VANCOUVER, Feb. 20, 2015 /CNW/ - On behalf of the Board of Directors of Mandate National Mortgage Corporation ("Mandate"), Mr. Alan E. R. Long, President, announces, further to Mandate's January 30, 2015 news release, that there will be no dividend payment to shareholders of record as at December 31, 2014. This was the result of Mandate providing an additional bad debt allowance for one specific mortgage and compliance with new accounting treatment of when funds realized can be brought into income resulting in delayed recognition of certain funds for accounting purposes.
Mandate operates as a mortgage investment corporation under the provisions of the Income Tax Act (Canada). Mandate distributes quarterly all of its net income, if any, to its shareholders by way of dividend.
Certain statements herein may contain forward-looking information within the meaning of applicable securities laws. Forward-looking information includes statements regarding its dividend practice. Mandate has made certain assumptions about such information including assumptions about its ability to meet its legal restrictions regarding the payment of dividends. Forward-looking information contained in this press release is subject to risks, uncertainties and other factors which may cause Mandate's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. These risks, uncertainties and other factors include the ability of Mandate to meet its legal restrictions, maintain its status as a mortgage investment corporation under the Income Tax Act and maintain a positive return on the investment, and economic, competitive and lending conditions that affect its performance and results, change in accounting policy and conflict of interests. Many of these factors are beyond the control of Mandate. See Mandate's annual and quarterly financial statements and management's discussion and analysis for additional information on the company, its performance and risks relating to its business, which is available under the Mandate's profile on SEDAR.
There is no assurance that forward-looking information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking information. We undertake no obligation to reissue or update any forward-looking information except as required by law. All forward-looking information herein is qualified by this cautionary statement.
ON BEHALF OF THE BOARD OF DIRECTORS
ALAN E.R. LONG, PRESIDENT
AND CHIEF EXECUTIVE OFFICER
SOURCE Mandate National Mortgage Corporation
For further information: Alan E.R. Long at (604) 731-2899.