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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Firm Capital Mortgage Investment Corp    FC   CA3183231024

FIRM CAPITAL MORTGAGE INVESTMENT CORP (FC)
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Firm Capital Mortgage Investment Corporation : Announces Monthly Cash Dividends

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10/12/2018 | 05:33pm CET

TORONTO, Oct. 12, 2018 /CNW/ - Firm Capital Mortgage Investment Corporation ("MIC") (TSX: FC), announces its monthly cash dividend of $0.078 per share payable to shareholders of record as follows:

Record Date

Dividend Payable

October 31, 2018

November 15, 2018

November 30, 2018

December 17, 2018

 

DIVIDEND AND SHARE PURCHASE PLAN
The Corporation has in place a Dividend Reinvestment Plan ("DRIP") and Share Purchase Plan that is available to its shareholders. The DRIP allows participants to have their monthly cash dividends reinvested in additional shares of the Corporation. A 3% discount will apply if the weighted average trading share price, calculated five trading days immediately preceding each dividend date, is higher than $14.10. Once registered under the Share Purchase Plan, participants have the right to purchase additional shares, totaling no greater than $12,000 per year with a minimum of $250 per month. Participating shareholders pay no commission for shares issued from treasury.

About The Corporation
Where Mortgage Deals Get Done®
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. The Corporation is a Mortgage Investment Corporation (MIC) as defined in the Income Tax Act (Canada). Accordingly, The Corporation 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. 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 Corporation, available on the SEDAR website at www.sedar.com. In addition, supplemental information is available on Corporation's website at www.firmcapital.com.

SOURCE Firm Capital Mortgage Investment Corporation

© Canada Newswire, source Canada Newswire English

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Financials (CAD)
Sales 2018 47,4 M
EBIT 2018 26,9 M
Net income 2018 25,9 M
Debt 2018 -
Yield 2018 7,70%
P/E ratio 2018 13,52
P/E ratio 2019 13,11
Capi. / Sales 2018 7,15x
Capi. / Sales 2019 7,24x
Capitalization 339 M
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Mean consensus OUTPERFORM
Number of Analysts 2
Average target price 14,0  CAD
Spread / Average Target 7,9%
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Managers
NameTitle
Eli Dadouch President, CEO & Non-Independent Director
Stanley Goldfarb Chairman
Jonathan Mair COO, Non-Independent Director & EVP
Boris Baril Chief Financial Officer
Morris Fischtein Independent Director