Toronto Stock Exchange: TMC
TORONTO, Nov. 4, 2016 /CNW/ - Timbercreek Mortgage Investment
Corporation (the "Company") announced today that it has obtained the
approval of the Toronto Stock Exchange (the "TSX") to commence a normal
course issuer bid (the "NCIB") with respect to its common shares (the
"Shares"). The NCIB will commence on November 17, 2014 and will
terminate on the earlier of November 16, 2015 or the date on which the
Company has purchased the maximum number of Shares permitted under the
NCIB.
Under the NCIB, the Company may, over a 12-month period commencing on
November 17, 2014, purchase in the normal course through the facilities
of the TSX up to a regulatory maximum of 4,052,822 Shares, such amount
representing 10% of the public float of the Shares issued and
outstanding as of November 11, 2014. Furthermore, subject to certain
exemptions for block purchases, the maximum number of Shares that the
Company may acquire on any one trading day is 13,170 Shares, such
amount representing 25% of the average daily trading volume of the
Shares for the six calendar months prior to the start of the NCIB.
Under a previous normal course issuer bid which commenced on June 10,
2013 and ended on June 9, 2014 (the "2013 NCIB"), the Company purchased
an aggregate of 362,800 class A shares of the Company. All purchases
under the 2013 NCIB were made prior to the previously announced
automatic exchange of class A shares and class B shares of the Company
for Shares which occurred on November 29, 2013.
The price which the Company will pay for any Shares under the NCIB will
be the market price at the time of acquisition. During the period of
the NCIB, the Company may make purchases under the NCIB by means of
open market transactions or otherwise as permitted by the TSX. The
actual number of Shares which may be purchased pursuant to the NCIB and
the timing of any such purchases will be determined by senior
management of the Company. All Shares purchased by the Company under
the NCIB will be cancelled.
As of November 11, 2014, there were 40,701,528 Shares issued and
outstanding.
The Company will use the NCIB to repurchase Shares in the event that the
Company believes the Shares are not being valued appropriately by the
market and an attractive opportunity exists to enhance the value for
its shareholders.
For information, please visit www.timbercreek.com.
About the Company
The Company provides investors with an opportunity to invest in a
diversified portfolio of mortgage investments originated and
underwritten by its manager, Timbercreek Asset Management Inc. (the
"Manager"). The Company focuses on capital preservation and the
generation of attractive, stable returns, allowing for the payment of
monthly dividends to shareholders.
Certain statements contained in this news release may contain
projections and "forward looking statements" within the meaning of that
phrase under Canadian securities laws. When used in this news release,
the words "may", "would", "should", "could", "will", "intend", "plan",
"anticipate", "believe", "estimate", "expect", "objective" and similar
expressions may be used to identify forward looking statements. By
their nature, forward looking statements reflect the Company's current
views, beliefs, assumptions and intentions are subject to certain risks
and uncertainties, known and unknown, including, without limitation,
those risks disclosed in the Company's public filings. Many factors
could cause actual results, performance or achievements to be
materially different from any future results, performance or
achievements that may be expressed or implied by these forward looking
statements. The Company does not intend to nor assumes any obligation
to update these forward looking statements whether as a result of new
information, plans, events or otherwise, unless required by law.
SOURCE Timbercreek Mortgage Investment Corporation