Prime Dividend Cuts Monthly Class A Distribution to CAD 0.12267

Prime Dividend Corp. reduced its monthly Class A distribution by CAD 0.01 per share to CAD 0.12267, lowering the upcoming payment to those shareholders while keeping its preferred share payout unchanged.

The previous Class A distribution was CAD 0.13267 per share. The new amount is payable Nov. 10 to shareholders of record Oct. 30. Preferred shareholders will receive CAD 0.05667 per share on the same schedule, matching their previous monthly payment.

Prime Dividend sets its Class A distribution using a 10% annualized rate applied to the shares’ volume-weighted average price over the final five trading days of the preceding month. That price was CAD 14.72 for the upcoming payment. A 10% annualized rate at that price produces a monthly amount of about CAD 0.12267 per Class A share.

The next step for holders is the Oct. 30 record date, followed by payment on Nov. 10.