TORONTO, May 31 /CNW/ - HOMEQ Corporation (TSX: HEQ ("HOMEQ")), today announced that its Board of Directors has declared a quarterly dividend of $0.07 per share on the outstanding common shares of the company. The dividend is payable on July 14, 2011 to shareholders of record at the close of business on June 29, 2011.
HOMEQ has an optional distribution reinvestment plan that permits shareholders to use the dividend paid on their existing shares to purchase additional shares directly from the company without paying brokerage commissions or service charges. Participants in the plan will receive additional shares equal in value to four percent of each dividend that is reinvested. Complete plan details can be obtained at www.homeq.ca.
Forward Looking Statements
HOMEQ Corporation from time to time makes written and verbal forward-looking statements about business objectives, operations, performance, and financial condition, including the likelihood of HOMEQ's success in developing and expanding its business. These may be included in HOMEQ's and its predecessor's annual reports, regulatory filings, reports to shareholders, press releases, presentations and other communications. These forward-looking statements are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of HOMEQ. Actual results may differ materially from those expressed or implied by such forward-looking statements. HOMEQ does not undertake to update any forward-looking statement, whether written or verbal, that may be made from time to time.
About HOMEQ Corporation
HOMEQ's wholly owned subsidiary HomEquity Bank is the only national provider of reverse mortgages to homeowners aged 60 and over, Canada's fastest growing demographic segment. HomEquity Bank originates and administers Canada's largest portfolio of reverse mortgages under the CHIP Home Income Plan brand. As of March 31, 2011, the mortgage portfolio comprised approximately 8,000 reverse mortgages with an accrued value of $1.1 billion, secured by residential properties across Canada worth approximately $2.8 billion. HomEquity Bank has been the main underwriter of reverse mortgages in Canada since its predecessor, Canadian Home Income Plan, pioneered the concept in 1986.
HOMEQ's shares trade on the Toronto Stock Exchange under the symbol HEQ. Additional information on HOMEQ, including annual and quarterly reports can be viewed at www.homeq.ca.
SOURCE HOMEQ Corporation
For further information: Steven K. Ranson, President and Chief Executive Officer, (416) 413-4663 or Gary Krikler, Senior Vice President and Chief Financial Officer, (416) 413-4679