Trez Capital Senior Mortgage Investment Corporation Announces Formation of Special Committee
TORONTO, Sept. 28, 2015 /CNW/ - Trez Capital Senior Mortgage Investment Corporation (TSX:TZS) (the "Company") announced today that its Board of Directors has established a special committee ("Special Committee") to consider alternatives to enhance value for its shareholders. As part of this process the Special Committee has engaged Morrison Park Advisors, an independent investment banking firm, as its financial advisor.
The Special Committee will oversee the review process and is composed of directors who are independent of management. The review process will be thorough and responsive to concerns raised by shareholders regarding the discount of the Company's share trading price relative to its book value.
Mr. Michael Nisker, President and CEO of the Company, said, "We take the concerns of our shareholders very seriously and we are equally motivated to enhance the value of our business and improve our share price trading performance. Accordingly, this review is a significant priority for our organization. In the meantime, our underlying asset base, and its ability to provide ongoing shareholder returns, remains strong."
Since its initial public offering, the Company has increased its book value per Class A shares ("share"). As of June 30, 2015 the book value per share was $9.43.
While the Company has initiated this process, there is no certainty that any transaction or alternative will be undertaken or pursued. The Company has not set a definitive schedule to complete its evaluation and no decision on any particular transaction or alternative has been reached at this time. The Company does not intend to disclose ongoing developments with respect to this process, but in accordance with its continuous disclosure obligations, will disclose material developments if, as and when they occur. As always, the Company will otherwise continue to communicate with shareholders in the ordinary course of its business.
About the Company
The Company is a non-bank lender whose objective is to acquire and maintain a diversified portfolio of first mortgages across Canada that preserves capital and generates attractive returns in order to pay monthly dividends to its shareholders. The Company pursues its investment objectives through prudent investments in first mortgages to qualified real estate investors and developers, focusing primarily on short-term bridge financing needs not serviced by traditional real estate lenders. Trez Capital Fund Management Limited Partnership is the manager of and portfolio advisor to the Company.
SOURCE Trez Capital Senior Mortgage Investment Corporation
Michael J.R. Nisker, President & CEO, Tel: (416) 350-1299, Email: [email protected]; Karyn Phuong, Vice President, Investor Relations, Tel: (647) 788-1788, Email: [email protected]
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