Confirmation of Special Year-End Distribution Amount and Reminder to Shareholders of the DRIP and Share Purchase Plan Programs
January 10 2011 - 4:16PM
Marketwired
Firm Capital Mortgage Investment Corporation (the "Company") (TSX:
FC) confirmed Firm Capital Mortgage Investment Trust's ("the
Trust") previously announced special year-end distribution of $0.07
per unit. The December and special year-end distribution, that
total $0.148 per unit, will be payable on January 17, 2011 to
Unitholders of record on December 31, 2010.
The special year-end distribution recognizes that income
generated exceeded regular distributions earned on the Trust's
mortgage investments in 2010. Accordingly, a special year-end
distribution is necessary to distribute all of the Trust's taxable
income earned in the 2010 fiscal year. The Special Distribution is
not indicative of future performance by the Company.
Total distributions paid to Unitholders in 2010, including the
December and special year-end distributions, will amount to $1.006
per unit.
Shareholders are reminded that they can participate in the
Company's Dividend Reinvestment Plan and Share Purchase Plan.
DIVIDEND REINVESTMENT PLAN (DRIP)
The plan allows participants to have their monthly cash
dividends reinvested in additional share. The Price paid for share
is the weighted average trading price calculated five trading days
immediately preceding each dividend date with no commission
cost.
SHARE PURCHASE PLAN
Once registered with the Plan, participants have the right to
purchase additional Shares, totalling no greater than $12,000 per
year and no less than $250 per month. Shareholders participating
pay no commission.
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. To enrol, please contact your investment
advisor or if you are a registered Shareholder complete the
Authorization Form located on our website and forward to our
transfer Agent, Computershare Trust Company of Canada, at the
address noted on the web site. You can also contact Investor
Relations at the Trust by calling 416-635-0221, who will assist you
in enrolling in the program.
ABOUT THE COMPANY
The Trust, 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 Company's investment objective is the preservation
of Shareholders' equity, while providing Shareholders with a stable
stream of monthly dividends from investments. The Company 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 Trust 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
distributions, 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 Company's trust 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 Company is able to invest in mortgages at
rates consistent with rates historically achieved; adequate
mortgage investment opportunities are presented to the Company, and
adequate bank indebtedness and bank loans are available to the
Company. 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 Company undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
Contacts: Firm Capital Mortgage Investment Corporation Eli
Dadouch President & Chief Executive Officer (416) 635-0221
www.firmcapital.com
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