TORONTO, Aug. 25, 2015 /CNW/ - Mortgage Company of Canada Inc. ("MCC") today announced a special cash dividend for the second quarter of 2015 and its anticipated regular monthly dividend. This marks the third consecutive quarter in which the Company declared a special cash dividend. Cumulatively, the monthly dividends and two special dividends declared to date in 2015 represent an annualized yield of 9.36% based on an issue price of $10 per common share.
"We are very pleased to be able to declare another special dividend for shareholders," said Raj Babber, President and Chief Executive Officer of MCC. "The payment reflects both the strong returns generated to date this year as well as our expectation of continued mortgage portfolio growth in the second half of 2015."
The special cash dividend of $0.01211 per common share is in respect of the three month period ended June 30, 2015. Payment is expected to be made on August 31, 2015 to shareholders of record as of August 20, 2015.
MCC anticipates that it will continue to pay its monthly dividend of $0.075 per common share, representing a yield of 9.0% based on an issue price of $10 per common share. The August monthly dividend is expected to be paid on or about September 15, 2015.
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 and secure monthly dividends while preserving shareholders' capital by lending within conservative risk parameters
MCC 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 MCC, 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