Thursday, December 29, 2011

MDZ.A - <span class="simulate_din_font">MDC Partners Announces $0.14 Per Share Cash Dividend</span> (CAD 0.14)

Company: Mdc Partners Inc. Cl .A Sv
Stock Name: MDZ.A
Amount: CAD 0.14
Announcement Date: 29/12/2011
Record Date: 13/02/2012

Dividend Detail:









NEW YORK, Dec. 29, 2011 /CNW/ - MDC Partners Inc. ("MDC Partners" or the "Company") today announced that its Board of Directors has declared a cash dividend of $0.14 per share on all of its outstanding Class A shares and Class B shares. The dividend will be payable on or about February 27, 2012 to shareholders of record at the close of business on February 15, 2012.



(Logo: http://photos.prnewswire.com/prnh/20111018/MM89042LOGO )




About MDC Partners Inc.




MDC is a Business Transformation Organization that utilizes technology, marketing communications, data analytics and insights and strategic consulting solutions to drive meaningful returns on Marketing and Communications Investments for multinational clients in the United States, Canada, Europe, and the Caribbean.



MDC's durable competitive advantage is to Empower the Most Talented Entrepreneurial Thought Leaders to Drive Business Success to new levels of Achievement, for both our Clients and our Shareholders, reinforcing MDC's reputation as "The Place Where Great Talent Lives."



MDC Partners' Class A shares are publicly traded onNASDAQ under the symbol "MDCA" and on the Toronto Stock Exchange under the symbol "MDZ.A".



This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve risks and uncertainties which may cause the actual results or objectives to be materially different from those expressed or implied by such forward-looking statements. Such risk factors include, among other things, the Company's financial performance; risks associated with the effects of economic downturns; ability to attract and retain key clients; ongoing compliance with debt agreements and the Company's ability to satisfy contingent payment obligations when due; and other risk factors set forth in the Company's Form 10-K for its fiscal year ended December 31, 2010 and subsequent SEC filings.



CONTACT:
David Doft
Chief Financial Officer
646-429-1818
ddoft@mdc-partners.com







SOURCE MDC Partners Inc.



For further information:


http://photos.prnewswire.com/prnh/20111018/MM89042LOGO


PRN Photo Desk, photodesk@prnewswire.com









Wednesday, December 28, 2011

PVT.UN - <span class="simulate_din_font">Proventure Income Fund confirms transactions and provides guidance on January distribution</span> (CAD 1.41)

Company: Proventure Income Fund
Stock Name: PVT.UN
Amount: CAD 1.41
Announcement Date: 28/12/2011
Record Date: 19/12/2011

Dividend Detail:




Symbol: PVT.UN (TSX-V)



CALGARY, Dec. 28, 2011 /CNW/ - Due to the recent increase in market
price and level of trading activity of its units, Proventure Income
Fund ("Proventure") is confirming previously announced transactions
including the December 2011 special cash distribution, and is providing
guidance on the anticipated special cash distribution to be declared
and paid to its unitholders in January 2012 following the sale of
certain assets by Proventure to Cervus Equipment Corp. ("Cervus").



As announced by Proventure and Cervus on October 31, 2011, Proventure
and Cervus have agreed to complete a series of transactions, including
the sale from Proventure to Cervus of certain real estate assets that
Cervus currently leases from Proventure for the purposes of operating
Cervus' agricultural and construction equipment dealerships, for
consideration equal to approximately $25.90 million. From Proventure's
perspective, the transactions are necessary in order for Proventure to
qualify for the real estate investment trust exemption to the SIFT
rules under the Income Tax Act (Canada).



Following the completion of certain of those previously announced
transactions, on December 9, 2011 Proventure announced a special cash
distribution to Proventure unitholders of record at the close of
business on December 21, 2011 of $1.41 per unit. On December 14, 2011,
Proventure announced that this December 2011 cash distribution will be
paid to Proventure unitholders on or about December 28, 2011. The
source of the funds for this December 2011 cash distribution is the
cash portion of the proceeds from repayment by ProDev Trust of a
promissory note issued in 2010 in consideration for the purchase of
certain assets by ProDev from Proventure.



For the sale of the assets from Proventure to Cervus, Proventure has
received conditional approval from the TSX Venture Exchange and
received the approval of its disinterested unitholders at a meeting
held on December 21, 2011. It is anticipated that the sale will be
completed in early January 2012. Proventure has agreed, following
completion of the sale of the assets to Cervus, to declare a special
cash distribution to its unitholders in January 2012 in an amount to be
determined. The source of the funds for the January 2012 cash
distribution is expected to be the cash portion of the proceeds from
the asset disposition. Proventure estimates the amount of the January
2012
cash distribution will be approximately $1.70, bringing the total
amount of combined distributions (i.e. the December 2011 cash
distribution plus the anticipated January 2012 cash distribution) to
$3.10.



Once these distributions are made, Proventure estimates that it will
have a net book value per unit of approximately $0.25.



Proventure encourages unitholders to refer to the press release dated
October 31, 2011 for more information.



Proventure is an open-ended mutual fund trust established under laws of
the Province of Alberta. Proventure is in the business of owning and
leasing commercial real estate and provides financing and leases real
estate to Cervus Equipment Corporation. The units of Proventure are
listed on the TSX Venture Exchange and trade under the symbol "PVT.UN".



This press release contains forward-looking statements subject to
various risk factors and uncertainties, which may cause the actual
results, performances or achievements of Proventure to be materially
different from any future results, performances or achievements
expressed or implied by such forward-looking statements.










Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.







For further information:

Peter Lacey - President & CEO
of Proventure Income Fund
Telephone: (403) 567-0339
Fax: (403) 567-0392
Email:placey@cervuscorp.com
     Randy Muth - Chief Financial Officer
of Proventure Income Fund
Telephone: (403) 567-0339
Fax: (403) 567-0392
Email:rmuth@cervuscorp.com











Tuesday, December 20, 2011

CCI.UN - <span class="simulate_din_font">Canadian Convertibles Plus Fund: Corrects Distribution Payment Date to January 16, 2012</span> (CAD 0.1563)

Company: Canadian Convertibles Plus Fund
Stock Name: CCI.UN
Amount: CAD 0.1563
Announcement Date: 21/12/2011
Record Date: 29/12/2011

Dividend Detail:




TORONTO, Dec. 21, 2011 /CNW/ - Canadian Convertibles Plus Fund (TSX:
CCI.UN) announces a distribution of $0.15625 per Unit for the quarter
ending December 31, 2011. The distribution will be paid on or before
January 16, 2012 rather than January 16, 2011 as previously released,
to Unitholders of record on December 31, 2011.



For further information:

please call Raj Lala, President, Propel Capital at 416-572-2364 or visit www.propelcapital.ca









CAH.UN - <span class="simulate_din_font">Canadian High Yield Focus Fund: Corrects Distribution Payment Date to January 16, 2012</span> (CAD 0.195)

Company: Canadian High Yield Focus Fund
Stock Name: CAH.UN
Amount: CAD 0.195
Announcement Date: 21/12/2011
Record Date: 29/12/2011

Dividend Detail:




TORONTO, Dec. 21, 2011 /CNW/ - Canadian High Yield Focus Fund (TSX:
CAH.UN) announces a distribution of $0.195 per Unit for the quarter
ending December 31, 2011. The distribution will be paid on or before
January 16, 2012 rather than January 16, 2011 as previously released,
to Unitholders of record on December 31, 2011.



For further information:

Raj Lala, President, Propel Capital at 416-572-2364 or visit
www.propelcapital.ca









Monday, December 19, 2011

WEQ.DB.B - <span class="simulate_din_font">WesternOne Equity Income Fund Announces Cash Distribution for December 2011</span> (CAD 0.05)

Company: Westernone Eqy Inc Fund 8.5 Conv Debs B
Stock Name: WEQ.DB.B
Amount: CAD 0.05
Announcement Date: 20/12/2011
Record Date: 28/12/2011

Dividend Detail:




VANCOUVER, Dec. 20, 2011 /CNW/ - WesternOne Equity Income Fund
("WesternOne Equity") (TSX: WEQ.UN, WEQ.DB.B and WEQ.DB.C) today
announced that its Board of Trustees has approved a cash distribution
of $0.05 per trust unit for the month of December, 2011 (equivalent to
$0.60 per trust unit on an annualized basis). This distribution will be
paid on January 16, 2012 to unitholders of record at the close of
business on December 30, 2011.



In addition, WesternOne Equity announced that during November 2011,
34,673 trust units were issued at $5.25 per trust unit in connection
with the conversion of $176,000 principal amount in Convertible
Unsecured Subordinated Debentures (plus accrued interest). As at
November 30, 2011, WesternOne Equity had 18,054,609 trust units,
$22,509,000 principal amount of the Convertible Unsecured Subordinated
Debentures and $86,250,000 principal amount of the Extendible
Convertible Series 2 Unsecured Subordinated Debentures outstanding.



The policy of WesternOne Equity is to pay cash distributions on or about
the 15th day of each month to unitholders of record on the last
business day of the preceding month.



About WesternOne Equity



WesternOne Equity seeks to acquire businesses in the sector of
construction and infrastructure services in order to generate stable
and growing distributions to its unitholders as well as to achieve
overall capital appreciation.



Additional information about WesternOne Equity is available at www.weq.ca or www.sedar.com



THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.



For further information:

Andrew Greig, Manager of Investor Relations
WesternOne Equity Income Fund
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 678-4042
E-mail:agreig@weq.ca
www.weq.ca









CAH.UN - <span class="simulate_din_font">Canadian High Yield Focus Fund: Distribution Press Release</span> (CAD 0.195)

Company: Canadian High Yield Focus Fund
Stock Name: CAH.UN
Amount: CAD 0.195
Announcement Date: 20/12/2011
Record Date: 29/12/2011

Dividend Detail:




TORONTO, Dec. 20, 2011 /CNW/ - Canadian High Yield Focus Fund (TSX:
CAH.UN) announces a distribution of $0.195 per Unit for the quarter
ending December 31, 2011. The distribution will be paid on or before
January 16, 2011 to Unitholders of record on December 31, 2011.





For further information:

please call Raj Lala, President, Propel Capital at 416-572-2364 or visit www.propelcapital.ca









CCI.UN - <span class="simulate_din_font">Canadian Convertibles Plus Fund: Distribution Press Release</span> (CAD 0.1563)

Company: Canadian Convertibles Plus Fund
Stock Name: CCI.UN
Amount: CAD 0.1563
Announcement Date: 20/12/2011
Record Date: 29/12/2011

Dividend Detail:




TORONTO, Dec. 20, 2011 /CNW/ - Canadian Convertibles Plus Fund (TSX:
CCI.UN) announces a distribution of $0.15625 per Unit for the quarter
ending December 31, 2011. The distribution will be paid on or before
January 16, 2011 to Unitholders of record on December 31, 2011.



For further information:

please call Raj Lala, President, Propel Capital at 416-572-2364 or visit www.propelcapital.ca









CHR.A - <span class="simulate_din_font">Chorus Aviation Inc. announces fourth quarter dividend</span> (CAD 0.15)

Company: Chorus Aviation Inc Cl A
Stock Name: CHR.A
Amount: CAD 0.15
Announcement Date: 19/12/2011
Record Date: 28/12/2011

Dividend Detail:




HALIFAX, Dec. 19, 2011 /CNW/ - Chorus Aviation Inc. ("Chorus") (TSX: CHR.B CHR.A CHR.DB), formerly Jazz Air Income Fund, today announced a quarterly dividend
of $0.15 per Class A and Class B share payable on or after January 18,
2012
to shareholders of record at the close of business on December 30,
2011
. These dividends qualify as eligible dividends in Canada and
qualifying dividends in the United States.



About Chorus Aviation Inc.



Chorus Aviation Inc. ("Chorus") was incorporated on September 27, 2010
and is a dividend-paying holding company which owns Jazz Aviation LP,
Chorus Leasing I Inc. and Chorus Leasing II Inc. (which own Q400
aircraft) and 7503695 Canada Inc. (which holds Chorus' investment in
Latin American Regional Aviation Holdings Corp., which in turn holds a
75% indirect equity interest in South American regional carrier,
Pluna).



About Jazz Aviation LP



Jazz Aviation LP has a strong history in Canadian aviation with its
roots going back to the 1930s. Jazz is wholly owned by Chorus Aviation
Inc. and continues to generate some of the strongest operational and
financial results in the North American aviation industry.



There are three airline divisions operated by Jazz Aviation LP: Air
Canada Express, Thomas Cook Canada and Jazz.



Air Canada Express: Under a capacity purchase agreement with Air
Canada, Jazz provides service to and from lower-density markets as well
as higher-density markets at off-peak times throughout Canada and to
and from certain destinations in the United States. Jazz currently
operates scheduled passenger service on behalf of Air Canada with
approximately 800 departures per weekday to 83 destinations in Canada
and in the United States with a fleet of Canadian-made Bombardier
aircraft.



Thomas Cook Canada: Jazz operates Boeing 757-200 aircraft on behalf of
Thomas Cook Canada in the winter season to various destinations in the
Caribbean, Mexico and Central America from Canadian gateways.



Jazz: Under the Jazz brand, the airline offers charters throughout
North America with a dedicated fleet of five Bombardier aircraft for
corporate clients, governments, special interest groups and individuals
seeking more convenience. Jazz also has the ability to offer airline
operators services such as ground handling, dispatching, flight load
planning, training and consulting.





For further information:
Media Contacts:
Manon Stuart  (902) 873-5054 Halifax  manon.stuart@flyjazz.ca
Debra Williams  (519) 457-8071 London  debra.williams@flyjazz.ca

Investor Relations:
(902) 873-5094investorsinfo@chorusaviation.ca

www.chorusaviation.ca








IBG - <span class="simulate_din_font">IBI Group Inc. declares its monthly dividend to shareholders</span> (CAD 0.092)

Company: Ibi Group Inc.
Stock Name: IBG
Amount: CAD 0.092
Announcement Date: 19/12/2011
Record Date: 28/12/2011

Dividend Detail:




TORONTO, Dec. 19, 2011 /CNW/ - IBI Group Inc. (the "Company") (TSX: IBG)
today declared a cash dividend of $0.092 per Share for the month of
December 2011, payable January 31, 2012 to shareholders of record on
December 30, 2011.



About IBI GROUP INC. AND IBI GROUP



IBI Group Inc. is a TSX listed company, which pays monthly dividends and
trades under the symbol "IBG". IBI Group Inc. holds an indirect 75%
interest in IBI Group, a partnership (of a subsidiary of IBI Group Inc.
and IBI Group Management Partnership) which, directly and through its
subsidiary entities, provides professional services, including
planning, design, implementation, analysis of operations and other
consulting services in relation to four main areas of development,
being urban land, building facilities, transportation networks and
systems technology. The remaining 25% of IBI Group is owned by IBI
Group Management Partnership. On a partially diluted basis, assuming
the exchange of its partnership units of IBI Group for common shares of
IBI Group Inc., IBI Group Management Partnership together with
affiliated entities holds a combined 46% interest in IBI Group Inc.



For further information:

Tony Long
IBI Group Inc.
230 Richmond Street West, 5th Floor
Toronto, ON M5V 1V6
Tel: 416-596-1930, Fax: 416-596-8024









AAR.UN - <span class="simulate_din_font">Pure Industrial Real Estate Trust Announces Cash Distribution for December 2011</span> (CAD 0.025)

Company: Pure Industrial Real Estate Trust
Stock Name: AAR.UN
Amount: CAD 0.025
Announcement Date: 19/12/2011
Record Date: 28/12/2011

Dividend Detail:




VANCOUVER, Dec. 19, 2011 /CNW/ - Pure Industrial Real Estate Trust
("PIRET" or "REIT") (TSXV: AAR.UN) today announced that its Board of
Trustees has approved a cash distribution of $0.025 per trust unit for
the month of December 2011 (equivalent to $0.30 per trust unit on an
annualized basis). This distribution will be paid on January 16, 2012
to unitholders of record at the close of business on December 30, 2011.



The policy of Pure Industrial Real Estate Trust is to pay cash
distributions on or about the 15th day of each month to the unitholders
of record on the last business day of the preceding month.



PIRET has 50,423,903 units issued and outstanding units and the REIT's
units are listed on the TSX Venture Exchange under the symbol AAR.UN.



For more information on PIRET, visit our website at www.piret.ca.



About Pure Industrial Real Estate Trust (PIRET)



PIRET is an unincorporated, open-ended investment trust established for
the purposes of acquiring, owning and operating a diversified portfolio
of income-producing industrial properties in primary markets across
Canada. PIRET focuses exclusively on investing in industrial properties
and is the only publicly traded vehicle in Canada that offers investors
exclusive exposure to Canada's industrial asset class.



Additional information about PIRET is available at www.piret.ca or www.sedar.com.



About the 2011 TSX Venture 50



The 2011 TSX Venture 50 is comprised of ten companies from each of five
sectors: Clean Technology, Mining, Oil & Gas, Diversified Industries,
and Technology & Life Sciences. The 2011 TSX Venture 50 companies were
chosen based on the following criteria, with equal weighting assigned
to each: share price appreciation, trading volume, market
capitalization growth and analyst coverage. PIRET was selected to the
2011 TSX Venture 50 in the Diversified Industries category.



THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.



For further information:

Andrew Greig,
Director of Investor Relations

Pure Industrial Real Estate Trust (PIRET)
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959
E-mail:agreig@piret.ca
www.piret.ca


TSX Venture Exchange - AAR.UN









TMC - <span class="simulate_din_font">Timbercreek Mortgage Investment Corporation December 2011 Dividend</span> (CAD 0.068)

Company: Timbercreek Mtg Inv Corp
Stock Name: TMC
Amount: CAD 0.068
Announcement Date: 19/12/2011
Record Date: 28/12/2011

Dividend Detail:




Toronto Stock Exchange: TMC



TORONTO, Dec. 19, 2011 /CNW/ - Timbercreek Mortgage Investment
Corporation (the "Fund") is pleased to announce that its board of
directors (the "Board") has declared a monthly dividend of $0.068 per
class A share ("Class A Shares") and $0.072 per class B share ("Class B
Shares") of the Fund to be paid on January 13, 2012 to holders of Class
A Shares or Class B Shares of record on December 30, 2011.



The Fund also offers a Dividend Reinvestment Plan (the "Plan") to
eligible holders of Class A Shares, that provides a convenient means to
purchase additional Class A Shares by reinvesting their cash dividends
at a potential discount and without having to pay commissions, service
charges or brokerage fees.



At the discretion of the Board of Directors of the Fund, Class A Shares
for the reinvestment of distributions will be acquired in the open
market at prevailing prices or issued from treasury at 95 percent of
the average market price.At this time, the Board confirms that the
Fund will continue to issue shares from treasury until such time as the
Board elects otherwise. Class A Shares acquired under the Plan will be
automatically enrolled in the Plan. Shareholders who hold their Class A
Shares through a broker, financial institution or other nominee must
enroll for distribution reinvestment through their nominee holder.



As of December 19, 2011 there were 30,596,328 Class A Shares outstanding
and 3,745,847 Class B Shares outstanding.



The full text of the Plan can be obtained on the Timbercreek website at
www.timbercreekfunds.com.



About the Fund



The Fund provides investors with an opportunity to receive attractive
yields by investing indirectly, through holding shares of the Fund, in
mortgage loan investments selected and determined to be high quality by
its manager, Timbercreek Asset Management Ltd. The investment
objective of the Fund is, with a primary focus on capital preservation,
to acquire and maintain a diversified portfolio of mortgage loan
investments that generates attractive, stable returns in order to
permit the Fund to pay monthly distributions to its shareholders.



For further information:

Timbercreek Asset Management Ltd.
Carrie Morris
Investor Relations
416.306.9967 x250
cmorris@timbercreekfunds.com









BRE - <span class="simulate_din_font">Brookfield Real Estate Services Inc. Declares Monthly Dividend</span> (CAD 0.092)

Company: Brookfield Real Estate Services Inc.
Stock Name: BRE
Amount: CAD 0.092
Announcement Date: 19/12/2011
Record Date: 28/12/2011

Dividend Detail:




TORONTO, Dec. 19, 2011 /CNW/ - Brookfield Real Estate Services Inc.
(TSX: BRE) today declared a dividend of $0.092 per share for the month
of December 2011, payable January 31st, 2012 to shareholders of record on December 30, 2011.



About Brookfield Real Estate Services Inc.

The Company is a leading provider of services to residential real estate
brokers and their REALTORS1. The Company generates cash flow from franchise royalties and service
fees derived from a national network of real estate brokers and agents
in Canada operating under the Royal LePage, Via Capitale Real Estate
Network and Johnston & Daniel brand names. At September 30, 2011, the
Company network consisted of 15,295 REALTORS. The Company network has
an approximate 23% share of the Canadian residential resale real estate
market based on transactional dollar volume. The Company generates both
fixed and variable fee components. Variable fees are primarily driven
by the total transactional dollar volume from the sales commissions of
REALTORS, while fixed fees are based on the number of agents and sales
representatives in the network. Approximately 68% of the Company's
revenue is based on fees that are fixed in nature; this provides
revenue stability and helps insulate the Company's cash flows from
market fluctuations. The Company is listed on the TSX and trades under
the symbol "BRE". For further information about the Company, please
visit www.brookfieldresinc.com.



1 REALTOR is a trademark identifying real estate licensees in Canada who
are members of the Canadian Real Estate Association.








For further information:

Tammy Gilmer
Director, Public Relations & National Communications
Brookfield Real Estate Services Inc.
tgilmer@brookfieldres.com
Tel: 416.510.5783









Sunday, December 18, 2011

TGF.UN - <span class="simulate_din_font">Timbercreek Global Real Estate Fund Announces Fourth Quarter Distribution for 2011</span> (CAD 0.21)

Company: Timbercreek Global Real Estate Fund
Stock Name: TGF.UN
Amount: CAD 0.21
Announcement Date: 19/12/2011
Record Date: 28/12/2011

Dividend Detail:




Toronto Stock Exchange: TGF.UN



TORONTO, Dec. 19, 2011 /CNW/ - Timbercreek Global Real Estate Fund (the
"Fund") is pleased to announce that its board of directors (the
"Board") has declared a quarterly distribution of $0.210 per class A
unit of the Fund ("Class A Units") and class B unit of the Fund ("Class
B Units") to be paid on January 13, 2012 to holders of Class A Units
and B Units of record on December 30, 2011. In addition, unitholders
will be allocated a foreign tax credit estimated to be approximately
$0.03 per Class A Unit and $0.03 per Class B Unit that relate to
withholding taxes previously paid by the Fund. As of December 19, 2011
there were 5,632,234 Class A Units and 1,063,693 Class B Units
outstanding.



About the Fund



The Fund, an investment fund formed under the laws of the Province of
Ontario and managed by Timbercreek Asset Management Ltd. (the
"Manager"), was established to invest in a globally diversified
portfolio of premier real estate securities (the "Portfolio"). The
Portfolio includes common equity, preferred shares and debt of both
public and private real estate investment trusts and real estate
companies in Canada, United States, United Kingdom, Continental Europe,
Japan, Australia, Hong Kong and other countries.



The Manager believes there is a compelling investment opportunity to
invest in a globally diversified portfolio of premier real estate
securities that exists because the global real estate securities market
is inefficient relative to that of the direct real estate or broader
equities markets. Managed by a specialized real estate manager, the
Fund's unique investment strategy has been designed to capitalize on
these pricing inefficiencies in order to deliver a stable income stream
that can be acquired at a price that the Manager believes does not
reflect the long-term value of the underlying assets. Furthermore,
Fund Manager believes that the current volatility in global equity
markets provides the Fund with the rare opportunity to assemble a
global portfolio of prime real estate securities at prices that
generate attractive, stable yields with the potential for capital
appreciation.



For further information:

Timbercreek Asset Management
Carrie Morris
Investor Relations
416.306.9967 x250
cmorris@timbercreekfunds.com









Tuesday, November 15, 2011

NFI - <span class="simulate_din_font">New Flyer Industries Inc. and New Flyer Industries Canada ULC Announce November Cash Distribution</span> (CAD 0.645)

Company: New Flyer Industries Inc
Stock Name: NFI
Amount: CAD 0.645
Announcement Date: 15/11/2011
Record Date: 28/11/2011

Dividend Detail:




WINNIPEG, Nov. 15, 2011 /CNW/ - (TSX:NFI) (TSX:NFI.UN) New Flyer
Industries Inc. ("New Flyer") declared today a dividend on the common
shares of New Flyer (the "Shares"), including those Shares held
separately and those Shares held in the form of an income deposit
security ("IDS"), in the amount of C$0.07167 per Share, which will be
payable on December 15, 2011, to holders of record at the close of
business on November 30, 2011. The Shares that are held separately
trade on the Toronto Stock Exchange (the "TSX") under the symbol NFI
and the Shares that are held in the form of an IDS trade on the TSX
under the symbol NFI.UN.



The regular monthly cash interest payment of C$0.645 per C$55.30
principal amount of subordinated notes (the "Subordinated Notes") of
New Flyer Industries Canada ULC ("NFI ULC") will also be paid on
December 15, 2011 to holders of Subordinated Notes (including those
held separately and those held in the form of an IDS) of record at the
close of business on November 30, 2011. As a result, holders of record
of IDSs will receive a total distribution of C$0.7167 per IDS,
representing a cash dividend of C$0.07167 per Share and an interest
payment of C$0.645 per C$55.30 principal amount of Subordinated Notes
for the period from November 1, 2011 to November 30, 2011.



The dividends on the Shares (including those Shares forming part of the
IDSs) are designated as "eligible dividends" for purposes of the
enhanced dividend tax credit rules contained in the Income Tax Act (Canada) and any corresponding provincial and territorial tax
legislation.



About New Flyer

New Flyer is the leading manufacturer of heavy-duty transit buses in
Canada and the United States. With a skilled workforce of over 2,000
employees, New Flyer is a technology leader, offering the broadest
product line in the industry, including drive systems powered by clean
diesel, LNG, CNG and electric trolley as well as energy-efficient
diesel-electric hybrid vehicles. All products are supported with an
industry-leading, comprehensive parts and service network. Further
information is available on New Flyer's web site at www.newflyer.com.



Forward-Looking Statements

This press release may contain forward-looking statements relating to
expected future events and financial and operating results of New Flyer
that involve risks and uncertainties. Actual results may differ
materially from management expectations as projected in such
forward-looking statements for a variety of reasons, including market
and general economic conditions, the covenants contained in NFI ULC's
senior credit facility and subordinated note indenture and the other
risks and uncertainties detailed in the disclosure documents filed with
the Canadian securities regulatory authorities. Due to the potential
impact of these factors, New Flyer disclaims any intention or
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, unless
required by applicable law.



For further information:

New Flyer Industries Inc.
Glenn Asham, Chief Financial Officer
Tel: 204-224-1251









CPG - <span class="simulate_din_font">Crescent Point Energy confirms November 2011 dividend</span> (CAD 0.23)

Company: Crescent Point Energy Corp.
Stock Name: CPG
Amount: CAD 0.23
Announcement Date: 15/11/2011
Record Date: 28/11/2011

Dividend Detail:




CALGARY, Nov. 15, 2011 /CNW/ - Crescent Point Energy Corp. ("Crescent
Point" or the "Company") confirms that the cash dividend to be paid on
December 15, 2011 in respect of November 2011 production, for
shareholders of record on November 30, 2011 will be $0.23 per share.
The ex-dividend date is November 28, 2011.



These dividends are designated as "eligible dividends" for Canadian
income tax purposes.



Crescent Point Energy Corp. is a conventional oil and gas producer with
assets strategically focused in properties comprised of high-quality,
long-life, operated light and medium oil and natural gas reserves in
United States and Canada.



CRESCENT POINT ENERGY CORP.



Scott Saxberg,

President and Chief Executive Officer






For further information:

FOR FURTHER INFORMATION ON CRESCENT POINT ENERGY CORP. PLEASE CONTACT:
Greg Tisdale, Chief Financial Officer, or Trent Stangl, Vice President Marketing and Investor Relations.

Telephone: (403) 693-0020 Toll free (U.S. & Canada): 888-693-0020
Fax:  (403) 693-0070  Website:www.crescentpointenergy.com

Crescent Point shares are traded on the Toronto Stock Exchange under the symbol CPG.

Crescent Point Energy Corp.
Suite 2800, 111-5th Avenue S.W.
Calgary, AB., T2P 3Y6









TGA.UN - <span class="simulate_din_font">TransGlobe Apartment REIT announces November 2011 distribution</span> (CAD 0.0625)

Company: Transglobe Apartment Reit
Stock Name: TGA.UN
Amount: CAD 0.0625
Announcement Date: 15/11/2011
Record Date: 28/11/2011

Dividend Detail:




MISSISSAUGA, ON, Nov. 15, 2011 /CNW/ - TransGlobe Apartment Real Estate
Investment Trust (TSX: TGA.UN) (the "REIT") today announced a cash
distribution of $0.0625 per unit for the month of November 2011,
representing an annualized distribution of $0.75 per unit. The
distribution will be payable on December 15, 2011 to Unitholders of
record as at November 30, 2011.



Unitholders can participate in the REIT's Unitholder Distribution
Reinvestment Plan ("DRIP"). Eligible investors registered in the DRIP
will have their monthly cash distributions used to purchase Trust
Units, and will also receive bonus Trust Units equal to 3% of their
monthly cash distributions.



About TransGlobe Apartment Real Estate Investment Trust



TransGlobe Apartment Real Estate Investment Trust is an unincorporated,
open-ended real estate investment trust established under the laws of
the Province of Ontario. The REIT owns a growing portfolio of high
quality apartment and town house properties well-located in urban
centres in Alberta, Ontario, Qubec, New Brunswick and Nova Scotia.



This press release contains forward-looking statements which reflect the
REIT's current expectations regarding future events. The
forward-looking statements involve risks and uncertainties. Actual
results could differ materially from those projected herein. The REIT
disclaims any obligation to update these forward-looking statements
except as required by securities laws.



For further information:

TransGlobe Apartment REIT
Leslie Veiner
Chief Financial Officer
(905) 293-9400 ext. 1985
Email:lveiner@tgareit.com









JFC - <span class="simulate_din_font">Jaguar Financial declares cash dividend, reports results for third quarter of fiscal 2011</span> (CAD 0.0047)

Company: Jaguar Financialcorp.
Stock Name: JFC
Amount: CAD 0.0047
Announcement Date: 15/11/2011
Record Date: 23/11/2011

Dividend Detail:




TORONTO, Nov. 15, 2011 /CNW/ - Jaguar Financial Corporation ("Jaguar" or
the "Company") today announced that its Board of Directors has approved
a dividend of $0.0047 per share on its common shares, payable December
9, 2011
, to shareholders of record at the close of business on November
25, 2011
.



The Company also today reported results for its third quarter ended
September 30, 2011, of its 2011 fiscal year. For the three months ended
September 30, 2011, the Company reported a net loss of $5,106,403
compared to a net loss of $279,450 in the third quarter of 2010.



For the three months ended September 30, 2011, the Company experienced a
net loss on investments of $4,553,964, of which $3,562,356 was
unrealized, compared to a net loss on investments of $381,521 in the
third quarter of 2010. A substantial portion of the unrealized loss is
attributable to Jaguar's investment in Lakeside Steel Inc. The
Company's investment portfolio is classified as held for trading and
recorded on a fair value basis and will experience, at various times,
unrealized gains or losses based on equity market conditions.



For the nine months ended September 30, 2011, the Company reported a net
loss of $3,779,116 compared to net income of $2,297,338 in 2010.



Jaguar had cash and investments of $15,412,343 as at September 30, 2011.



Subsequent to September 30, 2011, the Company sold its investment in
MOSAID Technologies Inc. for gross proceeds of $17,108,815, generating
a realized gain of $2,326,786.



Vic Alboini, Chairman and Chief Executive Officer commented, "We are
pleased to report a gain on our investment in MOSAID and to be able to
reward Jaguar's shareholders with a dividend equal to approximately 10%
of our current share price. The dividend is in keeping with our
objective to pay out a portion of our realized gains on our investments
to our shareholders."



About Jaguar



Jaguar is a Canadian merchant bank that invests in undervalued small
capitalization companies in a variety of industry sectors.



The securities of Jaguar Financial Corporation are listed on the TSX
under the symbol "JFC".



The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this news release. This news release may
contain certain forward looking statements which involve known and
unknown risks, delays, and uncertainties not under Jaguar's control
which may cause actual results, performances or achievements of Jaguar
to be materially different from those implied by such forward looking
statements.



For further information:

Vic Alboini, Chairman and Chief Executive Officer
416 644-8110

- or -

Kyler Wells, Senior Vice President and General Counsel
416 644-8177









Monday, November 14, 2011

CHL.A - <span class="simulate_din_font">Canadian Helicopters Group Inc. declares monthly dividends</span> (CAD 0.0919)

Company: Canadian Helicopters Group Inc. A
Stock Name: CHL.A
Amount: CAD 0.0919
Announcement Date: 14/11/2011
Record Date: 27/01/2012

Dividend Detail:




MONTREAL, Nov. 14, 2011 /CNW Telbec/ - Canadian Helicopters Group Inc.
("Canadian Helicopters") (TSX: CHL.A, CHL.B) announced today that its
Board of Directors has declared monthly dividends of $0.091875 per
Common Share and Variable Voting Shares, payable on each of February
15, 2012
, March 15, 2012 and April 13, 2012 to holders of record at the
close of business January 31, 2012, February 29, 2012 and March 30,
2012
, respectively.



The foregoing dividends are designated as "eligible" dividends for the
purposes of the Income Tax Act (Canada) and any similar provincial legislation.



Canadian Helicopters' Board of Directors reviews the applicable dividend
rates on a quarterly basis. Shareholders are entitled to receive
dividends only when any such dividends are declared by Canadian
Helicopters' Board of Directors, and there is no entitlement to any
dividend prior thereto.



ABOUT CANADIAN HELICOPTERS GROUP INC



Canadian Helicopters Group is an international provider of helicopter
transportation and related support services with fixed primary
operations in Canada, Australia, New Zealand and regions of Southeast
Asia. The group also delivers contracted on demand support in
Afghanistan and Antarctica. Charter operations are provided under two
brands: Helicopters New Zealand (HNZ) in the Asia Pacific and
Antarctica regions and Canadian Helicopters Limited (CHL) in Canada and
Afghanistan. In addition to charter services, the Company provides
flight training and third party repair and maintenance services. With
headquarters near Montreal, Canada, the Company operates 160
helicopters and employs approximately 800 personnel.





For further information:

Canadian Helicopters Group Inc.
Don Wall
President and Chief Executive Officer
Tel.: 780-429-6919
Tel.: 450-452-3007









OMG - <span class="simulate_din_font">OPMEDIC GROUP Inc. announces its financial results for the fourth quarter and for the year ended August 31, 2011 and declares a dividend on common shares</span> (CAD 0.025)

Company: Opmedic Group Inc.
Stock Name: OMG
Amount: CAD 0.025
Announcement Date: 14/11/2011
Record Date: 17/11/2011

Dividend Detail:




/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES./



MONTREAL, Nov. 14, 2011 /CNW Telbec/ - OPMEDIC GROUP Inc. ("OPMEDIC
GROUP") (TSX: OMG), a healthcare-related company in fertility,
laboratories and surgeries providing services and facilities to
patients and surgeons, is pleased to announce its financial results for
the fourth quarter and for the year ended August 31, 2011.



HIGHLIGHTS FOR THE YEAR ENDED AUGUST 31, 2011:




  • Revenue up by 55%. Revenue for the year ended August 31, 2011 totalled $22.297 million
    compared to $14.348 million in 2010.


  • Gross profit up by 67%. Gross profit for the year ended August 31, 2011 totalled $13.267
    million
    compared to $7.932 million in 2010.


  • Net earnings up by 185%. Net earnings and net earnings per share for the year ended August 31,
    2011
    were respectively $5.355 million and $0.31 compared to $1.877
    million
    and $0.11 in 2010.



Revenues



Revenues for the year ended August 31, 2011 totalled $22.297million, up
55% or $7.949million from $14.348million for the same period in 2010.
The increase in fertility activities as a result of the new free
assisted procreation services program established in the Province of
Quebec generated additional revenues of $7.729million over the same
period in the previous year. Surgical and endoscopic activities
continued to grow with additional revenues of $0.446million, while
prenatal screening was down by $0.412million due to higher competition
in both the public and private sectors.



Cost of Services



The cost of services for the year ended August31, 2011 increased by
$2.614million or 41% from $6.416million in the previous year to
$9.030million in 2011. The higher volume of fertility activities
required additional costs of $1.018million in payroll, of
$0.798million in supplies, and of $0.271million in professional fees.
Surgical and endoscopic activities required extra payroll expenses and
supplies of $0.218million.



Gross Profit



Gross profit totalled $13.267million for the year ended August 31,
2011
, up $5.335million or 67% from $7.932million in 2010. This
improvement was primarily attributable to the upward trend in revenues.
The fertility services segment enhanced gross profit by $5.175million,
while the surgical and endoscopic services and facilities segment
contributed $0.160million to gross profit.



Gross profit in relation to revenues rose to 60% in 2011 from 55% in
2010.



General and Administrative Expenses



General and administrative expenses rose to $4.429million for the year
ended August31, 2011, up $0.573million or 15% from $3.856million in
2010. Professional fees increased by $0.353million mainly because of
external consulting fees to prepare for convergence with the
international accounting standards, legal and consulting fees paid to
open the new fertility clinic in the city of Vaughan (Ontario), and
assessment fees for ISO 15189 accreditation of the laboratories by the Bureau de normalisation du Qubec. In addition, administrative salaries were up by $0.283million as a
result of the extra customer service staff added to handle the higher
volume of activities, which was offset by a $0.082million drop in
advertising expenses.



Net Earnings



Net earnings and net earnings per share for the year ended August 31,
2011
were respectively $5.355million and $0.31, versus $1.877million
and $0.11, respectively, for the previous year.



HIGHLIGHTS FOR THE FOURTH QUARTER:




  • Revenue up by 60%. Revenue for the fourth quarter totalled $5.762 million compared to
    $3.599 million for the same period in 2010.


  • Gross profit up by 65%. Gross profit for the quarter ended August 31, 2011 totalled $3.177
    million
    compared to $1.922 million in 2010.


  • Net earnings up by 174%. Net earnings and net earnings per share for the quarter ended August
    31, 2011
    were respectively $1.166 million and $0.07 compared to $0.425
    million
    and $0.02 in 2010.



Revenues



Revenues for the quarter ended August31, 2011 totalled $5.762million,
up 60% or $2.163million from $3.599million in the previous year.



The increase in fertility activities as a result of the new free
assisted procreation services program established in the Province of
Quebec generated additional revenues of $2.282million, compared to the
same period in the previous year, while prenatal screening activities
were down by $0.129million due to higher competition in both the
public and private sectors.



Cost of Services



The cost of services for the quarter ended August 31, 2011 rose by
$0.908million or 54% from $1.677million in 2010 to $2.585million in
2011.



The higher volume of fertility activities entailed additional costs of
$0.328million in payroll, of $0.247million in supplies, and of
$0.108million in professional fees. In addition, the joint venture for
the clinic in the city of Vaughan (Ontario) has cost $0.169million
mainly in payroll, rent and supplies since the clinic opened on July
11, 2011
.



Gross Profit



Gross profit for the quarter ended August 31, 2011 was up $1.255million
or 65% to $3.177million from $1.922million in 2010. The major
increase in revenue directly affected gross profit because of economies
of scale. For the fertility services segment, gross profit was up
$1.327million, while gross profit was down $0.072million in the
surgical and endoscopic services and facilities segment.



Gross profit in relation to revenues for the fourth quarter was 55% in
2011, versus 53% in 2010.



General and Administrative Expenses



General and administrative expenses for the quarter ended August 31,
2011
totalled $1.230million, up $0.282 million or 30% from
$0.948million in 2010. Administrative salaries increased by
$0.159million following the addition of customer service staff and the
recognition of stock-based compensation. Furthermore, $0.139 million
was required for payroll and the opening of the clinic in the city of
Vaughan (Ontario).



Net Earnings



Net earnings and net earnings per share for the fourth quarter were
respectively $1.166million and $0.07, as opposed to $0.425million and
$0.02 in 2010.



DECLARATION OF DIVIDEND ON COMMON SHARES



The Company's Board of Directors has declared a cash dividend of $0.025
per share payable on November 28, 2011 to shareholders of record at the
close of business on November 21, 2011. Future dividends are subject to
the discretion of the Board of Directors.



The Company designates this dividend to be an "eligible dividend"
pursuant to subsection 89(14) of the Income Tax Act (Canada) and its
equivalent in any provinces of Canada.



Detailed financial results can be accessed on the OPMEDIC GROUP web site
at www.opmedicgroup.com.



About OPMEDIC GROUP



OPMEDIC GROUP is a company incorporated under the laws of the Province
of Quebec which provides healthcare-related services including surgical
and endoscopic facilities and services to patients and surgeons (with
its OPMEDIC division), fertility treatments, medical imaging,
laboratory services and diagnostic procedures (with its PROCREA
Cliniques division and a joint venture 7667264 Canada Inc.) and sperm
banking services (with its PROCREA Cryopreservation Centre subsidiary).
OPMEDIC GROUP's Common Shares trade on the Toronto Stock Exchange under
the symbol "OMG".



This news release does not constitute an offer to sell or to
solicitation of an offer to buy any security and shall not constitute
an offer, solicitation or sale in any jurisdiction in which such
offering would be unlawful. This news release contains certain
forward-looking statements that reflect the current views and/or
expectations of OPMEDIC GROUP with respect to its performance, business
and future events. Such statements are subject to a number of risks,
uncertainties and assumptions. Actual results and events may vary
significantly.



The Content of this press release has not been approved by nor submitted
to the TSX which assumes no liability therefore.



For further information:

Jean-Marc LACHANCE
Vice President Finance and Chief Financial Officer
(514) 345-8535, x 2260
jmlachance@opmedicgroup.com









TCN - <span class="simulate_din_font">Tricon Announces Third Quarter 2011 Results and Declares Quarterly Dividend</span> (CAD 0.06)

Company: Tricon Capital Group Inc
Stock Name: TCN
Amount: CAD 0.06
Announcement Date: 14/11/2011
Record Date: 29/12/2011

Dividend Detail:




/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISTRIBUTION IN
THE UNITED STATES./



TORONTO, Nov. 14, 2011 /CNW/ - Tricon Capital Group Inc. (TSX: TCN)
("Tricon" or the "Company") today announced its results for the third
quarter ended September 30, 2011. Financial Statements and Management's
Discussion and Analysis are available on the Tricon website at
www.triconcapital.com and have been filed on SEDAR. Results are
prepared in accordance with International Financial Reporting Standards
("IFRS") and presented in Canadian dollars rounded to the nearest
thousand, unless otherwise noted.



Highlights:




  • Net Income for the quarter was $993,000, a $878,000 increase from Q3
    2010. As a result, EPS for the quarter improved to $0.05 per share as
    compared to $0.01 per share in Q3 2010.






  • Adjusted Base Revenues for the quarter increased by $264,000 to
    $2,999,000
    when compared to the corresponding period in 2010, while
    Adjusted Base EBITDA decreased from $1,259,000 in Q3 2010 to
    $1,089,000, primarily as a result of formation and legal costs
    associated with the start-up of Canadian fund Tricon XII, which costs
    have been reported as Investment Losses.






  • Adjusted EBITDA declined from $1,377,000 in Q3 2010 to $1,091,000 in Q3
    2011, primarily as a result of the aforementioned Investment Losses and
    the anticipated reduction in performance fees earned.






  • An expression of interest was received for a $100 million lead order for
    US distressed fund Tricon XI from a large U.S. institutional investor,
    with an initial close now anticipated in Q1 2012. Fundraising efforts
    will continue with subsequent closings permitted for a period of one
    year from the date of initial closing.






  • Assets Under Management ("AUM") have continued to grow throughout the
    course of 2011 and were $961,548,000 at September 30, 2011 - an
    increase of $34,114,000 from Q2 2011 and an increase of $108,912,000
    since the end of 2010,






  • A quarterly dividend of 6 cents per share was declared on November 11,
    2011
    to shareholders of record on December 31, 2011 and will be payable
    on January 13, 2012.



"We continue to execute the business plan laid out when we went public
in May 2010 and believe that our fundraising success will continue over
the next 12 - 18 months. We have built a deep pipeline of investment
opportunities for both our Canadian fund and our distressed U.S. fund
which we believe reflects Tricon's position as the capital provider of
choice for the residential development industry" said David Berman,
Chairman and Chief Executive Officer. "Aside from our fundraising
efforts, we are also surveying the market for strategic corporate
opportunities which will further drive shareholder value. Overall, we
believe that Tricon continues to have strong growth prospects going
forward and that we are well positioned to provide our shareholders
with an excellent balance of current yield and long-term growth."


















































































































































































Selected Financial Summary































At Sept. 30

2011

At December 31

2010













Assets Under Management







$961,548,000

$852,636,000





















 Three Months Ended Sept. 30



Nine Months Ended Sept 30



2011

2010



2011

2010













Adjusted Base Revenue

$2,999,000

$2,735,000



$8,412,000

$7,813,000













Net Income (Loss) (1)

$993,000

$115,000



$289,000

($8,975,000)













Adjusted Base EBITDA (2)

$1,089,000

$1,259,000



$3,476,000

$3,839,000

Adjusted EBITDA (2)

$1,091,000

$1,377,000



$3,631,000

$4,561,000

Adjusted Net Income (2)

$592,000

$729,000



$1,931,000

$2,128,000













Net Income (Loss) - Per Share

$0.05

$0.01



$0.02

($0.72)

Adjusted Net Income - Per Share (2)

$0.03

$0.04



$0.11

$0.17

Shares Outstanding

18,240,871

18,240,871



18,240,871

12,442,149


























(1) 

Net Income includes several Non-Recurring and Non-Cash items, including
a significant LTIP accrual as mandated by IFRS. Please see MD&A for
additional detail.

(2) 

Tricon measures the success of its business by employing several key
performance indicators which are not recognized under IFRS, including
AUM, Adjusted Base EBITDA, Adjusted EBITDA and Adjusted Net Income.
These indicators should not be considered an alternative to IFRS
financial measures such as Net Income. Non-IFRS financial measures do
not have standardized definitions prescribed by IFRS and are therefore
unlikely to be comparable with other issuers or companies. Refer to our
Management & Discussion Analysis for a reconciliation of the Non-IFRS
measures to the closest comparable IFRS measures.


Conference Call and Webcast



Management will host a conference call at 10 a.m. ET on November 14,
2011
, to discuss the results. Please call 416-800-1066 or
1-866-212-4491. The conference call will also be accessible via webcast
at www.triconcapital.com (go to Investor Information - Events). A replay of the conference call
will be available until midnight November 21, 2011. To access the
replay, call



1-866-583-1035, followed by pass code 2516643#.



Forward-Looking Statements



This press release may contain forward-looking statements relating to
expected future events and financial and operating results and
projections of the Company, including statements regarding future
plans, objectives or economic performance that involve risks and
uncertainties. Forward-looking information and statements are based on
management's expectations, intentions and assumptions. If unknown
risks arise, or if any of the assumptions underlying the
forward-looking statements prove incorrect, actual results may differ
materially from management expectations as projected in such
forward-looking statements. Examples of such risks include, but are not
limited to, the risks disclosed in the Company's final prospectus dated
May 14, 2010, as available at www.sedar.com and the risks described in
the Company's continuous disclosure materials from time-to-time. The
Company disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, unless required by applicable law.



About Tricon Capital Group Inc.



Founded in 1988, Tricon is one of North America's pre-eminent asset
managers focused on the residential real estate development industry
with approximately $1 billion of assets under management. Tricon
participates in the development of residential properties in Canada and
the United States by acting as the manager of limited partnerships that
provide financing, typically in the form of participating loans, to
developers, with a specific focus on residential land development,
single-family homebuilding, multi-family construction and retail
developed in conjunction with residential projects. Since inception,
Tricon has invested in over 140 transactions for development projects
valued at approximately $9 billion. More information about Tricon is
available at www.triconcapital.com.



For further information:
June Alikhan
Chief Financial Officer
Tel: 416-928-4116
Email:jalikhan@triconcapital.com
    Gary Berman
President
Tel: 416-928-4122
Email:gberman@triconcapital.com








Friday, November 11, 2011

MKP - <span class="simulate_din_font">MCAN Mortgage Corporation Reports Third Quarter Earnings</span> (CAD 0.27)

Company: Mcan Mortgage Corporation
Stock Name: MKP
Amount: CAD 0.27
Announcement Date: 11/11/2011
Record Date: 30/11/2011

Dividend Detail:




Stock market symbol

TSX: MKP



TORONTO, Nov. 11, 2011 /CNW/ - MCAN Mortgage Corporation's ("MCAN", the
"Company" or "we") net income for the third quarter of 2011 was $7.6
million
, down from $10.7 million in the prior year. Earnings per share
were $0.45 compared to $0.74 during the same quarter in the prior year.
The decrease from the prior year is primarily due to substantially
lower fee income and equity income from MCAP Commercial LP ("MCLP"),
and the reversal of a significant construction loan individual
allowance in the prior year. Estimated taxable income for the quarter
was $4.5 million, or $0.27 per share. The prior year was exceptionally
high at $9.4 million, or $0.66 per share.



We issued 2.3 million common shares in April, raising net proceeds of
approximately $31 million. This share issuance created $178 million of
additional asset capacity for MCAN. We intend to deploy this capacity
in a timely manner so as to avoid significant dilution, however we
experienced slower than anticipated asset growth in the third quarter,
leaving us with $177 million of asset capacity at September 30th. In
light of current market concerns, we have moderated the risk profile of
our assets at this point in time. We continue to focus on investing in
mortgages with sound borrower equity, reasonable market acceptance
through pre-sales on construction loans and acceptable risk-adjusted
returns. The majority of our growth for the year to date has arisen
from the acquisition of seasoned single family residential mortgage
portfolios with good payment histories and healthy borrower equity that
were underwritten at market values from two years ago.



The consolidated financial statements for the quarter ended September
30, 2011
are the third quarter that we have prepared in accordance with
International Financial Reporting Standards ("IFRS"). For periods up
to and including the year ended December 31, 2010, we prepared our
consolidated financial statements in accordance with Canadian Generally
Accepted Accounting Principles ("CGAAP").



The most significant changes to our financial statements are as follows:




  • We have recognized $3.1 billion of new assets and $3.1 billion of new
    liabilities, primarily due to the on-balance sheet treatment of
    mortgages securitized through the Canada Mortgage Bonds ("CMB")
    program. As the securitization issuances mature, the securitization
    liability and related assets (securitized mortgages and principal
    reinvestment assets) will be removed from the balance sheet. Since we
    are not currently participating in new CMB issuances, we expect that
    the Company's securitization assets and liabilities will decrease
    significantly over the next three years. The CMB securitization
    liabilities mature as follows: 2012 - $1.1 billion, 2013 - $1.1
    billion
    , 2014 - $879 million, 2015 - $47 million.






  • We now recognize ongoing CMB program mortgage interest income, principal
    reinvestment income and securitization liability interest expense on
    the accrual basis. We reversed up-front gains from securitization
    previously recognized under CGAAP through opening retained earnings on
    transition to IFRS.






  • Fair market value changes in the CMB interest rate swaps are no longer
    generally offset by fair market value changes in CMB interest-only
    strips, as the interest-only strips do not exist under IFRS due to the
    reversal of up-front gains from securitization previously recognized
    under CGAAP. The lack of an offset has led to increased volatility to
    net income under IFRS despite the fact that, from an economic
    perspective, interest rate risk remains largely mitigated through the
    interest rate swaps.






  • We now recognize current and deferred taxes through the statement of
    income, which has led to increased volatility to net income. Under
    CGAAP, we charged current and deferred taxes directly to retained
    earnings.



MCAN paid its regular $0.27 per share dividend in the third quarter.



The Company separates its assets into its corporate and securitized
portfolios for reporting purposes. Corporate assets represent the
Company's core strategic investments, and are funded by term deposits
and share capital. Securitization assets consist primarily of
mortgages securitized through the CMB program and reinvestment assets
purchased with mortgage principal repayments and are funded by
financial liabilities from securitization.



Net Investment Income: Net investment income was $11.4 million for the quarter, a decrease of
$3.0 million from $14.4 million during the same quarter in the prior
year. Net investment income consisted of $5.4 million from corporate
assets (2010 - $8.2 million) and $6.0 million from securitized assets
(2010 - $6.1 million). The decrease is primarily due to substantially
lower fee income and equity income from MCLP, and the reversal of a
significant construction loan individual allowance in the prior year.
Income from securitized assets includes a $4.9 million positive fair
market value adjustment to derivative financial instruments (positive
$4.3 million in 2010).



Net Investment Income - Corporate Assets



Mortgage interest income increased to $8.2 million in the current year
from $6.8 million in the prior year as a result of a $140 million
increase in the average mortgage portfolio from $377 million to $517
million
, partially offset by a 0.85% decrease in the average mortgage
yield from 7.32% in 2010 to 6.47% in 2011. Mortgage interest income
includes $341,000 (2010 - $702,000) of discount income on MCAN's
acquired mortgage portfolios, which caused the majority of the decrease
in the mortgage yield over the prior year.



As at September 30, 2011, we held discounted mortgages with a net
discount of $10 million. We retain 50% of any recoveries of that
amount, and we pay the remaining 50% to MCLP. The amount of the
discount ultimately recovered is dependent on the value of the real
estate securing the mortgage, as well as the financial capacity of the
borrower. Additionally, these mortgages have maturity dates ranging
from 2011 to 2032. The realization of the discount is dependent on if
and when cash is received.



Interest on financial investments and other loans decreased from
$396,000 to $102,000, primarily due to a significantly lower average
portfolio balance in the current year.



Equity income from our ownership interest in MCLP was $360,000 during
the quarter compared to $1.2 million in the prior year as a result of
lower mortgage gains and fee income.



Fees were $333,000 in the quarter, down from $1.3 million in the prior
year. Fees consist of fee income from a profit sharing arrangement
relating to mortgage portfolios acquired by MCLP of $82,000 (2010 -
$883,000) and other mortgage fees of $251,000 ($2010 - $438,000).
Prior year fee income from profit sharing was extremely high by
historical standards, while other mortgage fees can be volatile and
difficult to predict.



Marketable securities income was $427,000 for the quarter compared to
$nil in the prior year, as we did not acquire any marketable securities
until late 2010.



Term deposit interest and expenses increased to $3.3 million in the
current year from $1.8 million in the prior year, primarily due to a
$176 million increase in the average outstanding balance from $334
million
in 2010 to $510 million in 2011 and an increase in the average
term deposit interest rate to 2.45% in 2011 from 2.08% in 2010.



Provisions for credit losses were $80,000 for the quarter compared to a
recovery of $1.0 million for the same period of the prior year. The
prior year recovery included the full recovery of a $2 million
construction loan individual allowance upon payout with no principal
loss. There was a collective mortgage recovery of $12,000 during the
quarter compared to a provision of $418,000 in the prior year, which
relates to an increase in mortgages that attract an allowance during
the prior year compared to the current year. In addition, we increased
individual mortgage allowances by $95,000 in the quarter compared to a
net increase of $445,000 in the prior year, not including the
aforementioned $2 million individual allowance reversal. The remaining
composition of both years includes financial investments and other
loans provision activity. Mortgage write-offs were $59,000 during the
quarter compared to $28,000 during the same quarter in the prior year.



Net Investment Income - Securitized Assets



Mortgage interest income decreased to $5.0 million in the current year
from $6.1 million in the prior year as a result of a $384 million
decrease in the average mortgage portfolio over 2010. As the
securitized mortgages repay, we reinvest the collected principal in
certain permitted investments, which include financial investments and
short-term investments.



Interest on financial investments increased to $1.5 million from $1.0
million
in the prior year due to an increase in the average portfolio
from 2010.



Other securitization income was $2.0 million in the quarter compared to
$2.2 million in the prior year, consisting primarily of interest rate
swap receipts of $1.9 million (2010 - $2.0 million).



Interest on financial liabilities from securitization was $7.5 million
for the quarter, up from $7.4 million in the prior year due to a slight
increase in the average interest rate.



The positive fair market value adjustment to derivative financial
instruments of $4.9 million (2010 - $4.3 million) for the quarter
relates to the CMB interest rate swaps. The unrealized portion of this
fair market value adjustment can be volatile as it is driven by changes
in the forward interest rate curve. From an economic perspective, this
adjustment is generally offset by changes in future expected income
from securitized mortgages and principal reinvestment assets that have
a floating interest rate. We regularly monitor our interest rate swap
hedge position to minimize our exposure to interest rate risk. From an
accounting perspective, changes in future expected income from these
floating rate assets are not reflected in the consolidated statement of
income, which can cause significant volatility to net income since
there is no offset to the fair market value adjustment to derivative
financial instruments.



Operating Expenses: Operating expenses were $1.6 million compared to $1.5 million during the
same quarter in the prior year.



Income Taxes: There was a $2.2 million provision for income taxes in the third quarter
of 2011, consistent with the prior year. In both years, we incurred a
deferred tax expense as a result of the significant positive fair
market value adjustments to derivative financial instruments.



Credit Quality: Impaired mortgages as a percentage of total mortgages (net of individual
allowances) were 0.65% ($14 million) at September 30, 2011, compared to
0.67% ($15 million) at June 30, 2011. Impaired corporate mortgages as
a percentage of the corporate portfolio increased marginally to 2.51%
at September 30, 2011 from 2.46% at June 30, 2011.



Total mortgage arrears of $80 million as at September 30, 2011 decreased
from $87 million at June 30, 2011. Mortgage arrears are comprised of
$52 million of insured securitized mortgages and $28 million of
corporate mortgages, relating to uninsured single family and
residential construction loans. There were no other assets in arrears
at quarter end. We continue to proactively monitor loan arrears and
take prudent steps to collect overdue accounts.



Financial Position: As of September 30, 2011, total consolidated assets were $3.8 billion, an increase of $9 million from June 30, 2011. Corporate assets
increased by $17 million during the quarter, while securitized assets
decreased by $9 million. Changes in corporate assets included
increases of $31 million in single family mortgages and $11 million in
commercial loans, partially offset by decreases of $23 million in
residential construction loans and $4 million in cash. Term deposit
liabilities were $521 million at September 30, 2011, up $7 million from
June 30, 2011. Total shareholders' equity of $156 million increased by
$3.2 million from June 30, 2011. Activity for the quarter consisted of
net income of $7.6 million and the issuance of $226,000 of new common
shares through the dividend reinvestment plan, partially offset by the
third quarter dividend of $4.5 million.



Outlook: The Canadian economy has continued to expand, although domestic demand
has been somewhat slower than initially anticipated by economists. The
economy is projected to expand with GDP growth of 2.1% and 1.9% for
2011 and 2012, respectively. The Canadian economy saw improved growth
in the third quarter of 2011, as temporary factors that depressed
growth in the second quarter unwound. However, we expect slower growth
to continue through 2012.



We continue to prudently grow our mortgage portfolio. Average term
deposit rates are expected to remain flat as central banks maintain
neutral monetary policy to enable economic growth. We expect asset
growth and the resulting increase in net investment income to be offset
to an extent by lower discount income from our acquired mortgage
portfolios.



We continue to focus on investing in mortgages with sound borrower
equity, reasonable market acceptance through pre-sales on construction
loans and acceptable risk-adjusted returns. In light of global
economic uncertainty and the instability of financial markets, we will
be closely monitoring market conditions in the geographic markets in
which we invest. We have moderated the risk profile of our assets at
this point in time. Our mortgage portfolio is currently in a sound
position with a low level of impaired mortgages. In addition, we have
good geographic and borrower diversification. We will continue to
expand the Canadian markets in which we invest, maintain prudent
lending practices and look for quality assets with compelling risk
adjusted returns.



Dividend: The Board of Directors declared a fourth quarter dividend of $0.27 per
share to be paid January 3, 2012 to shareholders of record as of
December 2, 2011.



Changes to Board of Directors: David MacIntosh retired from the Board of Directors effective November
11, 2011
after 11 years of service. The Board would like to thank Mr.
MacIntosh
for his long service and valuable contribution to MCAN.



Karen Weaver, CPA, ICD.D was appointed to the Board of Directors
effective November 11, 2011. Ms. Weaver currently serves as the
Executive Vice President and Chief Financial Officer of First Capital
Realty Inc.



Further Information: Complete copies of the Company's 2011 Third Quarter Report will be filed
on the System for Electronic Document Analysis and Retrieval ("SEDAR")
at www.sedar.com and on the Company's website at www.mcanmortgage.com on November 14, 2011.



MCAN is a public company listed on the Toronto Stock Exchange ("TSX")
under the symbol MKP and is a reporting issuer in all provinces and
territories in Canada. MCAN also qualifies as a mortgage investment
corporation ("MIC") under the Income Tax Act (Canada) (the "Tax Act").



The Company's primary objective is to generate a reliable stream of
income by investing its corporate funds in a portfolio of mortgages
(including single family residential, residential construction,
non-residential construction and commercial loans), as well as other
types of financial investments, loans and real estate investments. MCAN
employs leverage by issuing term deposits eligible for Canada Deposit
Insurance Corporation ("CDIC") deposit insurance up to a maximum of
five times capital (on a non-consolidated tax basis) as permitted by
the Tax Act. The term deposits are sourced through a network of
independent financial agents. As a MIC, MCAN is entitled to deduct from
income for tax purposes 100% of dividends, except for capital gains
dividends, which are deducted at 50%. Such dividends are received by
the shareholders as interest income and capital gains dividends,
respectively.



MCAN also participates in the CMB program, and other securitizations of
insured mortgages.



This report may contain forward-looking statements, including statements
regarding the business and anticipated financial performance of the
Company. These forward looking statements can generally be identified
as such because of the context of the statements and often include
words such as the Company "believes", "anticipates", "expects",
"plans", "estimates" or words of a similar nature. These statements
are based on current expectations, and are subject to a number of risks
and uncertainties that may cause actual results to differ materially
from those contemplated by the forward-looking statements. Some of the
factors that could cause such differences include legislative or
regulatory developments, competition, technology change, global market
activity, interest rates, changes in government and economic policy and
general economic conditions in geographic areas where the Company
operates. Reference is made to the risk factors disclosed in the
Company's 2011 Annual Information Form, which are incorporated herein
by reference. These and other factors should be considered carefully
and undue reliance should not be placed on the Company's
forward-looking statements. Subject to applicable securities law
requirements, we do not undertake to update any forward-looking
statements.



For further information:

MCAN Mortgage Corporation

Website:www.mcanmortgage.com

e-mail:mcanexecutive@mcanmortgage.com

William Jandrisits
President and Chief Executive Officer
(416) 591-2726

Tammy Oldenburg
Vice President and Chief Financial Officer
(416) 847-3542









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