00:23:28 EST Mon 24 Feb 2020
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or Name

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Canadian Banc Corp
Symbol BK
Shares Issued 11,092,282
Close 2019-09-17 C$ 10.54
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Canadian Banc declares 7.95-cent Class A distribution

2019-09-18 09:14 ET - News Release

An anonymous director reports


Canadian Banc Corp. has declared its monthly distribution of 7.950 cents for each Class A share and 4.542 cents for each preferred share. Distributions are payable Oct. 10, 2019, to shareholders on record as at Sept. 30, 2019.

Under the distribution policy announced in September, 2013, the monthly dividend payable on the Class A shares is determined by applying a 10-per-cent annualized rate on the volume-weighted average market price (VWAP) of the Class A shares over the last three trading days of the preceding month. As a result, Class A shareholders of record on Sept. 30, 2019, will receive a dividend of 7.95 cents per share based on the VWAP of $9.54 payable on Oct. 10, 2019. The yield will remain stable at 10.00 per cent (based on the VWAP) under this distribution policy.

Preferred shareholders will receive prime plus 1.50 per cent with a minimum rate of 5.00 per cent.

Since inception Class A shareholders have received a total of $15.24 per share and preferred shareholders have received a total of $7.56 per share inclusive of this distribution, for a combined total of $22.80.

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 to 20 per cent 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:  7.95 cents

Preferred share:  4.542 cents

Ex dividend date:  Sept. 27, 2019

Record date:  Sept. 30, 2019

Payable date:  Oct. 10, 2019

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