Toronto Stock Exchange: TMC
TORONTO, Nov. 25 /CNW/ - Timbercreek Mortgage Investment Corporation (the "Fund") is pleased to announce today that it has entered into an acquisition, merger and reorganization agreement (the "Agreement") with Canadian Residential Retirement Investment Corporation ("CRRIC") where the parties have agreed to terms surrounding the previously announced proposed transaction between the Fund and CRRIC. This transaction would involve the Fund purchasing all of the assets of CRRIC in exchange for class A shares of the Fund ("Class A Shares") (the "Proposed Transaction").
CRRIC is a private corporation focused on lending to owners and developers of retirement communities with current net assets of approximately $17.1 million which includes a mortgage portfolio secured solely by residential retirement and long term care buildings (the "CRRIC Mortgage Portfolio") and cash. The CRRIC Mortgage Portfolio has been reviewed and unanimously recommended by the Mortgage Advisory Committee to Timbercreek Investment Management Inc. (the "Fund Advisor").
The Agreement is subject to various conditions, including but not limited to approval by CRRIC shareholders, the approval of the Fund's voting shareholders, and the approval of the Toronto Stock Exchange.
About the Fund
The Fund provides investors with an opportunity to receive attractive yields by investing indirectly, through holding shares of the Fund, in mortgage loan investments selected and determined to be high quality by its manager, Timbercreek Asset Management Inc. The investment objective of the Fund 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 Fund to pay monthly distributions to its shareholders.
SOURCE Timbercreek Mortgage Investment Corporation
For further information: For further information: Timbercreek Asset Management Inc., Carrie Morris, Investor Relations, (416) 306-9967 x250, firstname.lastname@example.org