Toronto Stock Exchange: TMC
TORONTO, Oct. 2, 2013 /CNW/ - Timbercreek Mortgage Investment Corporation (the "Company") announced today that as the next step in the Company's transition to a corporate structure, the specified deadline for the final redemption option of the Class A and Class B shares has passed. Redemption requests from holders of 1,729,568 Class A shares and 259,771 Class B shares of the Company have been received pursuant to the redemption option, and as the requests received are below the 15% redemption cap for each class, all redemption requests will be processed pursuant to the articles of the Company. The redemption prices will be the NRV per Class A share and Class B share, respectively, on Oct 31, 2013, which will be published by the Company when it is determined on or after Oct 31, 2013. The redemption will be paid out of funds previously allocated for this purpose.
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 selected and determined to be high quality by its manager, Timbercreek Asset Management Inc. 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 Mortgage Investment Corporation
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Timbercreek Asset Management Inc.