Prime Dividend Corp.: Monthly Dividend Declaration for Class A & Preferred Share
TORONTO, Feb. 21, 2018 (GLOBE NEWSWIRE) -- Prime Dividend Corp. (The "Company") declares its monthly distribution of $0.06967 for each Class A share and $0.04167 for each Preferred share. Distributions are payable March 9, 2018 to shareholders on record as at February 28, 2018.
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 February 28, 2018 will receive a dividend of $0.06967 per share based on the VWAP of $8.36 payable on March 9, 2018. The yield will remain stable at 10.00% (based on the VWAP) under this distribution policy.
Preferred shareholders continue to receive prime plus 0.75% with a minimum rate of 5.00%.
Since inception Class A shareholders have received a total of $9.87 per share and Preferred shareholders have received a total of $6.56 per share inclusive of this distribution, for a combined total of $16.43.
The Company invests in a portfolio of high yielding Canadian Companies as follows:
| Banks | Investment Management | Life Insurance | Utilities & Other |
| Bank of Montreal | AGF Management Ltd. | Great-West Lifeco Inc. | BCE Inc. |
| Bank of Nova Scotia | CI Financial Corp. | Manulife Financial Corporation | TransAlta Corp |
| CIBC | IGM Financial Inc. | Sun Life Financial Inc. | TransCanada Corp |
| National Bank of Canada | Power Financial Corp. | ||
| Royal Bank of Canada | TMX Group Inc. | ||
| Toronto-Dominion Bank |
| Distribution Details | |
| Class A Share (PDV) | $0.06967 |
| Preferred Share (PDV.PR.A) | $0.04167 |
| Ex-Dividend Date: | February 27, 2018 |
| Record Date: | February 28, 2018 |
| Payable Date: | March 9, 2018 |
Investor Relations: 1-877-478-2372
Local: 416-304-4443
www.primedividend.com
info@quadravest.com
