	continental bank initial distribution approved continental bank of canada said shareholders approved a capital reorganization to allow an initial payout by the end of may to common shareholders from last year s mln canadian dlr sale of most continental assets to lloyds bank plc s lloyds bank canada the bank said the initial distribution would take the form of a stock dividend of cumulative redeemable retractable class a series two preferred shares entitling holders to monthly floating rate dividends at pct of prime and to dlrs a share on retraction continental said the initial payout was subject to canadian government approval the bank reiterated that total distributions to common shareholders would range from dlrs a share to dlrs including the initial stock dividend and a final distribution in late or early the payout of existing preferred shareholders will be completed just before next month s initial distribution to common shareholders continental added reuter 
