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Canadian Banc Corp Announces Further 11.52% Increase to Monthly Dividend for Class A Share


Monday, 18 Nov 2013 09:00am EST 

Canadian Banc Corp announced that on September 17, 2013, the Company announced a change in the distribution policy to the Class A shares that resulted in an immediate increase of over 42% to the monthly dividend. The Company announced a further 11.52% increase to the monthly distribution from its previous month's distribution, due to the increased market price of the Company's Class A share. The dividend for November will be $0.09600 per share. Under the new distribution policy, the monthly dividend payable on the Class A shares will be 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 November 29, 2013 will receive a dividend of $0.09600 per share based on the VWAP of $11.52 over the last 3 trading days in October, payable on December 10, 2013. Effectively, the actual amount of monthly distributions paid will vary with the market price, but the current yield will remain stable at 10% (based on the VWAP) under this new distribution policy. There will be no changes to the Preferred Share dividend policy or the Class A dividend threshold policy. Preferred shares will continue to receive prime plus 0.75% with a minimum rate of 5%. 

Company Quote

13.25
-0.11 -0.82%
21 Jul 2014