/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
TORONTO, April 19 /CNW/ - Wealhouse Partners (the "Offeror"), the investment manager of a number of investment funds, segregated funds and managed accounts (collectively, the "Funds"), announces that on April 1, 2010, the Offeror, on behalf of one or more Funds managed by it, acquired an aggregate of 400,000 Class B shares ("Class B Shares") of Timbercreek Mortgage Investment Corporation ("TMC") pursuant to a private placement from TMC at a price of $10.00 per Class B Share. This acquisition represented 12.5% of the issued and outstanding Class B Shares as at April 1, 2010. Previously, on December 1, 2008, the Offeror, on behalf of the Funds, acquired an aggregate of 322,500 Class B Shares pursuant to a private placement from TMC at a price of $10.00 per Class B Share. This prior acquisition represented 21.5% of the issued and outstanding Class B Shares as at December 1, 2008.
Immediately after the completion of the private placement on April 1, 2010, the Offeror, on behalf of one or more Funds, exercised control or direction over an aggregate of 722,500 Class B Shares, representing 22.7% of the issued and outstanding Class B Shares as at April 1, 2010. The Class B Shares are exchangeable for Class A shares of TMC ("Class A Shares") based on their respective net redemption values. The number of Class B Shares over which the Offeror exercises control or direction represents approximately 6.2% of the aggregate number of Class A Shares and Class B Shares outstanding as of April 1, 2010.
The Class B Shares acquired by the Offeror, on behalf of one or more of the Funds managed by it, are held for investment purposes. These investments will be reviewed on a continuing basis by the Offeror and such holdings may be increased or decreased in the future. The Offeror, on behalf of one or more of the Funds managed by it, may in the future acquire or dispose of Class B Shares as circumstances or market conditions warrant and may also acquire or dispose of Class A Shares.
The Offeror has filed an early warning report pursuant to National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues describing the above transaction with applicable securities regulatory authorities, a copy of which shall be sent promptly to anyone who requests it from the representative of the Offeror noted below. However, the Offeror did not issue a press release or file an early warning report as required by applicable Canadian securities legislation in respect of the acquisition of Class B Shares on December 1, 2008. The Offeror has reported this to applicable securities regulatory authorities.
SOURCE WEALHOUSE PARTNERS
For further information: For further information: Scott Morrison, Chief Investment Officer, Wealhouse Partners, Suite 2404, 401 Bay Street, Toronto, Ontario M5H 2Y4, Telephone: (416) 644-1190, Facsimile: (416) 644-1191