TSX Symbol FC
TORONTO, Sept. 25, 2013 /CNW/ - Firm Capital Mortgage Investment
Corporation (the "Corporation" or "Firm Capital") (TSX:FC) is pleased
to announce that it is not affected by the recently announced changes
to the Canadian securities regulations.
The Canadian Securities Administrators reviewed Mortgage Investment
Corporations in Canada and concluded that certain Mortgage Investment
Corporations should not be characterized as investment funds under
applicable Canadian securities laws due to the nature of their
investment activities. The Corporation has always been a regular
reporting issuer, and not an investment fund, under applicable Canadian
securities laws and, as such, is already in compliance with those new
requirements. Although certain funds may be required to reorganize, no
action is required by Firm Capital.
Furthermore, the Canadian Securities Administrators have recently
published proposed regulatory changes that would prevent any investment
fund from investing in mortgages other than mortgages that are fully
and unconditionally guaranteed by the government of Canada, the
government of a province or territory of Canada or by an agency of such
government, among other things. As the Corporation is not an investment
fund, those proposed regulatory changes will not apply to Firm Capital.
Firm Capital, and its predecessor entities, have been public since 1999,
and have provided shareholders with the following investment
attributes:
-
Trailing 12 month dividend yield including year-end and special
dividends of 8.25% per annum based on current dividends (Per annum
based on Unit closing price @ $12.00 September 23, 2013);
-
Monthly income and investment liquidity - traded on Toronto Stock
Exchange (symbol FC);
-
12 month average trading volume of 451,406 shares per month;
-
Diversified portfolio of mortgage investments;
-
Dividend Reinvestment Plan ("DRIP");
-
Experienced management and Board of Directors;
-
Average Annual Yield to shareholders since inception in 1999 is 9.3%;
-
Monthly Trailing Dividend of $0.078 per share, $0.936 per annum plus
special dividends. 2012 total dividends of $0.990 per share; and
-
Rigid Governance, Investment & Operating policies.
For an Investor Fact Sheet and to review the Corporations publicly filed
disclosure documents visit www.FirmCapital.com and tab the banner Firm Capital Mortgage Investment Corporation.
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 by
pursuing a strategy of growth 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
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
