Dividend reflects continued strong operating performance
TORONTO, April 7, 2016 /CNW/ - Mortgage Company of Canada Inc. ("MCC") today announced a special dividend of $0.014 per share, which represents the third special dividend to shareholders for the year ended December 31, 2015. These dividends, in concert with the 12 regular monthly dividends paid by MCC during the year, resulted in a total yield to MCC's shareholders of 9.32% for the year 2015. Payment of the third special dividend will be made on April 8, 2016 to shareholders of record as at December 31, 2015.
"We are very pleased to declare another special dividend for shareholders," said Raj Babber, President and Chief Executive Officer of MCC. "Our mortgage portfolio continues to provide a stable source of reliable cash flow which supports consistent investment returns for shareholders."
"2015 was a very exciting year for MCC, as we grew our capital base by 34% and successfully deployed these funds into residential mortgages for single family homes located primarily within the Greater Toronto Area," continued Mr. Babber. "The continued execution of this investment strategy, accomplished within our conservative risk parameters, enabled us to once again exceed our targeted minimum annual yield of 9%, as we have every year since MCC's inception in 2009. Looking ahead to 2016 and beyond, as the Canadian alternative mortgage market continues to grow, we look forward to leveraging our increased scale while working with our preferred mortgage brokers to identify high-quality borrowers."
About Mortgage Company of Canada Inc.
MCC is a Toronto-based mortgage investment company that primarily invests in single family residential mortgages in the Greater Toronto Area. MCC's objective is to target a minimum annual yield of 9.0% by providing its shareholders with stable monthly dividends while preserving shareholders' capital by lending within conservative risk parameters.
Mortgage Company of Canada Inc. is a Mortgage Investment Corporation as defined in the Income Tax Act (Canada).
This press release may contain "forward looking information" that is based on expectations, estimates and projections as of the date hereof. Such information involves risks and other factors that may cause actual results to be material different.
For further information on the Mortgage Company of Canada, please visit www.mcoci.com.
SOURCE Mortgage Company of Canada Inc.
For further information: Raj Babber, President & Chief Executive Officer, Mortgage Company of Canada Inc. (866) 318-7222 ext. 222; Greg Goutis, Chief Financial Officer, Mortgage Company of Canada Inc., (866) 318-7222 ext. 231