This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Timbercreek Senior Mortgage Investment Corporation Announces Transition To Regulatory Regime For Non-investment Fund Reporting Issuers

Stocks in this article: MTG

TORONTO, Sept. 12, 2013 /CNW/ - Timbercreek Senior Mortgage Investment Corporation (TSX: MTG) (the " Corporation") announced today that it has received shareholder approval for the Corporation's transition (the " Transition") from the Canadian securities regulatory regime for investment funds to the regulatory regime for non-investment fund reporting issuers (the " Public Company Regime"), with 99.8% voting in favour of the Transition at a special meeting today, and over 55% of shareholders participating in the vote.

"We're extremely pleased with the overwhelming support for the Transition to the Public Company regime," said Blair Tamblyn, Chairman of Timbercreek Mortgage Investment Corporation. "It evidences our shareholders' desire for us to continue executing on our current investment strategy, one that has allowed us to provide them with a strong, inflation-hedged source of monthly income."

The Corporation's Board had determined unanimously the Transition was in the Corporation's best interest and provides shareholders with a number of benefits, including:

  • the Corporation's ability to continue its operation in accordance with existing investment objectives and strategies;
  • the transition into a structure that is typically more attractive to a broader universe of investors who do not normally invest in closed-end investment funds;
  • the elimination of the trailer fee paid on Class A Shares will leave more of the income generated by the Corporation at any relevant time to be available for distribution to investors;
  • the grant of typical voting rights to shareholders; and
  • increased frequency of financial reporting, from semi-annual to quarterly.

To implement the Transition, the Corporation intends to file articles of amendment with Industry Canada, effective as of September 13, 2013 (the " Effective Date"), to amend, among other things, certain provisions of the articles of the Corporation related to the rights attached to the existing classes of shares, and provide for the creation of a new class of common shares for which all existing classes of shares will be exchanged on or about November 30, 2013. Starting from the Effective Date, the Corporation will be subject to, and will file all continuous disclosure materials in compliance with, the Public Company Regime requirements.

Following the Proposed Transition, the Corporation would continue to qualify as a mortgage investment corporation (" MIC") under the  Income Tax Act ( Canada).

In connection with the Transition, Timbercreek Asset Management Inc. will be appointed as the new manager of the Corporation and the Corporation's management agreement with Timbercreek Asset Management Ltd. will be terminated. Additionally, Messrs. Ugo Bizzarri, Andrew Jones and Ed Boomer have been elected as additional directors of the Corporation. Additional details of the Transition can be found in the Management Information Circular of the Corporation that was filed on SEDAR on August 19, 2013, and which is also available at

SOURCE Timbercreek Senior Mortgage Investment Corporation

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs