TORONTO, ON–(Marketwired – May 20, 2016) – Timbercreek Senior Mortgage Investment Corporation (TSX: MTG) (the “Company”) is pleased to announce that its board of directors (the “Board”) has declared a monthly dividend of $0.05 per common share (“Common Shares”), of the Company. The dividend will be paid on June 15, 2016 to holders of Common Shares of record on May 31, 2016.
The Company offers a Dividend Reinvestment Plan (the “Plan”), which is eligible to holders of Common Shares, and provides a convenient means to purchase additional Common Shares by reinvesting cash dividends at a potential discount, without having to pay commissions, service charges or brokerage fees.
Pursuant to the Plan, and at the discretion of the Manager, Common Shares will be acquired in the open market at prevailing prices or issued from treasury at 95 percent of the average market price (the “Average Market Price”) for the five trading day period ending on the third business day immediately prior to the dividend payment date (the “Trading Period”).
Common Shares acquired under the Plan will be automatically enrolled in the Plan. Shareholders who hold their Common Shares through a broker, financial institution or other nominee must enroll for distribution reinvestment through their nominee holder.
As disclosed by the Company in the management information circular for the annual and special meeting of shareholders to be held on June 22, 2016 (the “Circular”), in connection with the proposed amalgamation of the Company and Timbercreek Mortgage Investment Corporation, the Plan will be terminated effective as of June 20, 2016. As a result, the dividend to be paid on June 15, 2016 will be the last dividend subject to reinvestment under the Plan. It is expected that following completion of the proposed amalgamation, the resulting issuer will adopt a dividend reinvestment plan that is substantially similar to the Plan (the “New Plan”). Additional information, including how shareholders can elect to participate in the New Plan, can be found in the Circular, which has been mailed to shareholders of the Company and is available under the Company’s profile on SEDAR.
The full text of the Plan can be obtained on SEDAR or on the Timbercreek website at http://www.timbercreekseniormic.com/investor-information/dividend-reinvestment-plan.
About the Company
The company provides investors with an opportunity to invest in a diversified portfolio of first only mortgages and loan investments originated and underwritten by the Timbercreek debt origination platform. The Company focuses on capital preservation and the generation of attractive, stable returns, allowing for the payment of monthly dividends to shareholders.
CONTACT:
Timbercreek Asset Management Inc.
Carrie Morris
Investor Relations
[email protected]
