TORONTO, Sept. 26, 2018 (GLOBE NEWSWIRE) -- Prime Dividend Corp. (the “Company”) is pleased to announce it has extended the
termination date of the Company a further five year period from December 1, 2018 to December 1, 2023.
In connection with the extension, the Company will also amend the dividend entitlement of the PDV.PR.A Preferred Shares
(“Preferred Shares”) effective December 1, 2018, to pay a cumulative preferential floating rate monthly dividend at an annual rate
equivalent to the prevailing Canadian Prime Rate plus 2.35% (previously 0.75%). The minimum rate per annum of which dividends will
be paid on the Preferred Shares remains at 5% and the maximum rate will increase from 7% to 8%. Assuming no change in the current
Prime Rate of 3.70%, the dividends paid on the Preferred Shares would increase from the current rate of 5.0% to 6.05% per annum on
their $10 redemption value. The PDV Class A Shares (“Class A Shares”) will continue to receive their targeted monthly payments
currently set at an annualized rate of 10%, based on the volume weighted average market price of the Class A Shares over the last 5
trading days of the preceding month.
In connection with the term extension, the Company will offer a Special Retraction Right which will allow
existing shareholders to tender one or both classes of Shares and receive a retraction price based on the November 30, 2018 net
asset value per unit.
Since inception of the Company, Class A Shares have received a total of $10.26 per share and Preferred Shares have received a
total of $6.81 per share, for a combined total of $17.07.
The Company invests in a portfolio of high yielding Canadian Companies as follows:
Banks
Bank of Montreal
Bank of Nova Scotia
CIBC
National Bank of Canada
Royal Bank of Canada
Toronto-Dominion Bank |
Investment Management
AGF Management Ltd.
CI Financial Corp. IGM
Financial Inc. |
Life Insurance
Great-West Lifeco Inc.
Manulife Financial Corporation
Sun Life Financial Inc. |
Utilities & Other
BCE Inc.
TransAlta Corp
TransCanada Corp
Power Financial Corp.
TMX Group Inc. |
Commissions, trailing commissions, management fees and expenses all may
be associated with mutual fund investments. Investors should read the prospectus before investing. Mutual funds are not guaranteed,
their values change frequently and past performance may not be repeated. Please read the Company’s publically filed documents which
are available at www.sedar.com.
Investor Relations: 1-877-478-2372
Local: 416-304-4443
www.primedividend.com
info@quadravest.com
