Reflects Continued Strong Performance of Portfolio
TORONTO, Sept. 15, 2017 /CNW/ - Mortgage Company of Canada (the "Company"), a Toronto-based Mortgage Investment Corporation ("MIC"), today announced that it will issue a second quarter bonus dividend of $0.0091 a share. The dividend will be paid on or about September 25, 2017 to all shareholders of record as of June 30, 2017.
The bonus dividend reflects the Company's continued strong performance. The payment equates to an annualized yield of 9.38%, or 9.76% with the dividend reinvestment program, well ahead of the Company's 9% minimum target.
"We are very pleased to reward our shareholders with this bonus dividend," said Raj Babber, Founder, President and CEO. "Our investment strategy is working, and we're not going to change a thing. We'll continue to use our strict underwriting standards to grow our portfolio of high-quality residential mortgages in the Greater Toronto Area. I am confident that we'll continue to meet and exceed our targeted investment returns."
About Mortgage Company of Canada
Mortgage Company of Canada is a Toronto-based mortgage investment company that primarily invests in single family residential mortgages in the Greater Toronto Area. The Company's objective is to target a minimum annual yield of 9% by providing its shareholders with monthly dividends by lending within established risk parameters.
Mortgage Company of Canada is a Mortgage Investment Corporation as defined in the Income Tax Act (Canada). For further information on Mortgage Company of Canada, please visit www.mcoci.com.
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 materially different.
SOURCE Mortgage Company of Canada Inc.
For further information: Raj Babber, Chairman, Chief Executive Officer & President, Mortgage Company of Canada, (866) 318-7222 ext. 222