TORONTO, Sept. 30, 2016 /CNW/ - Trez Capital Mortgage Investment Corporation (TSX:TZZ) (the "Company") announced today that it intends to resume purchases of its Class A shares ("Shares") under its previously announced normal course issuer bid (the "NCIB") and has entered into an automatic share purchase plan with a broker in order to facilitate such purchases.
On May 17, 2016, the Company announced that it had received approval from the Toronto Stock Exchange (the "TSX") to purchase up to 1,808,610 of its issued and outstanding Shares under the NCIB, representing approximately 10% of its public float of Shares as at May 10, 2016. The NCIB commenced on May 19, 2016 and will expire on May 18, 2017, or such earlier date as the Company completes its purchases pursuant to the NCIB.
The Company anticipates using the automatic share purchase plan during the course of its NCIB to enable purchases of its Shares when the Company ordinarily would not be active in the market due to trading blackout periods, insider trading rules or otherwise. Purchases will be made by the Company's broker based upon the parameters prescribed by the TSX, applicable Canadian securities laws and the terms of the parties' written agreement. The automatic share purchase plan has been approved by the TSX and will be implemented effective as of September 30, 2016.
As of the date hereof, the Company has purchased 471,336 Shares under the NCIB, all of which have been purchased for cancellation.
About the Company
The Company holds a portfolio of mortgages in Canada and is currently undergoing an orderly wind-up. Trez Capital Fund Management Limited Partnership is the manager of and portfolio advisor to the Company. On June 16, 2016, the Shareholders of the Company approved the orderly wind-up of the Company. Under the orderly wind-up plan the Company will distribute the net proceeds through special distributions, the repurchase of shares pursuant to the NCIB, or otherwise.
SOURCE Trez Capital Junior Mortgage Investment Corporation
For further information: Karyn Phuong, Vice President, Investor Relations, Trez Capital, Tel: 647-788-1788, Email: KarynP@trezcapital.com