Canadian Banc Recovery Corp: Regular Monthly Dividend Declaration for Class A and Preferred Share
October 19 2011 - 9:00AM
Marketwired
Canadian Banc Recovery 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 October 15, 2011) 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 November 10, 2011
to shareholders on record as of October 31, 2011.
Since inception Class A shareholders have received a total of
$5.68 per share and Preferred shareholders have received a total of
$3.56 per share inclusive of this distribution, for a combined
total of $9.24 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: October 27, 2011
Record Date: October 31, 2011
Payable Date: November 10, 2011
Contacts: Canadian Banc Recovery Corp Investor Relations
416-304-4443, toll free at 1-877-4-Quadra
(1-877-478-2372)www.primerateplus.com
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