Toronto Stock Exchange: MTG
TORONTO, Dec. 18, 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 common share ("Common Shares"), of the Company. The dividend will be paid on January 15, 2014 to holders of Common Shares of record on December 31, 2013.
As of December 13, 2013 there were 31,556,612 Common Shares outstanding.
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.Pursuant to the Plan, and at the discretion of the Manager, Common Shares 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 five trading day period ending on the third business day immediately prior to the dividend payment date (the "Trading Period"). Common Shares acquired under the Plan will be automatically enrolled in the Plan. Shareholders who hold their Common Shares through a broker, financial institution or other nominee must enroll for distribution reinvestment through their nominee holder. The full text of the Plan can be obtained on SEDAR or on the Timbercreek website at http://www.timbercreek.com/funds/timbercreek-senior-mortgage-investment-corporation/dividend-reinvestment-plan. About the Company The Company provides investors with an opportunity to receive attractive yields by investing indirectly, through holding shares of the Company, in mortgage loan investments, comprised of first mortgages, selected and determined to be high quality by its manager, Timbercreek Asset Management Inc. The investment objective of the Company is, with a primary focus on capital preservation, to acquire and maintain a diversified portfolio of mortgage loan investments that generates attractive, stable returns in order to permit the Company to pay monthly distributions to its shareholders.