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TORONTO, Dec. 16, 2013 (GLOBE NEWSWIRE) -- Atrium Mortgage Investment Corporation (TSX:AI) is pleased to announce an estimated year-end special dividend of $0.05 per share. This dividend will be paid on March 5, 2014 to shareholders of record on December 31, 2013. The special dividend has been declared because the income earned by Atrium during 2013 will exceed the regular monthly dividends paid during the year, that aggregate $0.80 per share.
Atrium's CEO, Robert Goodall, stated: "We are pleased to continue with our policy of declaring an extra dividend at year-end. The special dividend reflects the conservative dividend policy established by Atrium's Board of Directors whereby the monthly dividend has been equal to about 90% of actual earnings over the last two quarters." The amount of the special dividend will be confirmed when Atrium reports its results for the year ended December 31, 2013 on February 11, 2014.
Atrium previously announced that its regular monthly dividend for December of $0.066667 per share will be paid on January 14, 2014 to shareholders of record on December 31, 2013.
Atrium is a Mortgage Investment Corporation (MIC) as defined in Section 130.1(6) of the
Income Tax Act (Canada). 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 regulatory filings available at
www.sedar.com and on the company's website at
As a mortgage investment corporation, Atrium is a non-bank provider of residential and commercial mortgages that lends in major urban centres in Canada where the stability and liquidity of real estate are high. Atrium's objectives are to provide its shareholders with stable and secure dividends and preserve shareholders' equity by lending within conservative risk parameters.