Le Lézard
Classified in: Business
Subject: v

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


TORONTO, Feb. 20, 2020 (GLOBE NEWSWIRE) -- Canadian Banc Corp. (The "Company") declares its monthly distribution of $0.08542 for each Class A share and $0.04542 for each Preferred share. Distributions are payable March 10, 2020 to shareholders on record as at February 28, 2020.

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 28, 2020 will receive a dividend of $0.08542 per share based on the VWAP of $10.25 payable on March 10, 2020. 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 $15.68 per share and Preferred shareholders have received a total of $7.79 per share inclusive of this distribution, for a combined total of $23.46.

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)$0.08542
Preferred Share (BK.PR.A)$0.04542
Ex-Dividend Date:February 27, 2020
Record Date:February 28, 2020
Payable Date:March 10, 2020

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


These press releases may also interest you

at 05:45
The Gross Law Firm issues the following notice to shareholders of New York Community Bancorp, Inc. . Shareholders who purchased...

at 05:30
Cato Networks, the SASE leader, announced a new SASE throughput record here at the Porsche Studio Ginza ahead of the 2024 Tokyo E-Prix, achieving 10 Gbps without hardware upgrades. At 10 Gbps, Cato became the first SASE platform to compete not only...

at 05:00
TAL Education Group ("TAL" or the "Company") , a smart learning solutions provider in China, today announced that it will release its unaudited financial results for the fourth quarter and fiscal year 2024 ended February 29, 2024, before the market...

at 04:25
Ademi LLP is investigating Doma  for possible breaches of fiduciary duty and other violations of law in its transaction with Title Resources Group. ...

at 04:00
U Power Limited (the "Company" or "U Power"), a vehicle sourcing services provider with a vision to becoming a comprehensive EV battery power solution provider in China, today announced that the Company held an extraordinary general meeting of...

at 04:00
Tonight on BBC1, REMY founder Abeer Iqbal, entered the Den, and despite intense grilling and no investment, left with a six-figure job offer from Peter Jones. ...



News published on and distributed by: