PRIME DIVIDEND CORP. Monthly Dividend Declaration for Class A & Preferred Share
TORONTO, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Prime Dividend Corp. (The "Company") declares its monthly distribution of $0.05383 for each Class A share and $0.06667 for each Preferred share. Distributions are payable March 10, 2023 to shareholders on record as at February 28, 2023.
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 28, 2023 will receive a dividend of $0.05383 per share based on the VWAP of $6.46 payable on March 10, 2023. 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 $13.07 per share and Preferred shareholders have received a total of $9.42 per share inclusive of this distribution, for a combined total of $22.49.
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) | $0.05383 |
| Preferred Share (PDV.PR.A) | $0.06667 |
| Record Date: | February 28, 2023 |
| Payable Date: | March 10, 2023 |
| Investor Relations: 1-877-478-2372 | Local: 416-304-4443 |
