TORONTO, ONTARIO--(Marketwire - Sep 19, 2012) - 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 September 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 October 10, 2012 to shareholders on record as of September 28, 2012.
Since inception Class A shareholders have received a total of $6.28 per share and Preferred shareholders have received a total of $4.02 per share inclusive of this distribution, for a combined total of $10.30 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:||September 26, 2012|
|Record Date:||September 28, 2012|
|Payable Date:||October 10, 2012|