Toronto Stock Exchange: MTG
TORONTO, Feb. 19, 2013 /CNW/ - Timbercreek Senior Mortgage Investment
Corporation (the "Fund") is pleased to announce that its board of
directors has declared a monthly dividend of $0.050 per class A share
("Class A Shares"), $0.054 per class B share ("Class B Shares), $0.054
per class I share ("Class I Shares"), and $0.052 per class J share
("Class J Shares") of the Fund to be paid on March 15, 2013 to holders
of Class A, Class I and Class J Shares of record on February 28, 2013.
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 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 February 19, 2013 there were 36,979,148 Class A Shares, 220,559
Class B Shares, 329,700 Class I Shares and 331,000 Class J Shares
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, comprised of first mortgages, selected and
determined to be high quality by its manager, Timbercreek Asset
Management Ltd. (the "Manager"). 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.
The Manager focuses specifically on targeting Customized First Mortgage
loans with a view to generating an aggregate annualized yield of at
least 6% for the period ending June 30, 2013, and over the long term
equal to the 2-Yr GOC Bond Yield plus 350 basis points (net of all fees
and expenses of the Company). In addition, all Lender Fees generated
by the Manager in connection with mortgage loans funded by the Company
will be paid to the Company to enhance the income of the Company and,
hence, the return on investment for investors.
SOURCE: Timbercreek Senior Mortgage Investment Corporation
For further information:
Timbercreek Asset Management Ltd.