CANADIAN BANC CORP. Monthly Dividend Declaration for Class A & Preferred Share
20 Febbraio 2025 - 3:00PM
Canadian Banc Corp. (The "Company") declares its monthly
distribution of $0.14975 for each Class A share and $0.05583 for
each Preferred share. Distributions are payable March 10, 2025 to
shareholders on record as at February 28, 2025.
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 February 28, 2025 will receive a dividend
of $0.14975 per share based on the VWAP of $11.98 payable on March
10, 2025. 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 $23.39 per share and Preferred shareholders
have received a total of $11.00 per share inclusive of this
distribution, for a combined total of $34.39.
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) |
$0.14975 |
Preferred Share
(BK.PR.A) |
$0.05583 |
Record
Date: |
February 28, 2025 |
Payable Date: |
March 10, 2025 |
|
|
Investor Relations: 1-877-478-2372
Local:
416-304-4443
www.canadianbanc.com
info@quadravest.com
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