PrairieSky confirms first dividend since IPO will be paid in July

CALGARY – PrairieSky Royalty Ltd. (TSX:PSK) has confirmed that its first dividend will be paid next month to shareholders of record as of June 30.

The royalty company, which has traded publicly since May after it was spun off by Encana Corp. (TSX:ECA), said Wednesday that it will pay a monthly dividend of 10.58 cents per share on July 15.

PrairieSky had said in its initial public offering documents that it intended to pay monthly dividends, initially at an annualized rate of $1.27 per common share.

Its shares closed Wednesday at $38.55, down 55 cents for the day. The stock is up from its opening trading price of $35 on May 29, which was above the IPO price of $28 per share.