TORONTO, ONTARIO -- (Marketwired) -- 10/19/16 -- Prime Dividend Corp. (The "Company") declares its monthly distribution of $0.04742 for each Class A share and $0.04167 for each Preferred share. Distributions are payable November 10, 2016 to shareholders on record as at October 31, 2016.
Under the distribution policy announced on July 17, 2014, the monthly dividend payable on the Class A shares is determined by applying a 10.00% annualized rate on the volume weighted average market price (VWAP) of the Class A shares over the last 5 trading days of the preceding month. As a result, Class A shareholders of record on October 31, 2016 will receive a dividend of $0.04742 per share based on the VWAP of $5.69 payable on November 10, 2016. The yield will remain stable at 10.00% (based on the VWAP) under this distribution policy.
Preferred shareholders continue to receive prime plus 0.75% with a minimum rate of 5.00%.
Since inception Class A shareholders have received a total of $8.89 per share and Preferred shareholders have received a total of $5.89 per share inclusive of this distribution, for a combined total of $14.78.
The Company invests in a portfolio of high yielding Canadian Companies as follows:
Investment Banks Management Life Insurance Utilities & Other Bank of Montreal AGF Management Great-West Lifeco BCE Inc. Ltd. Inc. Bank of Nova CI Financial Corp. Manulife Financial TransAlta Corp Scotia Corporation CIBC IGM Financial Inc. Sun Life Financial TransCanada Corp Inc. National Bank of Power Financial Canada Corp. Royal Bank of TMX Group Inc. Canada Toronto-Dominion Bank Distribution Details Class A Share (PDV) $0.04742 Preferred Share (PDV.PR.A) $0.04167 Ex-Dividend Date: October 27, 2016 Record Date: October 31, 2016 Payable Date: November 10, 2016