Canadian Banc Recovery Corp
TSX : BK
TSX : BK.PR.A

Canadian Banc Recovery Corp

November 18, 2011 09:00 ET

Canadian Banc Recovery Corp: Regular Monthly Dividend Declaration for Class A and Preferred Share

TORONTO, ONTARIO--(Marketwire - Nov. 18, 2011) - Canadian Banc Recovery Corp ("The Company") declares its regular monthly distribution of $0.06250 (5.00% annualized) for each Class A share which reflects the distribution policy of prime rate in Canada (3.00% as at November 15, 2011) plus 2% 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 and Preferred share payment of 5.00% is the minimum payment as per the prospectus. Distributions are payable December 9, 2011 to shareholders on record as of November 30, 2011.

Since inception Class A shareholders have received a total of $5.74 per share and Preferred shareholders have received a total of $3.61 per share inclusive of this distribution, for a combined total of $9.35 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.

Distribution Details:
Class A Share (BK): $0.06250
Preferred Share (BK.PR.A): $0.04167
Ex-Dividend Date: November 28, 2011
Record Date: November 30, 2011
Payable Date: December 9, 2011

Contact Information

  • Canadian Banc Recovery Corp
    Investor Relations
    416-304-4443 or toll free at 1-877-4-Quadra (1-877-478-2372)
    www.primerateplus.com