Canadian Banc Corp. Monthly Dividend Declaration for Preferred Share
March 23 2020 - 4:00PM
Canadian Banc Corp. (The "Company") declares its monthly
distribution of $0.04167 for each Preferred share. Distributions
are payable April 9, 2020 to shareholders on record as at March 31,
2020.
Since the latter part of February 2020,
financial markets have been extremely volatile in response to the
developing COVID-19 pandemic and equity markets in particular have
experienced significant declines. The investment portfolio of
the Company has been subject to these market fluctuations and the
net assets of the Company have been materially negatively
impacted. The net asset value per unit of the Company as at
March 20, 2020 was $14.12. No regular monthly distributions
will be paid on the Class A Shares in any month as long as the net
asset value per unit is equal to or less than $15.00. The Company’s
investment portfolio may continue to experience significant
volatility as the situation evolves.
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 $15.68 per share and Preferred shareholders
have received a total of $7.83 per share inclusive of this
distribution, for a combined total of $23.51.
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 |
|
Preferred Share (BK.PR.A) |
$0.04167 |
Ex-Dividend Date: |
March 30, 2020 |
Record Date: |
March 31, 2020 |
Payable Date: |
April 9, 2020 |
Investor Relations: 1-877-478-2372Local:
416-304-4443www.canadianbanc.cominfo@quadravest.com
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