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TORONTO, Nov. 20, 2012 /CNW/ - Tricon Capital Group Inc. (TSX: TCN)
("Tricon" or the "Company"), one of North America's leading residential
real estate investment companies, announced today that its board of
directors has recently adopted a dividend reinvestment plan (the
"DRIP"), which has received approval from the TSX. Eligible
shareholders may elect to participate in the DRIP commencing with the
dividends to be paid on January 15, 2013 to shareholders of record as
of December 31, 2012.
The DRIP allows eligible shareholders of Tricon to reinvest their cash
dividends into additional common shares of Tricon, which will be issued
from treasury (or purchased on the open market) on the applicable
dividend payment date. The price at which the treasury shares will be
issued will be 95% of the Average Market Price (as defined in the
DRIP); namely, the volume weighted trading price of the Company's
common shares over the five business days immediately preceding such
dividend payment date.
"Our dividend reinvestment plan is designed to benefit our shareholders
and our Company over the long term," said David Berman, Chairman and
CEO. "Through participation, shareholders will be able to increase
their equity stake without incurring brokerage fees and costs normally
associated with share purchases, allowing them to further participate
in the growth of Tricon. In turn, Tricon will benefit from access to
additional cash with which to grow and improve."
The full text of the DRIP and an enrollment form are available on
Tricon's website at www.triconcapital.com. Shareholders should carefully read the complete text of the DRIP
before making any decisions regarding their participation in the DRIP.
Beneficial shareholders who hold their shares through a nominee and who
wish to participate in the DRIP should contact their nominee to enquire
about enrollment. To reinvest the January 15, 2013 dividend, Equity
Transfer Services Inc. (the "Agent") must receive a signed enrollment
form by no later than 3:00pm EST on December 20, 2012, or to begin
participation in the DRIP with respect to any future dividends, the
Agent must receive a shareholder's enrollment form no later than 3:00pm
EST on the fifth day prior to the applicable dividend record date.
Common Shares acquired under the DRIP will be automatically enrolled in
About Tricon Capital Group Inc.
Founded in 1988, Tricon is one of North America's leading residential
real estate investment companies with approximately $1.1 billion of
assets under management and a growing portfolio of single-family rental
homes. Tricon provides financing to local operators or developers in
select markets in the United States and Canada, with a primary focus on
for-sale housing in growing markets. Since inception, Tricon has
invested in approximately 150 transactions for development projects
valued at more than $10 billion. More information about Tricon is
available at www.triconcapital.com.
This press release may contain forward-looking statements relating to
expected future events and financial and operating results and
projections of the Company, including statements regarding future
plans, objectives or economic performance that involve risks and
uncertainties. Forward-looking information and statements are based on
management's expectations, intentions and assumptions. If unknown risks
arise, or if any of the assumptions underlying the forward-looking
statements prove incorrect, actual results may differ materially from
management expectations as projected in such forward-looking
statements. Examples of such risks include, but are not limited to, the
risks disclosed in the Company's final long form prospectus dated May
14, 2010, the risks disclosed in the Company's final short form
prospectus dated April 24, 2012 and the risks described in the
Company's continuous disclosure materials from time-to-time, as
available on SEDAR at www.sedar.com. The Company disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new information,
future events or otherwise, unless required by applicable law.
SOURCE: Tricon Capital Group Inc.
For further information:
Chief Financial Officer