Prime Dividend Corp. Monthly Dividend Declaration for Preferred Share

TORONTO, July 20, 2020 (GLOBE NEWSWIRE) -- Prime Dividend Corp. (The "Company") declares its monthly distribution of $0.04167 for each Preferred share. Distributions are payable August 10, 2020 to shareholders on record as at July 31, 2020.

Since the latter part of February 2020, financial markets have been extremely volatile in response to the developing COVID-19 pandemic and equity markets in particular have experienced significant declines. The investment portfolio of the Company has been subject to these market fluctuations and the net assets of the Company have been materially negatively impacted. The net asset value per unit of the Company as at July 15, 2020 was $14.91. No regular monthly distributions will be paid on the Class A Shares in any month as long as the net asset value per unit is equal to or less than $15.00. The Company’s investment portfolio may continue to experience significant volatility as the situation evolves.

Preferred shareholders receive prime plus 2.35% with a minimum rate of 5.00%.

Since inception Class A shareholders have received a total of $11.27 per share and Preferred shareholders have received a total of $7.93 per share inclusive of this distribution, for a combined total of $19.21.

The Company invests in a portfolio of high yielding Canadian Companies as follows:

Investor Relations: 1-877-478-2372

Local: 416-304-4443