VANCOUVER, April 23 /CNW/ - On behalf of the Board of Directors of
Mandate National Mortgage Corporation ("Mandate"), Mr. Alan E. R. Long,
President, is pleased to announce the dividend payment rate to shareholders of
record as at March 31, 2009 is $0.225 per share and will be paid May 15, 2009.
First quarter net income decreased 3.2% to $181,352.00 or $.225 per share
compared with $187,242.00 or $.25 per share for the same period in 2008.
Revenue decreased 14.1% to $235,409 from $268,687.00.
Return on common equity was 9.73% while return on preferred shares was
Mandate operates as a mortgage investment corporation under the
provisions of the Income Tax Act (Canada) and invests in a diverse portfolio
of residential and commercial mortgages. Mandate has provided and intends to
continue to provide a high dividend yield to its shareholders through its
prudent mortgage lending policy. It has been among the top performing mortgage
funds for the past ten years as reported in the financial press. Mandate
distributes quarterly all of its earned income to its shareholders by way of
ON BEHALF OF THE BOARD OF DIRECTORS
ALAN E.R. LONG, PRESIDENT
AND CHIEF EXECUTIVE OFFICER
For further information:
For further information: Mr. Alan E.R. Long or Ms. Constance Kartzmark
at (604) 731-2899