Le Lézard
Classified in: Business
Subject: v

Canadian Banc Corp. Monthly Dividend Declaration for Class A & Preferred Share


TORONTO, May 18, 2018 (GLOBE NEWSWIRE) -- Canadian Banc Corp. (The "Company") declares its monthly distribution of $0.10942 for each Class A share and $0.04167 for each Preferred share. Distributions are payable June 8, 2018 to shareholders on record as at May 31, 2018.

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 May 31, 2018 will receive a dividend of $0.10942 per share based on the VWAP of $13.13 payable on June 8, 2018. The yield will remain stable at 10.00% (based on the VWAP) under this distribution policy.

Preferred shareholders continue to receive prime plus 0.75% with a minimum rate of 5.00%.

Since inception Class A shareholders have received a total of $13.74 per share and Preferred shareholders have received a total of $6.86 per share inclusive of this distribution, for a combined total of $20.60.

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  
   
Class A Share (BK)   $0.10942
Preferred Share (BK.PR.A)  $0.04167
Ex-Dividend Date:  May 30, 2018
Record Date: May 31, 2018
Payable Date: June 8, 2018
   

Investor Relations: 1-877-478-2372 
Local: 416-304-4443
www.canadianbanc.com
[email protected]


These press releases may also interest you

at 16:20
Pulse Biosciences, Inc. , a company leveraging its novel and proprietary CellFX® Nanosecond Pulsed Field Ablationtm (nsPFAtm) technology, today announced business updates and financial results for the fourth quarter and full year ended December 31,...

at 16:20
Intellinetics, Inc. , a digital transformation solutions provider, announced financial results for the three and 12 months ended December 31, 2023. 2023 Fourth Quarter Financial Highlights Total Revenue increased 3.8% over the same period in...

at 16:20
AN2 Therapeutics, Inc. , a clinical-stage biopharmaceutical company focused on developing treatments for rare, chronic, and serious infectious diseases with high unmet needs, today reported financial results for the fourth quarter and year ended...

at 16:20
Cepton, Inc. ("Cepton") , a Silicon Valley innovator and leader in high performance lidar solutions, today announced business updates and financial results for the fourth quarter and full year ended December 31, 2023. "We are building upon our...

at 16:20
BT Brands, Inc. , today reported its financial results for the 52 weeks ending December 31, 2023, and for the 13 weeks then ended. The results include our 40% share of Bagger Dave's Burger Tavern results with its six locations. BT Brands currently...

at 16:20
Equity Commonwealth announced today that the company will release its first quarter 2024 operating results on Wednesday, May 1, 2024, after the close of trading. A conference call to discuss those results will be held on Thursday, May 2, 2024, at...



News published on and distributed by: