Frontenac Mortgage Investment Corporation Provides Bi-Weekly Update on Annual Filings
OTTAWA, ON, May 26, 2025 /CNW/ - Frontenac Mortgage Investment Corporation (" FMIC" or the " Company") today provided an update with respect to its previously announced management cease trade order ("MCTO") in connection with the Company's filings of its audited annual financial statements (the " Audited Financial Statements") and management discussion and analysis (the " MD&A"), for the financial year ended December 31, 2024 and the applicable CEO and CFO certifications (together with the Audited Financial Statements and the MD&A, the " Annual Filings"). Further to its press release dated May 12, 2025 (the " Announcement"), its principal regulator, the Ontario Securities Commission, granted the MCTO on May 9, 2025. As previously announced, the Company applied for the MCTO due to a delay in the filing of the Company's annual financial statements for the year ended December 31, 2024, the related management's discussion and analysis and the management certifications of annual filings (collectively, the " Required Documents"), which were due on April 30, 2025.
The MCTO restricts the Company's former manager, W.A. Robinson & Associates Ltd. (" W.A. Robinson"), its former administrator, Pillar Financial Services Inc. (" Pillar"), and certain individuals who are or have been directors or officers of FMIC, W.A. Robinson and Pillar from all trading in securities of the Company until such time as the Required Documents have been filed by the Company and the MCTO has been lifted. The MCTO does not affect the ability of other shareholders of the Company to trade in securities of the Company.
As previously disclosed, the delay in filing the Required Documents is due to delays experienced by the Company's external auditors, MNP LLP, in completing the audit of the annual financial statements for the year ended December 31, 2024. The Company is continuing to work diligently with its external auditors to complete the audit and currently expects to file the Required Documents by June 30, 2025. The Company will issue a news release announcing completion of the filing of the Annual Filings at such time as they are completed and filed.
Until the Required Documents are filed, the Company intends to comply with the provisions of the alternative information guidelines as set out in National Policy 12-203 – Management Cease Trade Orders (" NP 12-203") for as long as it remains in default, including the issuance of bi-weekly default status reports in the form of a news release. The Company confirms that since the date of the Announcement: (i) there has been no material change to the information set out in the Announcement that has not been generally disclosed; (ii) there has not been any other specified default by the Company under NP 12-203; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
Forward-Looking Statements
This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as " forward-looking statements") within the meaning of applicable Canadian securities laws, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company, and specifically includes statements relating to the timing of the filing of the Required Documents. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes.
Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors beyond FMIC's ability to predict or control which may cause actual events, results, performance, or achievements of FMIC to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein. Forward-looking statements are not a guarantee of future performance. Although FMIC believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate. Actual results may vary, and vary materially, from those expressed or implied by the forward-looking statements herein. Accordingly, readers are advised to rely on their own evaluation of the risks and uncertainties inherent in forward-looking statements herein and should not place undue reliance upon such forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Any forward-looking statements herein are made only as of the date hereof, and except as required by applicable laws, FMIC assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise.
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