Toronto Stock Exchange: TMC
TORONTO, Aug. 29, 2013 /CNW/ - Timbercreek Mortgage Investment Corporation (the " Corporation") announced today that it has filed on SEDAR the unaudited condensed consolidated interim financial report and MD&A for the three months and six months ended June 30, 2013 (together, the " Interim Financial Report").
As announced in previous press releases dated August 7, 2013 and August 19, 2013, the board of directors of the Corporation has called a special meeting of all shareholders to be held on September 12, 2013 to, among other things, consider approving the Corporation's proposed transition (" Proposed Transition") from the Canadian securities regulatory regime for investment funds (" Investment Fund Regime") to the regulatory regime for non-investment fund reporting issuers (the " Public Company Regime"). The Interim Financial Report was prepared in accordance with International Financial Reporting Standards, the accounting standards required by the Public Company Regime, and was previously included as a schedule to the Management Information Circular in respect of the special shareholders meeting that was filed on SEDAR on August 19, 2013.
In light of the foregoing, the Corporation has applied to the Ontario Securities Commission for, and has been granted, an exemption from the requirements under the Investment Fund Regime to prepare, file and deliver its interim financial statements in respect of the period ended June 30, 2013 in accordance with Canadian GAAP as applicable to public enterprises, and its interim management report of fund performance in respect of the period ended June 30, 2013 (the " Investment Fund Interim Financial Statements"). The exemption has been granted on the condition that the Corporation files the Interim Financial Report on SEDAR separately from the Management Information Circular on or before August 29, 2013 and, in the event that the Proposed Transition is not approved at the special shareholders' meeting or is, for any other reason, not implemented, the Corporation will prepare the Investment Fund Interim Financial Statements in accordance with the Investment Fund Regime requirements and file the Investment Fund Interim Financial Statements on SEDAR no later than 60 days after the date of the special shareholders' meeting.The Interim Financial Report is intended to be reviewed together with the audited annual financial statements for the year ended December 31, 2012, which were also included as a schedule to the Management Information Circular. The notes to the audited financial statements contain a reconciliation of the IFRS and Canadian GAAP financial statements and an explanation of how the transition from Canadian GAAP to IFRS would affect the Corporation's financial position, financial performance and cash flows. SOURCE Timbercreek Mortgage Investment Corporation