Canadian Banc Recovery Corp: Regular Monthly Dividend Declaration for Class A and Preferred Share


TORONTO, ONTARIO--(Marketwire - March 18, 2011) - Canadian Banc Recovery Corp (formerly Prime Rate Plus Corp) ("The Company") declares its regular monthly distribution of $0.06250 (5.00% annualized) for each Class A share which reflects the distribution policy of prime rate in Canada (3.00% as at March 15, 2011) plus 2% annually. The Company also declares its regular monthly distribution of $0.04167 (5.00% annualized) for each Preferred share which reflects the distribution policy of prime rate plus 0.75% annually. An annual Class A and Preferred share payment of 5.00% is the minimum payment as per the prospectus. Distributions are payable April 8, 2011 to shareholders on record as of March 31, 2011.

Since inception Class A shareholders have received a total of $5.24 per share and Preferred shareholders have received a total of $3.27 per share inclusive of this distribution, for a combined total of $8.52 per share.

The Company invests in a portfolio of six publicly traded Canadian Banks as follows: Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Bank of Nova Scotia, Toronto-Dominion Bank. Shares held within the portfolio are expected to range between 5-20% in weight but may vary at any time. To generate additional returns above the dividend income earned on the portfolio, The Company will engage in a selective covered call writing program.

Distribution Details:  
Class A Share (BK) $0.06250
Preferred Share (BK.PR.A) $0.04167
Ex-Dividend Date: March 29, 2011
Record Date: March 31, 2011
Payable Date: April 8, 2011

Contact Information: Canadian Banc Recovery Corp
Investor Relations
416-304-4443 or toll free at 1-877-4-Quadra (1-877-478-2372)
www.primerateplus.com