of prime
rate plus 0.75% annually. An annual Class A and Preferred share
payment of 5.00% is the minimum payment as per the prospectus and
the rate will not decline below this level. Distributions are
payable October 9, 2009 to shareholders on record as of September
30, 2009.
Since inception Class A shareholders have received a total of
$4.12 per share and Preferred shareholders have received a total of
$2.52 per share inclusive of this distribution, for a combined
total of $6.64 per share.
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, Prime Plus will engage in a
selective covered call writing program.
Distribution Details:
Class A Share (BK) $0.06250
Preferred Share (BK.PR.A) $0.04167
Ex-Dividend Date: September 28, 2009
Record Date: September 30, 2009
Payable Date: October 9, 2009
Contacts: Canadian Banc Recovery Corp Investor Relations
416-304-4443 or Toll Free: 1-877-4-Quadra (1-877-478-2372)
www.primerateplus.com
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