TORONTO, Aug. 30, 2016 /CNW/ - Firm Capital Mortgage Investment Corporation ("FCMIC") (TSX: FC) announces a 50% increase in the discount rate on its Dividend Reinvestment Plan (the "DRIP") to 3% on shares issued from treasury.
Shareholders may elect to reinvest their dividends in FCMIC Common Shares at a 3% discount on shares issued from treasury. The new terms apply to shareholders of record who are entitled to cash dividends and have elected to participate in the DRIP for dividends paid on and after September 15, 2016.
The DRIP provides eligible beneficial holders of shares an attractive opportunity to reinvest their eligible cash dividends for additional FCMIC shares. Participants do not pay any costs associated with this plan, including brokerage commissions.
For further information or to join the DRIP, shareholders should contact their financial adviser or broker and should review the DRIP Plan on www.firmcapital.com.
About The Corporation
Where Mortgage Deals Get Done®
The Corporation, through its mortgage banker, Firm Capital Corporation, is a non-bank lender providing residential and commercial short-term bridge and conventional real estate financing, including construction, mezzanine and equity investments. The Corporation's investment objective is the preservation of shareholders' equity, while providing shareholders with a stable stream of monthly dividends from investments. The Corporation achieves its investment objectives through investments in selected niche markets that are under-serviced by large lending institutions. Lending activities to date continue to develop a diversified mortgage portfolio, producing a stable return to shareholders. The Corporation is a Mortgage Investment Corporation (MIC) as defined in the Income Tax Act (Canada). Accordingly, The Corporation is not taxed on income provided that its taxable income is paid to its shareholders in the form of dividends within 90 days after December 31 each year. Such dividends are generally treated by shareholders as interest income, so that each shareholder is in the same position as if the mortgage investments made by the company had been made directly by the shareholder. Full reports of the financial results of the Corporation for the year are outlined in the audited financial statements and the related management discussion and analysis of Corporation, available on the SEDAR website at www.sedar.com. In addition, supplemental information is available on Corporation's website at www.firmcapital.com.
Boutique Mortgage Lenders®
SOURCE Firm Capital Mortgage Investment Corporation
For further information: please contact: Firm Capital Mortgage Investment Corporation, Eli Dadouch, President & Chief Executive Officer, (416) 635-0221