11:30 AM EST - Canadian Banc Corp. : Announced a change in the distribution policy to the Class A shares that will result in an immediate increase of over 60% to the monthly dividend from the previous month (was $0.10125 per share). The new distribution policy will target to pay at an annual rate of 15%. The dividend increase reflects the strong growth of the portfolio, expected dividend increases stemming from OSFI reinstatement pronouncement, and strong option income on the underlying bank portfolio. The net asset value of the Company has made significant gains over the past year and as of November 12, the Class A share had an intrinsic value of $14.44. Canadian Banc Corp.
shares T.BK are trading up $0.31 at $13.37.
