SHARBOT
LAKE, ON, July 19, 2024 /CNW/ - Frontenac Mortgage
Investment Corporation ("FMIC" or the "Company")
announced today that it has retained Evans and Evans, Inc., as its
financial advisor, to assist the Company in the evaluation of
potential strategic alternatives intended to maximize shareholder
value, including the sale of some or all assets, a wind down of the
portfolio, as well as other strategic options.
Additionally, the Company announced that it has temporarily
suspended quarterly redemption payments relating to its common
shares. FMIC's Board of Directors determined that while the
strategic review is ongoing it is in the best interests of all its
shareholders to suspend redemption payments while it continues to
evaluate strategic alternatives available to the Company. The
Company will announce a decision to resume redemption payments
prior to such resumption going into effect. FMIC expects that
during the period of the strategic review, monthly dividend
payments will continue to be paid.
It should be noted that the Company has not set a definitive
schedule to complete its review and no decision on any particular
transaction or alternative has been reached at this time. There can
be no assurance that this process will lead to any specific
outcome, or, if a transaction is undertaken, the terms or timing of
such a transaction, although the Company is prepared to provide
appropriate resources and attention to complete the strategic
review process expeditiously. The Company does not currently
intend to provide updates with respect to the status of this
review, until the strategic review is concluded or otherwise
determines that additional disclosure is appropriate in the
circumstances and in accordance with applicable securities
laws.
More information about FMIC is available under FMIC's profile on
SEDAR+ at www.sedarplus.ca.
Forward-Looking Statements
This press release contains certain forward-looking statements
and forward-looking information (collectively referred to herein as
"forward-looking statements") within the meaning of
applicable Canadian securities laws, which may include, but are not
limited to, information and statements regarding or inferring the
future business, operations, financial performance, prospects, and
other plans, intentions, expectations, estimates, and beliefs of
the Corporation. All statements other than statements of present or
historical fact are forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of
words such as "anticipate", "achieve", "could", "believe", "plan",
"intend", "objective", "continuous", "ongoing", "estimate",
"outlook", "expect", "may", "will", "project", "should" or similar
words, including negatives thereof, suggesting future outcomes.
Forward-looking statements involve and are subject to
assumptions and known and unknown risks, uncertainties, and other
factors beyond FMIC's ability to predict or control which may cause
actual events, results, performance, or achievements of FMIC to be
materially different from future events, results, performance, and
achievements expressed or implied by forward-looking statements
herein. Forward-looking statements are not a guarantee of future
performance. Although FMIC believes that any forward-looking
statements herein are reasonable, in light of the use of
assumptions and the significant risks and uncertainties inherent in
such statements, there can be no assurance that any such
forward-looking statements will prove to be accurate. Actual
results may vary, and vary materially, from those expressed or
implied by the forward-looking statements herein. Accordingly
readers are advised to rely on their own evaluation of the risks
and uncertainties inherent in forward-looking statements herein and
should not place undue reliance upon such forward-looking
statements. All forward-looking statements herein are qualified by
this cautionary statement. Any forward-looking statements herein
are made only as of the date hereof, and except as required by
applicable laws, FMIC assumes no obligation and disclaims any
intention to update or revise any forward-looking statements herein
or to update the reasons that actual events or results could or do
differ from those projected in any forward-looking statements
herein, whether as a result of new information, future events or
results, or otherwise.
SOURCE Frontenac Mortgage Investment Corporation