2012-12-18 22:30:04 -
TORONTO, ONTARIO -- (Marketwire) -- 12/18/12 -- Canadian Banc Corp ("The Company") declares its regular monthly distribution of $0.05313 (4.25% annualized based on the original issue price of $15.00 per share) for each Class A share. The rate reflects the distribution policy of Canadian prime rate (3.00% as at December 14, 2012) plus 1.25% annually. The Company also declares its regular monthly distribution of $0.04167 (5.00% annualized) for each Preferred share which reflects the distribution policy of prime rate plus 0.75% annually. An annual Class A payment of 4.25% and a Preferred share payment of 5.00% are the minimum payments as per the distribution policy. Distributions are payable January 10, 2013 to shareholders on record as of December 31, 2012.
Since inception Class A shareholders have received a total of $6.44 per share and Preferred shareholders have received a total of $4.15 per share inclusive of this distribution, for a combined total of $10.59 per share.
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.
Class A Share (BK) $0.05313
Preferred Share (BK.PR.A) $0.04167
Ex-Dividend Date: December 27, 2012
Record Date: December 31, 2012
Payable Date: January 10, 2013
Canadian Banc Corp
416-304-4443, toll free at 1-877-4-Quadra (1-877-478-2372)