TORONTO, Feb. 15, 2017 /CNW/ - Trez Capital Mortgage Investment Corporation (TSX:TZZ) (the "Company") announced today that it has taken up and paid for 4,216,867 Class A Shares ("Shares") at a price of $8.30 per Share under the Company's previously announced substantial issuer bid (the "Offer") to repurchase for cancellation up to $35,000,000 of its Shares. The Shares purchased under the Offer represent approximately 25.56% of the Shares outstanding as at January 10, 2017. After giving effect to the repurchase, the number of issued and outstanding Shares is 12,283,371. The Company will provide information regarding the book value per share in connection with the release of its 2016 annual financial statements, expected in March 2017.
A total of 4,778,376 Shares were properly tendered to the Offer and not withdrawn. As the Offer was oversubscribed, successfully tendering shareholders will have 88.227666% of their successfully tendered Shares purchased by the Company, other than "odd lot" tenders, which are not subject to proration.
Payment for the purchased Shares will be effected by Computershare Investor Services Inc. (the "Depositary") in accordance with the Offer and applicable law on or about February 17, 2017. Any Shares tendered and not purchased will be returned to shareholders promptly by the Depositary.
About the Company
The Company holds a diversified portfolio of mortgages in Canada. Trez Capital Fund Management Limited Partnership is the manager of and portfolio advisor to the Company. On June 16, 2016 the Shareholders of the Company approved the orderly wind-up of the Company. Under the orderly wind-up plan the Company will distribute the net proceeds through special distributions, the repurchase of shares pursuant to the normal course issuer bid, or otherwise.
SOURCE Trez Capital
For further information: Karyn Phuong, Vice President, Investor Relations, Trez Capital, Tel: 647-788-1788, Email: [email protected]