TORONTO, Feb. 16, 2024 (GLOBE NEWSWIRE) — Prime Dividend Corp. (The "Company") declares its monthly distribution of $0.04658 for each Class A share and $0.06667 for each Preferred share. Distributions are payable March 8, 2024 to shareholders on record as at February 29, 2024.
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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 February 29, 2024 will receive a dividend of $0.04658 per share based on the VWAP of $6.59 payable on March 8, 2024. The yield will remain stable at 10.00% (based on the VWAP) under this distribution policy.
Preferred shareholders will receive prime plus 2.35% with a minimum rate of 5.00% and a maximum rate of 8.00%.
Since inception Class A shareholders have received a total of $13.39 per share and Preferred shareholders have received a total of $10.22 per share inclusive of this distribution, for a combined total of $23.62.
The Company invests in a portfolio of high yielding Canadian Companies as follows:
| Banks Bank of Montreal Bank of Nova Scotia CIBC National Bank of Canada Royal Bank of Canada Toronto-Dominion Bank |
Investment Management AGF Management Ltd. CI Financial Corp. IGM Financial Inc. |
Life Insurance Great-West Lifeco Inc. Manulife Financial Corporation Sun Life Financial Inc. |
Utilities & Other BCE Inc. TransAlta Corp. TC Energy Corp. Power Financial Corp. TMX Group Inc. |
| Distribution Details |
|
| Class A Share (PDV) | $0.04658 |
| Preferred Share (PDV.PR.A) | $0.06667 |
| Record Date: | February 29, 2024 |
| Payable Date: | March 8, 2024 |
| Investor Relations: 1-877-478-2372 | Local: 416-304-4443 | www.primedividend.com | info@quadravest.com |
