Prime Dividend Corp.: Monthly Dividend Declaration for Class A Share and Preferred Share

/EINPresswire.com/ -- TORONTO, ONTARIO -- (Marketwired) -- 03/18/16 -- Prime Dividend Corp. (the "Company") declares its monthly distribution of $0.04275 for each Class A share and $0.04167 for each Preferred share. Distributions are payable April 8, 2016 to shareholders on record as of March 31, 2016.

Under the distribution policy announced on July 17, 2014, 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 5 trading days of the preceding month. As a result, Class A shareholders of record on March 31, 2016 will receive a dividend of $0.04275 per share based on the VWAP of $5.13 over the last 5 trading days in February, payable on April 8, 2016. Effectively, the actual amount of monthly distributions paid will vary with the market price, but the current yield will remain stable at 10% (based on the VWAP) under this new distribution policy.

Preferred shareholders continue to received prime plus 0.75% with a minimum rate of 5% annually.

Since inception Class A shareholders have received a total of $8.55 per share and Preferred shareholders have received a total of $5.60 per share inclusive of this distribution, for a combined total of $14.15 per unit.

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


       Banks           Investment       Life Insurance    Utilities & Other
                       Management
 Bank of Montreal    AGF Management    Great-West Lifeco      BCE Inc.
                          Ltd.               Inc.
   Bank of Nova    CI Financial Corp. Manulife Financial   TransAlta Corp
      Scotia                              Corporation
       CIBC        IGM Financial Inc. Sun Life Financial  TransCanada Corp
                                             Inc.
 National Bank of                                          Power Financial
      Canada                                                    Corp.
   Royal Bank of                                           TMX Group Inc.
      Canada
 Toronto-Dominion
       Bank

----------------------------------------------------------------------------
Distribution Details:
Class A Share (PDV)                   $0.04275
Preferred Share (PDV.PR.A)            $0.04167
Ex-Dividend Date:                     March 29, 2016
Record Date:                          March 31, 2016
Payable Date:                         April 8, 2016
----------------------------------------------------------------------------

Contacts:
Investor Relations:
1-877-478-2372
Local: 416-304-4443
www.primedividend.com
info@quadravest.com

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.

You just read:

Prime Dividend Corp.: Monthly Dividend Declaration for Class A Share and Preferred Share

Distribution channels: Banking, Finance & Investment Industry

EIN Presswire's priority is author transparency. We do our best to weed out false and misleading content. The content above is the sole responsibility of the author who makes it available. If you have any complaints, kindly contact the author above.