TORONTO, July 17, 2024 (GLOBE NEWSWIRE) — Prime Dividend Corp. (The "Company") declares its monthly distribution of $0.05217 for each Class A share and $0.06667 for each Preferred share. Distributions are payable August 9, 2024 to shareholders on record as at July 31, 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 July 31, 2024 will receive a dividend of $0.05217 per share based on the VWAP of $6.26 payable on August 9, 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 $13.66 per share and Preferred shareholders have received a total of $10.56 per share inclusive of this distribution, for a combined total of $24.22.
The Company invests in a portfolio of high yielding Canadian Companies as follows:
| Banks | Investment Management | Life Insurance | Utilities & Other |
| Bank of Montreal | AGF Management Ltd. | Great-West Lifeco Inc. | BCE Inc. |
| Bank of Nova Scotia | CI Financial Corp. | Manulife Financial Corporation | TransAlta Corp. |
| CIBC | IGM Financial Inc. | Sun Life Financial Inc. | TC Energy Corp. |
| National Bank of Canada | Power Financial Corp. | ||
| Royal Bank of Canada | TMX Group Inc. | ||
| Toronto-Dominion Bank |
| Distribution Details | ||
| Class A Share (PDV) | $0.05217 | |
| Preferred Share (PDV.PR.A) | $0.06667 | |
| Record Date: | July 31, 2024 | |
| Payable Date: | August 9, 2024 |
| Investor Relations: 1-877-478-2372 | Local: 416-304-4443 | www.primedividend.com | info@quadravest.com |
