TORONTO, April 23, 2019 /CNW/ - Mortgage Company of Canada Inc. (the "Company"), a Toronto-based Mortgage Investment Corporation (MIC), today announced that it will issue a bonus dividend to shareholders of $0.00373 per share. The dividend will be paid on April 24, 2019 to shareholders of record as of December 31, 2018.
With the bonus dividend, Mortgage Company of Canada's annual yield for 2018 was 9.30%, or 9.70% including the dividend reinvestment plan.
"This bonus payment reflects the continued outstanding performance of Mortgage Company of Canada," said Raj Babber, Founder and CEO. "Since the inception of our fund, we have consistently exceeded our minimum target yield. This has been the case even since we increased the target from 9% to 9.25% in September 2017. Looking ahead, the outlook for our business is very positive, and we are confident that we can continue to generate both meaningful portfolio growth and strong returns for our investors."
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 9.25% 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.
SOURCE Mortgage Company of Canada Inc.
For further information: Raj Babber, Founder and Chief Executive Officer, Mortgage Company of Canada, (866) 318-7222 ext. 222