TORONTO, ONTARIO--(Marketwired - April 20, 2016) - Prime Dividend Corp. (the "Company") declares its monthly distribution of $0.04742 for each Class A share and $0.04167 for each Preferred share. Distributions are payable May 10, 2016 to shareholders on record as of April 29, 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 April 29, 2016 will receive a dividend of $0.04742 per share based on the VWAP of $5.69 over the last 5 trading days in March, payable on May 10, 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 $8.60 per share and Preferred shareholders have received a total of $5.64 per share inclusive of this distribution, for a combined total of $14.24 per unit.
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 |
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Power Financial Corp. |
| Royal Bank of Canada |
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TMX Group Inc. |
| Toronto-Dominion Bank |
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| Distribution Details: |
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| Class A Share (PDV) |
$0.04742 |
| Preferred Share (PDV.PR.A) |
$0.04167 |
| Ex-Dividend Date: |
April 27, 2016 |
| Record Date: |
April 29, 2016 |
| Payable Date: |
May 10, 2016 |