TORONTO, June 6, 2013 /CNW/ - Timbercreek 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 3,476,193 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, 695,458 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 34,772,939 Class A Shares of the Company outstanding.
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 Mortgage Investment Corporation
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