Atrium Mortgage Investment Corporation Announces Increase in Monthly Dividend for 2016
October 21 2015 - 5:44PM
Atrium Mortgage Investment Corporation (TSX:AI) is pleased to
announce that its board of directors has approved an increase in
the company's dividend policy for 2016. Commencing in January 2016,
the board expects to declare a dividend at an annual rate of $0.86
per share (7.1667 cents per share per month), an increase from the
annual rate in 2015 of $0.84 (7 cents per share per month).
This represents the third consecutive annual increase to the
regular dividend, which has risen from $0.80 per share per annum in
2013 to $0.86 cents in 2016.
"We are very pleased to continue to increase the regular monthly
dividend, as we have now done every year since listing our shares
on the TSX. The increase is justified based on our payout ratio,
which is the lowest in the industry, and based on the strength of
our mortgage portfolio," said Mr. Robert Goodall, CEO of Atrium. He
continued, "Atrium expects to also pay a special dividend to
shareholders of record at December 31, 2015 to top-up the total
dividends so that they equal its taxable earnings in the year. For
the nine months ended September 30, 2015, we have earned $0.71 per
share, and paid $0.63 in regular monthly dividends to our
shareholders. The amount of the special dividend (covering all of
2015) will be announced on February 9, 2016."
Shareholders are reminded that Atrium offers a dividend
reinvestment plan (DRIP) that allows them to automatically reinvest
their dividends in new shares of Atrium at a 2% discount from
market price and with no commissions. This provides shareholders
with an easy way to realize the benefits of compound growth of
their investment in Atrium. Shareholders can enroll in the DRIP
program by contacting their investment advisor.
About Atrium
Canada's Premier Non-Bank Lenderâ„¢
Atrium is a non-bank provider of residential and commercial
mortgages that lends in major urban centres in Canada where the
stability and liquidity of real estate are high. Atrium's
objectives are to provide its shareholders with stable and secure
dividends and to preserve shareholders' equity by lending within
conservative risk parameters.
Atrium is a Mortgage Investment Corporation (MIC) as defined in
the Canada Income Tax Act, so 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. For further information, please refer to
regulatory filings available at www.sedar.com or Atrium's website
at www.atriummic.com.
Forward-Looking Statements
This news release contains forward-looking statements. This
information can be identified by words such as "expect to," "will
be," or similar expressions suggesting future outcomes or events.
Atrium believes the expectations reflected in such forward-looking
statements are reasonable but no assurance can be given that these
expectations will prove to be correct and such forward-looking
statements should not be unduly relied upon.
Forward-looking statements are based on current information and
expectations that involve a number of risks and uncertainties,
which could cause actual results or events to differ materially
from those anticipated. These risks include, but are not limited
to, risks associated with the ability to satisfy regulatory, stock
exchange and commercial closing conditions of the offering, the
uncertainty associated with accessing capital markets and the risks
related to Atrium's business, including those identified in
Atrium's annual information form for the year ended December 31,
2014 under the heading "Risk Factors" (a copy of which may be
obtained at www.sedar.com). Forward-looking statements contained in
this news release are made as of the date hereof and are subject to
change. All forward-looking statements in this news release are
qualified by these cautionary statements. Except as required by
law, Atrium undertakes no obligation to update any forward-looking
statement, whether as a result of new information, future events or
otherwise.
CONTACT: For further information, please contact
Robert G. Goodall
President and Chief Executive Officer
Jeffrey D. Sherman
Chief Financial Officer
(416) 607-4200
ir@atriummic.com
www.atriummic.com
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