This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Timbercreek Senior Mortgage Investment Corporation November 2013 Dividend

Toronto Stock Exchange: MTG

TORONTO, Nov. 20, 2013 /CNW/ - Timbercreek Senior Mortgage Investment Corporation (the "Company") is pleased to announce that its board of directors (the "Board") has declared a monthly dividend of $0.050 per class A share ("Class A Shares"), $0.054 per class B share ("Class B Shares"), $0.054 per class I share ("Class I Shares"), and $0.052 per class J share ("Class J Shares") of the Company representing a 7.1% yield per Class A Share on an annualized basis based on the closing trading price for the shares on November 19, 2013.  The dividend will be paid on December 13, 2013 to holders of Class A, Class B, Class I and Class J Shares of record on November 29, 2013.

"With an average loan-to-value of 45.1%, zero defaults since inception and 91% of the mortgages secured by income-producing properties, we believe the Company portfolio is the most conservative mortgage portfolio held by a MIC in the market today," stated Andrew Jones, Managing Director of Timbercreek Asset Management, the manager of the Company (the "Manager").  "A focus on growing the Company to a size that achieves a desirable level of diversification and preparing for the special one-time redemption, have contributed to a slower deployment of leverage through the first 20 months of operations.  We are pleased to state that this leverage has now been deployed and we are looking forward to continuing to focus on creating long-term shareholder value, both in the form of increased distributions and total return in 2014."

As of November 19, 2013 there were 30,825,108 Class A Shares, 186,626 Class B Shares, 424,700 Class I Shares and 86,250 Class J Shares outstanding. On November 30, 2013, all Class A Shares, Class B Shares, Class I Shares and Class J Shares will be exchanged for new Common Shares at a conversion ratio of 1 to 1 for each Class A Share and for each of the Class B Shares, Class I Shares and Class J Shares at a ratio equal to the quotient obtained by dividing the NRV per share of that Class by the NRV per share of the Class A Shares on October 31, 2013.

The Company has also amended and restated its Dividend Reinvestment Plan (the "Plan"), which will continue to be eligible to holders of Common Shares, which provides a convenient means to purchase additional Common Shares by reinvesting cash dividends at a potential discount and without having to pay commissions, service charges or brokerage fees.  Current participants in the Company's existing Dividend Reinvestment Plan with respect to Class A Shares will be deemed to be participants in the amended and restated Plan with no further action required on their part.

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,288.63 +155.93 0.86%
S&P 500 2,117.39 +12.89 0.61%
NASDAQ 5,008.0960 +44.5690 0.90%

Partners Compare Online Brokers

Free Reports

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