TORONTO, May 22, 2020 (GLOBE NEWSWIRE) -- Prime Dividend Corp. (The "Company") declares its monthly distribution of $0.04167 for each Preferred share. Distributions are payable June 10, 2020 to shareholders on record as at May 29, 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 May 15, 2020 was $13.29. 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 $7.85 per share inclusive of this distribution, for a combined total of $19.12.
The Company invests in a portfolio of high yielding Canadian Companies as follows:
| Banks Bank of Montreal Bank of Nova Scotia CIBC National Bank of Canada Royal Bank of Canada Toronto-Dominion Bank | Investment Management AGF Management Ltd. CI Financial Corp. IGM Financial Inc. | Life Insurance Great-West Lifeco Inc. Manulife Financial Corporation Sun Life Financial Inc. | Utilities & Other BCE Inc. TransAlta Corp. TC Energy Corp. Power Financial Corp. TMX Group Inc. |
Distribution Details
| Preferred Share (PDV.PR.A) | $0.04167 |
| Ex-Dividend Date: | May 28, 2020 |
| Record Date: | May 29, 2020 |
| Payable Date: | June 10, 2020 |
Investor Relations: 1-877-478-2372 Local: 416-304-4443 www.primedividend.com info@quadravest.com