TORONTO, Jan. 18, 2018 (GLOBE NEWSWIRE) -- Canadian Banc Corp. (The"Company") declares its monthly distribution of $0.11542 for
each Class A share and $0.04167 for each Preferred share. Distributions are payable February 9, 2018 to shareholders on record as
at January 31, 2018.
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 January 31, 2018 will receive a dividend of $0.11542
per share based on the VWAP of $13.85 payable on February 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 $13.29 per share and Preferred shareholders have received a total
of $6.69 per share inclusive of this distribution, for a combined total of $19.98.
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) |
|
$0.11542 |
| Preferred Share (BK.PR.A) |
|
$0.04167 |
| Ex-Dividend Date: |
|
January 30, 2018 |
| Record Date: |
|
January 31, 2018 |
| Payable Date: |
|
February 9, 2018 |
| |
|
|
Investor Relations: 1-877-478-2372
Local: 416-304-4443
www.canadianbanc.com
info@quadravest.com
