Canadian Banc Corp. Monthly Dividend Declaration for Class A & Preferred Share
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TORONTO, Feb. 18, 2021 (GLOBE NEWSWIRE) -- Canadian Banc Corp. (The "Company") declares its monthly distribution of $0.07458 for each Class A share and $0.04167 for each Preferred share. Distributions are payable March 10, 2021 to shareholders on record as at February 26, 2021.
Under the distribution policy announced in September 2013, the monthly dividend payable on the Class A shares is determined by applying a 10% annualized rate on the volume weighted average market price (VWAP) of the Class A shares over the last 3 trading days of the preceding month. As a result, Class A shareholders of record on February 26, 2021 will receive a dividend of $0.07458 per share based on the VWAP of $8.95 payable on March 10, 2021. The yield will remain stable at 10.00% (based on the VWAP) under this distribution policy.
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 $16.35 per share and Preferred shareholders have received a total of $8.29 per share inclusive of this distribution, for a combined total of $24.63.
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.
|Class A Share (BK)||$0.07458|
|Preferred Share (BK.PR.A)||$0.04167|
|Ex-Dividend Date:||February 25, 2021|
|Record Date:||February 26, 2021|
|Payable Date:||March 10, 2021|
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