Atrium Mortgage Investment Corporation Announces Cash Dividends
TORONTO, Jan. 22, 2013 (GLOBE NEWSWIRE) -- Atrium Mortgage Investment Corporation (TSX:AI) will be paying its regular monthly dividend of $0.066667 per share on February 26, 2013 to shareholders of record January 31, 2013. Atrium's regular monthly dividend is paid at an annual rate of $0.80 per share. In addition, a special dividend will be paid on March 21, 2013 to shareholders of record December 31, 2013, the amount to be announced when Atrium reports its results for the year ended December 31, 2012 on February 21, 2013. Dividends declared during 2012 aggregate $0.83 per share to date (excluding the special dividend).
Atrium is a Mortgage Investment Corporation (MIC) as defined in Section 130.1(6) of the Canada Income Tax Act (ITA). Accordingly, the company 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. For further information, please refer to various Atrium's short form prospectus dated November 22, 2012 available at www.sedar.com.
As a Mortgage Investment Corporation, Atrium is a non-bank provider of residential and commercial real estate finance. Atrium lends primarily in major urban centres in Canada where the stability and liquidity of real estate are at the highest levels. Canadian Mortgage Capital Corporation (CMCC) is responsible for originating, underwriting, servicing and syndicating Atrium's mortgage loans. CMCC has been Atrium's exclusive manager since its formation and has grown Atrium's business to a mortgage portfolio of approximately $190 million as at September 30, 2012. CMCC has been in the business of originating and underwriting mortgage loans for over 18 years and servicing mortgage loans for over 13 years.
Certain information included in this news release is forward-looking, within the meaning of applicable securities laws. Much of this information can be identified by words such as "believe", "expects", "expected", "will", "intends", "projects", "anticipates", "estimates", "continues" or similar expressions suggesting future outcomes or events. Atrium 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 uncertainty associated with accessing capital markets and the risks related to Atrium's business, including those identified in Atrium's short form prospectus dated November 22, 2012 under the heading "Risk Factors" (a copy of which can be obtained at www.sedar.com). Reference should be made to this additional information prior to making any investment decision. Forward looking statements contained in this news release are made as of the date hereof and are subject to change. All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, Atrium undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.