The investment objectives of the Company are, with a primary focus on capital preservation, to acquire and maintain a diversified portfolio of Customized First Mortgages that generate attractive, stable returns in order to permit the Company to pay monthly distributions to its shareholders. The Company is managed by Timbercreek Asset Management Ltd. (the "Manager"). The Manager will also act as portfolio adviser for the Company and is an investment management company.
Although the long-term targeted aggregate annual yield (net of all fees and expenses) of the Company is the two-year Government of Canada bond yield plus 350 basis points, for the period ending June 30, 2013, the Manager is targeting to deliver a return consistent with the previous nine months cash distributions, which would result in an annualized yield of approximately 6% per Class A Share (based on an issue price of $10.00 per Class A Share), net of fees and expenses of the Company.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.
This press release contains forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results, performance and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.