Toronto Stock Exchange: MTG
TORONTO, June 19, 2013 /CNW/ - Timbercreek Senior Mortgage Investment
Corporation (the "Company") is pleased to announce that its board of
directors (the "Board") has declared a monthly dividend of $0.050 per
class A share ("Class A Shares"), $0.054 per class B share ("Class B
Shares"), $0.054 per class I share ("Class I Shares"), and $0.052 per
class J share ("Class J Shares") of the Company to be paid on July 15,
2013 to holders of Class A, Class B, Class I and Class J Shares of
record on June 28, 2013.
As of June 19, 2013 there were 37,114,021 Class A Shares, 219,559 Class
B Shares, 513,700 Class I Shares and 221,000 Class J Shares
The Company also offers a Dividend Reinvestment Plan (the "Plan") to
eligible holders of Class A Shares, that provides a convenient means to
purchase additional Class A Shares by reinvesting their cash dividends
at a potential discount and without having to pay commissions, service
charges or brokerage fees.
Pursuant to the Plan, and at the discretion of the Board, Class A Shares
for the reinvestment of distributions will be acquired in the open
market at prevailing prices or issued from treasury at 95 percent of
the average market price (the "Average Market Price") for the ten
trading days period ending on the third business day immediately prior
to the dividend payment date (the "Trading Period"). In accordance
with the provisions of the Plan, in the event that the issue price from
treasury would be less than the Net Redemption Value ("NRV") per Class
A Share, Class A Shares shall be issued from treasury at a price equal
to the NRV per Class A Share.
Class A Shares acquired under the Plan will be automatically enrolled in
the Plan. Shareholders who hold their Class A Shares through a broker,
financial institution or other nominee must enroll for distribution
reinvestment through their nominee holder.
The full text of the Plan can be obtained on the Timbercreek website at http://www.timbercreek.com/funds/timbercreek-senior-mortgage-investment-corporation/dividend-reinvestment-plan.
About the Company
The Company provides investors with an opportunity to receive attractive
yields by investing indirectly, through holding shares of the Company,
in mortgage loan investments, comprised of first mortgages, selected
and determined to be high quality by its manager, Timbercreek Asset
Management Ltd. (the "Manager"). The investment objective of the
Company is, with a primary focus on capital preservation, to acquire
and maintain a diversified portfolio of mortgage loan investments that
generates attractive, stable returns in order to permit the Company to
pay monthly distributions to its shareholders.
SOURCE: Timbercreek Senior Mortgage Investment Corporation
For further information:
Timbercreek Asset Management Ltd.