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PRIME DIVIDEND CORP. Monthly Dividend Declaration for Class A & Preferred Share

TORONTO, Jan. 20, 2020 (GLOBE NEWSWIRE) -- Prime Dividend Corp. (The "Company") declares its monthly distribution of $0.05883 for each Class A share and $0.05250 for each Preferred share. Distributions are payable February 10, 2020 to shareholders on record as at January 31, 2020.

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 January 31, 2020 will receive a dividend of $0.05883 per share based on the VWAP of $7.06 payable on February 10, 2020. The yield will remain stable at 10.00% (based on the VWAP) under this distribution policy.

Preferred shareholders will receive prime plus 2.35% with a minimum rate of 5.00%.

Since inception Class A shareholders have received a total of $11.21 per share and Preferred shareholders have received a total of $7.67 per share inclusive of this distribution, for a combined total of $18.88.

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. TC Energy Corp.
National Bank of Canada     Power Financial Corp.
Royal Bank of Canada     TMX Group Inc.
Toronto-Dominion Bank      

Distribution Details    
Class A Share (PDV)    $0.05883
Preferred Share (PDV.PR.A)    $0.05250
Ex-Dividend Date:   January 30, 2020
Record Date:   January 31, 2020
Payable Date:   February 10, 2020

Investor Relations: 1-877-478-2372 Local: 416-304-4443

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