Firm Capital Mortgage Investment Corporation Announces Normal Course Issuer Bid
05 Ottobre 2023 - 11:00PM
Firm Capital Mortgage Investment Corporation (the
“
Corporation”) (TSX: FC) announced today that the
Toronto Stock Exchange (the “
TSX”) has accepted a
notice filed by the Corporation of its intention to make a normal
course issuer bid (the “
NCIB”) with respect to its
outstanding common shares (the “
Common Shares”).
The notice provides that the Corporation may,
during the 12 month period commencing October 11, 2023 and ending
no later than October 10, 2024, purchase through the facilities of
the TSX and/or alternative Canadian Trading Systems up to 3,356,287
Common Shares in total, being 10% of the “public float” of Common
Shares as of October 4, 2023.
The price which the Corporation will pay for any
Common Shares will be the market price at the time of acquisition.
During the period of this NCIB, the Corporation may make purchases
under the NCIB by means of open market transactions. The actual
number of Common Shares which may be purchased pursuant to the NCIB
and the timing of any such purchases will be determined by senior
management of the Corporation. The average daily trading volume
from April 1 to September 30, 2023 was 29,895 Common Shares. Daily
purchases under the NCIB will be limited to 7,473 Common Shares,
other than block purchases. All Common Share purchased by the
Corporation under the NCIB will be cancelled.
As of October 4, 2023, there were 34,488,577
Common Shares outstanding, and the public float was 33,562,873
Common Shares.
The Corporation may purchase its Common Shares,
from time to time, if it believes that the market price of its
Common Shares is attractive and that the purchase would be an
appropriate use of corporate funds and in the best interests of the
Corporation.
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
Corporation had been made directly by the shareholder. Full reports
of the financial results of the Corporation are outlined in the
financial statements and the related management discussion and
analysis of the Corporation, available on the SEDAR website at
www.sedar.com. In addition, supplemental information is available
on the Corporation’s website at www.firmcapital.com.
FORWARD-LOOKING STATEMENTS
This press release contains statements that
constitute “forward-looking statements” within the meaning of
applicable securities legislation, including, but not limited to,
statements relating to future purchases of Common Shares under the
NCIB. Much of this information can be identified by words such as
“expect to,” “expected,” “will,” “estimated” or similar expressions
suggesting future outcomes or events. The Corporation believes the
expectations reflected in such forward-looking statements are
reasonable but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements should
not be unduly relied upon.
Forward-looking statements are based on current
information and expectations that involve a number of risks and
uncertainties, which could cause actual results or events to differ
materially from those anticipated. These risks include, but are not
limited to, risks associated with the Corporation’s financial
condition and prospects; the stability of general economic and
market conditions; interest rates; the underlying value of the
Corporation and its Common Shares; the ability of the Corporation
to complete purchases under the NCIB; the availability of cash for
repurchases of outstanding Common Shares under the NCIB; the
existence of alternative uses for the Corporation’s cash resources
which may be superior to effecting repurchases under the NCIB;
compliance by third parties with their contractual obligations;
compliance with applicable laws and regulations pertaining to the
NCIB; and other risks related to the Corporation’s business,
including those identified in the Corporation’s most recent annual
information form under the heading “Risk Factors” (a copy of which
may be obtained at www.sedar.com) and subsequent filings.
Forward-looking statements contained in this press release are made
as of the date hereof and are subject to change. All
forward-looking statements in this press release are qualified by
these cautionary statements. Unless otherwise required by
applicable securities laws, we do not intend, nor do we undertake
any obligation, to update or revise any forward-looking statements
contained in this press release to reflect subsequent information,
events, results or circumstances or otherwise.
For further
information, please contact: |
|
|
Eli
Dadouch |
Ryan
Lim |
President
& Chief Executive Officer |
Chief
Financial Officer |
(416)
635-0221 |
(416)
635-0221 |
|
|
For Investor
Relations information, please contact: |
|
|
Victoria
Moayedi |
|
Director,
Investor Relations |
|
(416)
635-0221 |
|
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