Firm Capital Mortgage Investment Corporation - December and estimated special year-end dividend amounting to $0.132 per share
December 13 2011 - 11:56PM
PR Newswire (Canada)
TSX Symbol FC TORONTO, Dec. 16, 2011 /CNW/ - Firm Capital Mortgage
Investment Corporation (the "Corporation") announced its monthly
cash dividend for December in the amount of $0.078 per share. The
Corporation also announced an estimated special year-end cash
dividend (the "Special Dividend") of $0.054 per share. These cash
dividends, totaling an estimated $0.132 per share are payable on
January 16, 2012, to Shareholders of record on December 31, 2011.
The precise amount of the Special Dividend will be confirmed prior
to the payment date. The estimated Special Dividend recognizes that
net income generated by the Corporation exceeds year-to-date
dividends paid to Shareholders. The Special Dividend is not
indicative of future performance. DIVIDEND OVERVIEW 2011: Regular
monthly cash dividends for 2011 equalled $.078 per month, for a
total $0.936 per share, which, together with the year-end Special
Dividend of $0.054, represents total cash dividends for 2011 of
$0.99 per share. 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,
Shareholdertholder 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. Firm
Capital Mortgage Investment Corporation CONTACT: Firm Capital
Mortgage Investment CorporationEli DadouchPresident & Chief
Executive Officer(416) 635-0221
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