TORONTO, May 16, 2014 /CNW/ - Trez Capital Senior Mortgage Investment
Corporation (TSX: TZS) (the "Company") announced today that its board
of directors has declared a monthly dividend of $0.045 per Class A
share of the Company, an increase of 8% from the $0.0416 announced for
April 30, 2014.
The dividend will be paid on June 13, 2014 to holders of Class A shares
of record on May 30, 2014. As of May 16, 2014, there were 7,577,988
Class A shares outstanding. The amount of the monthly dividends is
equivalent to approximately $0.54 per Class A Share per annum. This
represents a current yield of 6.7% based on the closing price of $8.07
of the Class A Shares on May 15, 2014.
The Company also offers a Dividend Reinvestment Plan (the "Plan") to
eligible holders of Class A Shares, that provides eligible holders of
Class A shares of the Corporation with a convenient means to purchase
additional Class A Shares by reinvesting their cash dividends at a
potential discount to the current market price.
Shares for the reinvestment of dividends will be acquired in the open
market at prevailing market rates or, if lower than the current market
price, issued from treasury at the greater of net asset value per share
and 95 percent of the average market price. "Average market price" is
defined in the Plan to be the volume weighted average trading price of
Class A Shares on the Toronto Stock Exchange during the 10 trading days
ending on the third business day immediately prior to the dividend
payment date on which at least a board lot of Class A Shares is traded.
Class A Shares acquired under the Plan will be automatically enrolled
in the Plan. Beneficial shareholders who hold their Class A Shares
through a broker, financial institution or other nominee must enroll
for dividend reinvestment through their nominee holder.
About the Company
The Company's objective is to acquire and maintain a diversified
portfolio of first mortgages in Canada that preserves capital and
generates attractive returns in order to pay monthly dividends to its
shareholders. The Company pursues its investment objectives through
prudent investments in first mortgages to qualified real estate
investors and developers, focusing primarily on short-term bridge
financing needs not currently serviced by traditional real estate
lenders. Trez Capital Fund Management Limited Partnership is the
manager of and portfolio advisor to the Company.
SOURCE: Trez Capital Senior Mortgage Investment Corporation
For further information:
Vice President, Investor Relations