TORONTO, ONTARIO--(Marketwired - June 20, 2016) - Canadian Banc Corp. (the "Company") declares its monthly
distribution of $0.08783 for each Class A share and $0.04167 for each Preferred share. Distributions are payable July 8, 2016 to
shareholders on record as of June 30, 2016.
Under the distribution policy announced in September 2013, 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 3 trading days of the preceding month. As a result, Class A shareholders of record on June 30, 2016 will receive a dividend
of $0.08783 per share based on the VWAP of $10.54 over the last 3 trading days in May, payable on July 8, 2016. The yield will
remain stable at 10% (based on the VWAP) under this distribution policy.
Preferred shareholders continue to receive prime plus 0.75% with a minimum rate of 5%.
Since inception Class A shareholders have received a total of $10.22 per share and Preferred shareholders have
received a total of $5.90 per share inclusive of this distribution, for a combined total of $16.12 per unit.
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 will engage in a selective covered call writing program.
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Distribution Details: |
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Class A Share (BK) |
$0.08783 |
Preferred Share (BK.PR.A) |
$0.04167 |
Ex-Dividend Date: |
June 28, 2016 |
Record Date: |
June 30, 2016 |
Payable Date: |
July 8, 2016 |
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