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Prime Dividend Corp. Monthly Dividend Declaration for Class A & Preferred Share

Prime Dividend Corp.
Prime Dividend Corp.

TORONTO, May 16, 2024 (GLOBE NEWSWIRE) -- Prime Dividend Corp. (The "Company") declares its monthly distribution of $0.05192 for each Class A share and $0.06667 for each Preferred share. Distributions are payable June 10, 2024 to shareholders on record as at May 31, 2024.

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 May 31, 2024 will receive a dividend of $0.05192 per share based on the VWAP of $6.23 payable on June 10, 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%.

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Since inception Class A shareholders have received a total of $13.55 per share and Preferred shareholders have received a total of $10.42 per share inclusive of this distribution, for a combined total of $23.98.

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)

$0.05192

Preferred Share (PDV.PR.A)

$0.06667

Record Date:

May 31, 2024

Payable Date:

June 10, 2024

 

 

Investor Relations: 1-877-478-2372
Local: 416-304-4443
www.primedividend.com
info@quadravest.com