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Prime Dividend Corp (2)
Symbol C : PDV
Shares Issued 944,954
Close 2019-09-17 C$ 6.90
Recent Sedar Documents

Prime Dividend declares Class A, pfd distributions

2019-09-18 09:21 ET - News Release

An anonymous director reports

PRIME DIVIDEND CORP. MONTHLY DIVIDEND DECLARATION FOR CLASS A & PREFERRED SHARE

Prime Dividend Corp. has declared its monthly distribution of 5.15 cents for each Class A share and 5.25 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 on July 17, 2014, the monthly dividend payable on the Class A shares is determined by applying a 10.00-per-cent annualized rate on the volume-weighted average market price (VWAP) of the Class A shares over the last five trading days of the preceding month. As a result, Class A shareholders of record on Sept. 30, 2019, will receive a dividend of 5.15 cents per share based on the VWAP of $6.18 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 2.35 per cent with a minimum rate of 5.00 per cent.

Since inception Class A shareholders have received a total of $10.97 per share and preferred shareholders have received a total of $7.46 per share inclusive of this distribution, for a combined total of $18.43.

The company invests in a portfolio of high-yielding Canadian companies as follows:

Banks

  • Bank of Montreal;
  • Bank of Nova Scotia;
  • Canadian Imperial Bank of Commerce;
  • National Bank of Canada;
  • Royal Bank of Canada;
  • Toronto-Dominion Bank.

Investment management

  • AGF Management Ltd.;
  • CI Financial Corp.;
  • IGM Financial Inc.

Life insurance

  • Great-West Lifeco Inc.;
  • Manulife Financial Corp.;
  • Sun Life Financial Inc.

Utilities and other

  • BCE Inc.;
  • TransAlta Corp.;
  • TC Energy Corp.;
  • Power Financial Corp.;
  • TMX Group Inc.

Distribution details

Class A share:  5.15 cents

Preferred share:  5.25 cents

Ex dividend date:  Sept. 27, 2019

Record date:  Sept. 30, 2019

Payable date:  Oct. 10, 2019

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