Toronto Stock Exchange: MTG
TORONTO, Jan. 22, 2013 /CNW/ - Timbercreek Senior Mortgage Investment Corporation (the "Fund") is pleased to announce that its board of directors 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 Fund to be paid on February 15, 2013 to holders of Class A, Class I and Class J Shares of record on January 31, 2013.
The Fund 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.
At the discretion of the Board of the Fund, 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. At this time, the Board confirms that the Fund will continue to issue shares from treasury until such time as the Board elects otherwise. 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.
As of January 22, 2013 there were 36,946,230 Class A Shares, 220,559 Class B Shares, 329,700 Class I Shares and 331,000 Class J Shares outstanding.
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 "Manager"). 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.
The Manager focuses specifically on targeting Customized First Mortgage loans with a view to generating an aggregate annualized yield of at least 6% for the period ending June 30, 2013, and over the long term equal to the 2-Yr GOC Bond Yield plus 350 basis points (net of all fees and expenses of the Company). In addition, all Lender Fees generated by the Manager in connection with mortgage loans funded by the Company will be paid to the Company to enhance the income of the Company and, hence, the return on investment for investors.
SOURCE: Timbercreek Senior Mortgage Investment Corporation
For further information:
Timbercreek Asset Management Ltd.