Stock Name: MTG
Amount: CAD 0.05
Announcement Date: 18/10/2012
Record Date: 29/10/2012
Dividend Detail:
Toronto Stock Exchange: MTG
TORONTO, Oct. 18, 2012 /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 I share ("Class I Shares"), and
$0.052 per class J share ("Class J Shares") of the Fund to be paid on
November 15, 2012 to holders of Class A, Class I and Class J Shares of
record on October 31, 2012.
Timbercreek Asset Management Ltd., manager of the Fund also provided
guidance today that it is confident that, in this period of sustained
low interest rates, the Fund will continue to outperform its stated
distribution target through June 30 2013, and maintain the current
distribution of 6% per Class A share on an annualized basis (based upon
a $10 issue price). The long term targeted distribution of the Fund is
equal to the 2-Year Government of Canada Bond yield plus 350 basis
points. "We remain comfortable with investment-grade commercial real
estate market fundamentals in Canada," states Andrew Jones, Managing
Director, "As a result, we are confident we will continue to source
quality opportunities to invest in a portfolio of exclusively first
mortgages that will allow the Fund to comfortably maintain the
respective current distribution per share."
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 October 18, 2012 there were 30,836,516 Class A Shares, 344,700
Class I Shares and 478,100 Class J Shares outstanding.
About the Fund
The Fund provides investors with an opportunity to receive attractive
cash distributions by investing indirectly, through holding shares of
the Fund, in a portfolio of first mortgages, selected and determined to
be high quality by its manager, Timbercreek Asset Management Ltd.�� 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.
SOURCE: Timbercreek Senior Mortgage Investment Corporation
For further information:
Timbercreek Asset Management Ltd.
Carrie Morris
Investor Relations
416.800.1552
cmorris@timbercreek.com
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