TSX Symbol FC
TORONTO, Jan. 8, 2016 /CNW/ - Firm Capital Mortgage
Investment Corporation (the "Corporation") (TSX: FC) confirms the
previously announced special year-end dividend of $0.055 per share. The December and special
year-end dividend, that total $0.133
per share, will be payable on January 15,
2016 to Shareholders of record on December 31, 2015.
The special year-end dividend recognizes that the annual income
generated in 2015 exceeded regular dividends. Accordingly, a
special year-end dividend is being made to distribute all of the
Corporation's net income earned in 2015. The special dividend is
not indicative of future performance by the Corporation.
Total dividends paid to Shareholders in 2015, including the
December and special year-end dividends, amount to $0.991 per share.
The Corporation announced its monthly cash dividend of
$0.078 per share (subject to
adjustment in the discretion of the board of directors) payable to
shareholders of record as follows:
Record
Date
|
Dividend
Payable
|
January 31,
2016
|
February 15,
2016
|
February 29,
2016
|
March 15,
2016
|
March 31,
2016
|
April 15,
2016
|
Shareholders are reminded that they can participate in the
Corporation's Dividend Reinvestment Plan and Share Purchase
Plan.
DIVIDEND REINVESTMENT PLAN (DRIP)
The plan allows
participants to have their monthly cash dividends reinvested in
additional shares. The Price paid per share is 98%, if higher than
$12.50, of the weighted average
trading price calculated five trading days immediately preceding
each dividend date with no commission cost.
SHARE PURCHASE PLAN
Once registered with the Plan,
participants have the right to purchase additional shares,
totalling no greater than $12,000 per
year and no less than $250 per
month. Shareholders participating pay no commission.
For further information, including answers to frequently asked
questions about the program, please refer to our website:
www.Firmcapital.com, and tab under the banner Firm Capital Mortgage
Investment Corporation. To enrol, please contact your investment
advisor or if you are a registered Shareholder complete the
Authorization Form located on our website and forward to our
transfer Agent, Computershare Trust Company of Canada, at the address noted on the web site.
You can also contact Investor Relations at the Corporation by
calling 416-635-0221, who will assist you in enrolling in the
program.
ABOUT THE CORPORATION
The Corporation, through its
mortgage banker, Firm Capital Corporation, is a non-bank lender
providing residential and commercial short-term bridge and
conventional real estate financing, including construction,
mezzanine and equity investments. The Corporation's investment
objective is the preservation of Shareholders' equity, while
providing Shareholders with a stable stream of monthly dividends
from investments. The Corporation achieves its investment
objectives through investments in selected niche markets that are
under-serviced by large lending institutions. Lending activities to
date continue to develop a diversified mortgage portfolio,
producing a stable return to Shareholders. Full reports of the
financial results of the Corporation for the year are outlined in
the audited financial statements and the related management
discussion and analysis of Firm Capital, available on the SEDAR
website at www.sedar.com. In addition, supplemental
information is available on Firm Capital's website at
www.firmcapital.com.
FORWARD-LOOKING STATEMENTS
This news release contains
forward-looking statements within the meaning of applicable
securities laws including, among others, statements concerning our
objectives, our strategies to achieve those objectives, our
performance, our mortgage portfolio and our dividends, as well as
statements with respect to management's beliefs, estimates, and
intentions, and similar statements concerning anticipated future
events, results, circumstances, performance or expectations that
are not historical facts. Forward-looking statements
generally can be identified by the use of forward-looking
terminology such as "outlook", "objective", "may", "will",
"expect", "intent", "estimate", "anticipate", "believe", "should",
"plans" or "continue" or similar expressions suggesting future
outcomes or events. Such forward-looking statements reflect
management's current beliefs and are based on information currently
available to management.
These statements are not guarantees of future performance and
are based on our estimates and assumptions that are subject to
risks and uncertainties, including those described in our Annual
Information Form under "Risk Factors" (a copy of which can be
obtained at www.sedar.com), which could cause our actual results
and performance to differ materially from the forward-looking
statements contained in this circular. Those risks and
uncertainties include, among others, risks associated with mortgage
lending, dependence on the Corporation's MIC manager and mortgage
banker, competition for mortgage lending, real estate values,
interest rate fluctuations, environmental matters, Shareholder
liability and the introduction of new tax rules. Material
factors or assumptions that were applied in drawing a conclusion or
making an estimate set out in the forward-looking information
include, among others, that the Corporation is able to invest in
mortgages at rates consistent with rates historically achieved;
adequate mortgage investment opportunities are presented to the
Corporation; and adequate bank indebtedness and bank loans are
available to the Corporation. Although the forward-looking
information continued in this new release is based upon what
management believes are reasonable assumptions, there can be no
assurance that actual results and performance will be consistent
with these forward-looking statements.
All forward-looking statements in this news release are
qualified by these cautionary statements. Except as required
by applicable law, the Corporation undertakes no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise.
SOURCE Firm Capital Mortgage Investment Corporation