TSX Symbol FC
TORONTO, Dec. 12, 2018 /CNW/ - Firm Capital Mortgage
Investment Corporation (the "Corporation") (TSX: FC) announces its
monthly cash dividend for December in the amount of $0.078 per share. The Corporation also announces
an estimated special year-end cash dividend (the "Special
Dividend") of $0.05 per share.
These cash dividends, totaling an estimated $0.128 per share are payable on January 15, 2019, to shareholders of record on
December 31, 2018.
The precise amount of the Special Dividend will be confirmed
prior to the payment date. The estimated Special Dividend
recognizes the profit generated by the Corporation exceeds
year-to-date dividends paid to shareholders. The Special Dividend
is not indicative of future performance.
DIVIDEND OVERVIEW 2018:
Regular monthly cash dividends
for 2018 equalled $0.078 per month,
for a total $0.936 per share, which,
together with the year-end Special Dividend of $0.05, represents total cash dividends for 2018
of $0.986 per share.
DIVIDEND AND SHARE PURCHASE PLAN
The Corporation has
in place a Dividend Reinvestment Plan ("DRIP") and Share Purchase
Plan that is available to its shareholders. The DRIP allows
participants to have their monthly cash dividends reinvested in
additional shares of the Corporation. A 3% discount will only apply
if the weighted average trading share price, calculated five
trading days immediately preceding each dividend date, is higher
than $14.10. Once registered under
the Share Purchase Plan, participants have the right to purchase
additional shares, totaling no greater than $12,000 per year with a minimum of $250 per month. Participating shareholders pay no
commission for shares issued from treasury.
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, which also includes enrollment information.
If you have any questions, please contact Investor Relations at the
Corporation by calling 416-635-0221.
ABOUT THE CORPORATION
Where Mortgage Deals Get Done®
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. The Corporation is a Mortgage Investment Corporation
(MIC) as defined in the Income Tax Act. Accordingly, The
Corporation is not taxed on income provided that its taxable income
is paid to its shareholders in the form of dividends within 90 days
after December 31 each year. Such
dividends are generally treated by shareholders as interest income,
so that each shareholder is in the same position as if the mortgage
investments made by the company had been made directly by the
shareholder. 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
