Prime Dividend Corp. Monthly Dividend Declaration for Class A & Preferred Share

TORONTO, May 18, 2023 (GLOBE NEWSWIRE) -- Prime Dividend Corp. (The "Company") declares its monthly distribution of $0.04992 for each Class A share and $0.06667 for each Preferred share. Distributions are payable June 9, 2023 to shareholders on record as at May 31, 2023.

Under the distribution policy announced on July 17, 2014, the monthly dividend payable on the Class A shares is determined by applying a 10.00% annualized rate on the volume weighted average market price (VWAP) of the Class A shares over the last 5 trading days of the preceding month. As a result, Class A shareholders of record on May 31, 2023 will receive a dividend of $0.04992 per share based on the VWAP of $5.99 payable on June 9, 2023. The yield will remain stable at 10.00% (based on the VWAP) under this distribution policy.

Preferred shareholders will receive prime plus 2.35% with a minimum rate of 5.00% and a maximum rate of 8.00%.

Since inception Class A shareholders have received a total of $13.17 per share and Preferred shareholders have received a total of $9.62 per share inclusive of this distribution, for a combined total of $22.79.

The Company invests in a portfolio of high yielding Canadian Companies as follows: