TORONTO, April 20 /CNW/ - (TSX:FMF.UN) - FMF Capital Group Ltd. ("FMF") today announced its first distribution on its Income Participating Securities. A distribution of $0.1157 per Income Participating Security ("IPS") will be payable on May 16, 2005 (the first business day after May 15) to holders of record at the close of business on April 29, 2005.
Each of FMF's Income Participating Securities issued in its recent initial public offering is comprised of one common share and $6.524 principal amount of 14.5% subordinated notes. The total distribution of $0.1157 reflects a cash dividend per common share of $0.0162 and an interest payment on the subordinated notes of $0.0995 for the period beginning March 24, 2005, the date the initial public offering closed, and ending on April 30, 2005. The ex-dividend date for this distribution will be April 27, 2005. The following provides a breakdown of the distribution between the March eight day period and the month of April.
March April Total ------------------------------------------------------------------------- Dividend per common share $0.0034 $0.0128 $0.0162 Interest payment on 14.5% subordinated note 0.0207 0.0788 0.0995 ------------------------------------------------------------------------- Total distribution per Income Participating Security $0.0241 $0.0916 $0.1157 ------------------------------------------------------------------------- ------------------------------------------------------------------------- FMF Capital is a residential mortgage lending company that originates and funds primarily nonconforming or "nonprime", mortgage loans in the United States and sells those mortgage loans to institutional loan purchasers within an average of 35 days of funding. FMF Capital originates its mortgage loans through a network of more than 3,000 independent mortgage brokers in 38 states in the United States. When used in this news release, the words "anticipate", "expect", "project", "believe", "estimate", "forecast" and similar expressions are intended to identify forward-looking statements, which include statements relating to pending and proposed projects. Such statements are subject to certain risks, uncertainties and assumptions pertaining to operating performance, regulatory parameters, weather and economic conditions and, in the case of pending and proposed projects, risks relating to design and construction, regulatory processes, obtaining financing and performance of other parties, including partners, contractors and suppliers.
/For further information: Howard Morof, Chief Financial Officer, (248) 799-4000, investorrelations(at)fmfcapital.com/
