TORONTO, March 29, 2018 (GLOBE NEWSWIRE) -- Firm Capital Mortgage Investment Corporation (the “Corporation”) (TSX:FC) is pleased to announce the following senior management changes, effective April 1, 2018 to better reflect the delegated roles of the senior management team.
Since 1999, Jonathan Mair has served as Chief Financial Officer of the Corporation. Jonathan has predominately overseen all operations of the Corporation, including financial and day to day matters. Effective immediately, Jonathan will assume the role Executive Vice President & Chief Operating Officer of the Corporation.
Assuming the role of Chief Financial Officer is Boris Baril. Boris joined the Firm Capital Organization in August 2017 as Group CFO. Boris Baril will be appointed Chief Financial Officer of the Corporation. Boris Baril was most recently Chief Financial Officer of Planet Energy, a privately-held gas and power retailer operating in Canada and the US. Prior to Planet Energy, Boris was VP, Finance at Crius Energy, where he supported Crius' $100 million IPO. Prior to Crius, Boris was Director of Finance with Algonquin Power. Boris was also VP, Finance for Universal Energy, where he supported growth of the entity to 575,000 customers and annualized revenues of over $700 million, and Universal's $143 million IPO and subsequent $90 million convertible debenture offering. Boris graduated from York University and is a CPA, CA.
Sandy Poklar, who currently serves as the Chief Operating Officer of the Corporation, is hereby appointed Executive Vice President & Managing Director, Finance of the Corporation. Sandy will oversee all capital markets and capital raising initiatives and will work in conjunction with the CFO on all accounting matters.
The change in roles strengthens the overall senior management team and will permit the Corporation to be prepared for future growth and overall operational efficiency.
A dividend is declared on the outstanding common shares of the Corporation in the amount of $0.078 per share. The dividend is payable to the holders of record of the common shares at the close of business on the days set out below on the payment dates set out below.
|Record Date||Dividend Payable|
|April 30, 2018||May 15, 2018|
|May 31, 2018||June 15, 2018|
|June 30, 2018||July 16, 2018|
DIVIDEND REINVESTMENT PLAN (DRIP)
The plan allows participants to have their monthly cash dividends reinvested in additional shares. The Price paid per share is 97% (if the share price is higher than $14.10) of the weighted average trading price calculated five trading days immediately preceding each dividend date with no commission cost.
SHARE PURCHASE PLAN
Once registered with the Plan, participants have the right to purchase additional shares, totaling no greater than $12,000 per year and no less than $250 per month. Shareholders participating pay no commission.
For further information, including answers to frequently asked questions about the program, please refer to our website: www.Firmcapital.com, and tab under the banner Firm Capital Mortgage Investment Corporation, which also includes enrollment information. If you have any questions, please contact Investor Relations at the Corporation by calling 416-635-0221.
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. 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.
This news release contains forward-looking statements within the meaning of applicable securities laws including, among others, statements concerning our objectives, our strategies to achieve those objectives, our performance, our mortgage portfolio and our distributions, as well as statements with respect to management’s beliefs, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “expect”, “intent”, “estimate”, “anticipate”, “believe”, “should”, “plans” or “continue” or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management.
These statements are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in our Annual Information Form under “Risk Factors” (a copy of which can be obtained at www.sedar.com), which could cause our actual results and performance to differ materially from the forward-looking statements contained in this circular. Those risks and uncertainties include, among others, risks associated with mortgage lending, dependence on the Corporation’s manager and mortgage banker, competition for mortgage lending, real estate values, interest rate fluctuations, environmental matters, shareholder liability and the introduction of new tax rules. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information include, among others, that the Corporation is able to invest in mortgages at rates consistent with rates historically achieved; adequate mortgage investment opportunities are presented to the Corporation; and adequate bank indebtedness and bank loans are available to the Corporation. Although the forward-looking information continued in this new release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results and performance will be consistent with these forward-looking statements.
All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
For further information, please contact:
Firm Capital Mortgage Investment Corporation
President & Chief Executive Officer
Boutique Mortgage Lenders®