Toronto Stock Exchange: MTG
TORONTO, April 18, 2012 /CNW/ - Timbercreek Senior Mortgage Investment Corporation (the "Fund") is pleased to announce the implementation of a Dividend Reinvestment Plan (the "Plan"). The Plan provides eligible holders of class A shares of the Fund ("Class A Shares") 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.
At the discretion of the board of directors of the Fund, 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. Average market price is defined in the Plan to be the volume weighted average trading price of Class A Shares on the Toronto Stock Exchange for the 10 trading days ending on the third business day immediately prior to the dividend payment date on which at least a board lot of Class A Shares is traded. 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 will be mailed to registered shareholders in the near future. These documents may also be obtained on the Timbercreek website at www.timbercreek.com.
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, comprised of first mortgages, selected and determined to be high quality by its manager, Timbercreek Asset Management Ltd. 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.
For further information:
Timbercreek Asset Management Ltd.