March 19, 2013 17:17 ET
TORONTO, ONTARIO--(Marketwire - March 19, 2013) - 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 March 15, 2013) 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 April 10, 2013 to shareholders on record as of March 28, 2013.
Since inception Class A shareholders have received a total of $6.60 per share and Preferred shareholders have received a total of $4.27 per share inclusive of this distribution, for a combined total of $10.87 per unit.
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.
Canadian Banc CorpInvestor Relations416-304-4443 or toll free at 1-877-4-Quadra (1-877-478-2372)www.primerateplus.com
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