SHARBOT LAKE, ON, April 30, 2024 /CNW/ - Frontenac Mortgage Investment Corporation ("FMIC") announces that it has filed audited annual financial statements and related management's discussion and analysis ("MD&A") for the year ended December 31, 2023 (the "2023 Audited Annual Financial Statements"). The 2023 Audited Annual Financial Statements include amended and restated audited annual financial statements for the year ended December 31, 2022 (the "2022 Restated Audited Annual Financial Statements"). FMIC will also be filing amended and restated interim unaudited financial statements for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023 and MD&A thereof (together with the 2022 Restated Audited Annual Financial Statements, the "Restatement"). The Restatement is being filed with the agreement of the Ontario Securities Commission (the "OSC") following a review by the OSC and relates to the measurement of mortgage impairment provisions in accordance with International Financial Reporting Standards ("IFRS") for a loan package (the "Loans") that had been made to a borrower in relation to a large residential development property (the "Property") and has been impaired. The Restatement corrects an error in the application of IFRS to the expected credit losses of the Loans (the "Error"). In general terms, it involves reducing the estimated proceeds from a sale of the Property, increasing the estimated expenses and liabilities associated with selling the Property pursuant to FMIC's mortgage rights and increasing the estimated time that it would take to sell the Property under FMIC's mortgage rights. The effect of the Restatement will be an increase in the provision for mortgage impairment losses, and a reduction in assets, net income and carrying value per share for the year ended December 31, 2022. As a result of the Restatement, the carrying value per share for the year-ended December 31, 2022 is $29.44 compared to a carrying value per share of $30 as originally reported as at December 31, 2022. Purchasers who overpaid for shares of FMIC in 2023 as a result of the Error will be reimbursed in respect of the full amount of their overpayment. Additionally, ...