Canadian Banc Corp: Regular Monthly Dividend Declaration for Class A and Preferred Share

Canadian Banc Corp ("The Company") declares its regular monthly distribution of $0.05313 (4.25% annualized based on the original issue price of $15.00 per share) for each Class A share. The rate reflects the distribution policy of Canadian prime rate (3.00% as at June 15, 2012) plus 1.25% 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 payment of 4.25% and a Preferred share payment of 5.00% are the minimum payments as per the distribution policy. Distributions are payable July 10, 2012 to shareholders on record as of June 29, 2012.

Since inception Class A shareholders have received a total of $6.13 per share and Preferred shareholders have received a total of $3.89 per share inclusive of this distribution, for a combined total of $10.02 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)            $0.05313                      
Preferred Share (BK.PR.A)     $0.04167                      
Ex-Dividend Date:             June 27, 2012                 
Record Date:                  June 29, 2012                 
Payable Date:                 July 10, 2012

Contacts: Investor Relations 416-304-4443 or toll free at 1-877-4-Quadra (1-877-478-2372) www.primerateplus.com

Canadian Banc (TSX:BK)
Historical Stock Chart
From Oct 2024 to Nov 2024