Canadian Banc Recovery Corp.: Regular Monthly Dividend Declaration for Class A and Preferred Share
December 20 2010 - 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 (3.00% as at December
15, 2010) 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.
Distributions are payable January 10, 2011 to shareholders on
record as of December 31, 2010.
Since inception Class A shareholders have received a total of
$5.05 per share and Preferred shareholders have received a total of
$3.15 per share inclusive of this distribution, for a combined
total of $8.20 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, The Company 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: December 29, 2010
Record Date: December 31, 2010
Payable Date: January 10, 2011
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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