This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Timbercreek Senior Mortgage Investment Corp. Will Acquire Shares In The Open Market To Satisfy Its DRIP


TORONTO, June 12, 2013 /CNW/ - The Board of Directors of Timbercreek Senior Mortgage Investment Corporation (the "Company") is pleased to announce that the Company will satisfy its reinvestment of dividends for participants in the Dividend Reinvestment Plan (the "Plan") by acquiring shares in the open market rather than by issuing from treasury.

The Company 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.  Pursuant to the Plan, and at the discretion of the Board of the Company, 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 (the "Average Market Price") for the ten trading day period ending on the third business day immediately prior to the dividend payment date (the "Trading Period").  In accordance with the provisions of the Plan, in the event that the issue price from treasury would be less than the Net Redemption Value ("NRV") per Class A Share, Class A Shares shall be issued from treasury at a price equal to the NRV per Class A Share.

On May 22, 2013, the Board announced a monthly dividend of $0.05 per Class A share to be paid on the dividend payment date of June 14, 2013 (the "Dividend Payment Date") as well as its intention to issue shares from treasury to satisfy the reinvestment of cash dividends.    The Average Market Price over the Trading Period is currently below the NRV per Class A Share, and therefore in accordance with the Plan, the Board has now elected to acquire the Class A Shares on the open market at prevailing market rates in order to distribute a greater number of Class A Shares to Plan participants.

Pursuant to the Plan, shares purchased in the open market may not be purchased at a price that would exceed 115% of the volume weighted average trading price of the Class A Shares during the Trading Period where at least a board lot of Class A Shares is purchased. Further, in the event that the number of  Class A Shares available in the market on the dividend payment date is insufficient, the plan agent will issue the remaining shares from treasury at 95% of the Average Market Price, or if such price is less than the NRV per Class A Share, at the NRV per Class A Share.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs