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Mosaic Confirms January 2014 Distribution in Respect of Its Preferred Securities and Announces Conditional RSU Issuances
Mosaic Confirms January 2014 Distribution in Respect of Its Preferred Securities and Announces...
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[{"type":"text","content":"Mosaic Confirms January 2014 Distribution in Respect of Its Preferred Securities and Announces Conditional RSU IssuancesMosaic Confirms January 2014 Distribution in Respect of Its Preferred Securities and Announces Conditional RSU Issuances\n\nCalgary, Alberta CANADA, January 16, 2014 /FSC/ - Mosaic Capital Corporation  (M - TSX Venture, M.PR.A - TSX Venture), is pleased to announce that the cash distribution for the month of January 2014 in respect of its preferred securities will be paid on February 17, 2014 to all holders of preferred securities of record as of January 31, 2014.  The January distribution will be $0.0833 per preferred security. \n\nFor Canadian income tax purposes the monthly distribution in respect of the preferred securities is considered interest income in the hands of the recipient.\n\nToday Mosaic also reports that it has conditionally issued, as part of its variable incentive compensation program for the 2014 year (the \"Plan\"), restricted securities units (\"RSUs\") to its executive officers and employees, some of which can be settled for Mosaic common shares and some of which can be settled for Mosaic preferred securities. In accordance with the terms of Mosaic's Securities Based Compensation Plan, $11.90 has been set as the settlement price for the RSUs which can be settled for common shares, and $11.10 has been set as the settlement price for the RSUs which can be settled for preferred securities.\n\nThe terms of the Plan provide that the RSUs issued are subject to cancellation in whole or in part in the Spring of 2015 to the extent that specified performance criteria are not met.  In the Spring of 2015 Mosaic's board of directors will assess both corporate and, for each Plan participant, individual performance for the 2014 fiscal year as measured against the performance criteria.  Determination of the final number of RSUs to remain outstanding in the hands of a Plan participant will then be made based upon attainment of such personal and corporate performance criteria as well as upon an allocation at the election of the Plan participant between RSUs for common shares, preferred securities or a combination thereof.  The RSUs are to be settled on a one-for-one basis for the underlying security, being common shares or preferred securities (as the case ...