Atrium Mortgage Investment Corporation Announces Normal Course Issuer Bid

Rhea-AI Summary

Atrium Mortgage Investment Corporation announced a new Normal Course Issuer Bid (NCIB) program approved by the Toronto Stock Exchange. The company can purchase up to 4,512,672 common shares, representing 10% of its public float, between June 24, 2025 and June 23, 2026. Purchases will be made at market prices through TSX and alternative Canadian Trading Systems. Daily purchases will be limited to 22,569 shares, except for block purchases, based on the average daily trading volume of 90,276 shares. Atrium has 47,523,103 shares outstanding with a public float of 45,126,724 shares. The company also entered into an automatic share purchase plan (ASPP) with a designated broker to facilitate purchases during blackout periods. Under its previous NCIB, Atrium purchased 4,100 shares at an average price of $10.00.

Positive

• Authorization to repurchase up to 4,512,672 shares (10% of public float) demonstrates confidence in company value
• Implementation of ASPP allows for consistent share repurchases even during blackout periods
• Share buyback program can help support stock price and increase shareholder value through reduced share count

Negative

• Limited buyback activity under previous NCIB (only 4,100 shares) suggests potential underutilization of the program
• Share repurchases will reduce cash available for other corporate purposes

Toronto, Ontario--(Newsfile Corp. - June 11, 2025) - Atrium Mortgage Investment Corporation (TSX: AI) ("Atrium") announced today that the Toronto Stock Exchange (the "TSX") has accepted a notice filed by Atrium of its intention to make a normal course issuer bid (the "NCIB") with respect to its outstanding common shares.

The notice provides that Atrium may, during the 12 month period commencing June 24, 2025 and ending no later than June 23, 2026, purchase through the facilities of the TSX and/or alternative Canadian Trading Systems up to 4,512,672 common shares in total, being 10% of the "public float" of common shares as of June 9, 2025. The price which Atrium will pay for any common shares will be the market price at the time of acquisition. During the period of this NCIB, Atrium may make purchases under the NCIB by means of open market transactions. The actual number of common shares which may be purchased pursuant to the NCIB and the timing of any such purchases will be determined by senior management of Atrium. The average daily trading volume from December 1, 2024 to May 31, 2025 was 90,276 common shares. Daily purchases under the NCIB will be generally limited to 22,569 common shares, other than block purchases. All shares purchased by Atrium under the NCIB will be cancelled.

As of June 9, 2025, there were 47,523,103 common shares of Atrium outstanding, and the public float was 45,126,724 common shares.

Atrium may purchase its common shares, from time to time, if it believes that the market price of its common shares is attractive and that the purchase would be an appropriate use of corporate funds and in the best interests of Atrium.

In connection with the NCIB, Atrium has entered into an automatic share purchase plan ("ASPP") with a designated broker to facilitate the purchase of common shares under the NCIB, including at times when Atrium would ordinarily not be permitted to purchase its common shares due to regulatory restrictions or self-imposed blackout periods. During restricted or blackout periods, purchases under the ASPP will be determined by the designated broker in its sole discretion based on the purchasing parameters set by Atrium in accordance with the rules of the TSX, applicable securities laws and the terms of the ASPP. Outside of the restricted and blackout periods, the timing and amount of purchases under the NCIB will be determined by senior management of Atrium. The ASPP has been pre-cleared by the TSX and will become effective on June 24, 2025, concurrently with the commencement of the NCIB. All purchases made under the ASPP will be included in computing the number of common shares purchased under the NCIB.

Pursuant to a previous notice of intention to conduct a NCIB, under which Atrium sought and received approval from the TSX to purchase up to 4,232,634 common shares for the period of June 24, 2024 to June 23, 2025, Atrium purchased for cancellation, as of June 9, 2025, 4,100 common shares at a weighted average price per share of $10.00. Atrium's previous NCIB expires on June 23, 2025.

About Atrium

Canada's Premier Non-Bank Lender™

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.

Atrium is a Mortgage Investment Corporation (MIC) as defined in the Income Tax Act (Canada), so 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.sedarplus.ca or Atrium's website at www.atriummic.com.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements" within the meaning of applicable securities legislation, including, but not limited to, statements relating to future purchases of common shares under the NCIB, including pursuant to the ASPP. Much of this information can be identified by words such as "expect to," "expected," "will," "estimated" 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 Atrium' financial condition and prospects; the stability of general economic and market conditions; interest rates; the availability of cash for repurchases of outstanding common shares under the NCIB; the existence of alternative uses for Atrium's cash resources which may be superior to effecting repurchases under the NCIB; compliance by third parties with their contractual obligations; compliance with applicable laws and regulations pertaining to the NCIB and ASPP; and other risks related to Atrium's business, including those identified in Atrium's annual information form for the year ended December 31, 2024 under the heading "Risk Factors" (a copy of which may be obtained at www.sedarplus.ca) and subsequent filings. Forward-looking statements contained in this press release are made as of the date hereof and are subject to change. All forward-looking statements in this press release are qualified by these cautionary statements. Unless otherwise required by applicable securities laws, we do not intend, nor do we undertake any obligation, to update or revise any forward-looking statements contained in this press release to reflect subsequent information, events, results or circumstances or otherwise.

For further information, please contact

Robert G. Goodall 
Chief Executive Officer 

Gigi Wong
Chief Financial Officer

(416) 867-1053
info@atriummic.com
www.atriummic.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/255252

FAQ

How many shares can Atrium Mortgage Investment (AMIVF) repurchase under the new NCIB?

Atrium can repurchase up to 4,512,672 common shares, representing 10% of its public float, between June 24, 2025 and June 23, 2026.

What was Atrium's previous NCIB performance in 2024-2025?

Under the previous NCIB, Atrium purchased 4,100 shares at a weighted average price of $10.00 per share.

What is the daily purchase limit for Atrium's 2025 NCIB program?

The daily purchase limit is 22,569 common shares, based on an average daily trading volume of 90,276 shares from December 2024 to May 2025.

How will Atrium's ASPP work during blackout periods?

During blackout periods, a designated broker will make purchase decisions based on pre-set parameters, TSX rules, and securities laws.

What is Atrium's current share count as of June 2025?

Atrium has 47,523,103 common shares outstanding, with a public float of 45,126,724 shares.