TORONTO, Sept. 18, 2019 (GLOBE NEWSWIRE) -- Prime Dividend Corp. (The "Company") declares its monthly distribution of $0.05150 for each Class A share and $0.05250 for each Preferred share. Distributions are payable October 10, 2019 to shareholders on record as at September 30, 2019.

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 September 30, 2019 will receive a dividend of $0.05150 per share based on the VWAP of $6.18 payable on October 10, 2019. 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%.

Since inception Class A shareholders have received a total of $10.97 per share and Preferred shareholders have received a total of $7.46 per share inclusive of this distribution, for a combined total of $18.43.

The Company invests in a portfolio of high yielding Canadian Companies as follows:
Banks  Investment ManagementLife InsuranceUtilities & Other
Bank of Montreal  AGF Management Ltd.Great-West Lifeco Inc.BCE Inc.
Bank of Nova Scotia  CI Financial Corp.Manulife Financial CorporationTransAlta 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)   $0.05150
Preferred Share (PDV.PR.A)   $0.05250
Ex-Dividend Date:    September 27, 2019
Record Date:    September 30, 2019
Payable Date:    October 10, 2019

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