There were 172 press releases posted in the last 24 hours and 404,492 in the last 365 days.

Canadian Banc Corp. Monthly Dividend Declaration for Class A & Preferred Share

TORONTO, Nov. 20, 2023 (GLOBE NEWSWIRE) -- Canadian Banc Corp. (The "Company") declares its monthly distribution of $0.11988 for each Class A share and $0.06667 for each Preferred share. Distributions are payable December 8, 2023 to shareholders on record as at November 30, 2023.

Under the distribution policy announced in November 2021, the monthly dividend payable on the Class A shares is determined by applying a 15% annualized rate on the volume weighted average market price (VWAP) of the Class A shares over the last 3 trading days of the preceding month. As a result, Class A shareholders of record on November 30, 2023 will receive a dividend of $0.11988 per share based on the VWAP of $9.59 payable on December 8, 2023. The yield will remain stable at 15.00% (based on the VWAP) under this distribution policy.

Preferred shareholders will receive prime plus 1.50% with a minimum rate of 5.00% and a maximum rate of 8.00%.

Since inception Class A shareholders have received a total of $21.32 per share and Preferred shareholders have received a total of $10.04 per share inclusive of this distribution, for a combined total of $31.35.

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 5-20% 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 (BK)

$0.11988
Preferred Share (BK.PR.A)

$0.06667
Record Date:

November 30, 2023
Payable Date:

December 8, 2023


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

Primary Logo

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.