TORONTO, June 6, 2013 /CNW/ - Timbercreek Senior Mortgage Investment
Corporation (the "Company") announced today that the Toronto Stock
Exchange (the "TSX") has accepted a notice filed by the Company of its
intention to make a normal course issuer bid (the "NCIB") with respect
to its outstanding class A shares (the "Class A Shares").
The notice provides that the Company may, during the 12 month period
commencing June 10, 2013 and ending no later than June 9, 2014,
purchase through the facilities of the TSX up to 3,709,327 Class A
Shares in total, being approximately 10% of the "public float" of
issued and outstanding Class A Shares as of June 4, 2013. Purchases of
Class A Shares will be made in the normal course and will not, during
the 12 month period ending June 9, 2014 exceed, in the aggregate, 10%
of the "public float" of issued and outstanding Class A Shares as at
the commencement of the NCIB. Furthermore, purchases will not, during
any 30-day period during the term of the NCIB, exceed, in the
aggregate, 742,045 Class A Shares, or 2% of the issued and outstanding
Class A Shares at the commencement of the NCIB.
The price which the Company will pay for any such shares will be the
market price at the time of acquisition. During the period of this
NCIB, the Company may make purchases under the NCIB by means of open
market transactions or otherwise as permitted by the TSX, including
pre-arranged crosses, exempt offers, private agreements under an issuer
bid exemption order issued by a securities regulatory authority and
block purchases in accordance with the TSX Company Manual. The actual
number of Class A Shares which may be purchased pursuant to the NCIB
and the timing of any such purchases will be determined by senior
management of the Company. All shares purchased by the Company under
the NCIB will be cancelled.
As of June 4, 2013, there were 37,102,229 Class A Shares of the Company
The Company will use the NCIB to repurchase Class A Shares in the event
that we believe the Company isn't being valued appropriately by the
market and an attractive opportunity exists to enhance the value for
its holders of Class A Shares.
For information, please visit www.timbercreek.com.
SOURCE: Timbercreek Senior Mortgage Investment Corporation
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