Press release from CNW Group
TIMBERCREEK MORTGAGE INVESTMENT CORPORATION JANUARY 2011 DIVIDEND
Thursday, January 20, 2011
Toronto Stock Exchange: TMC
TORONTO, Jan. 20 /CNW/ - Timbercreek Mortgage Investment Corporation (the "Fund") is pleased to announce that its board of directors (the "Board") has declared a monthly dividend of $0.068 per class A share ("Class A Shares") and $0.073 per class B share ("Class B Shares") of the Fund to be paid on February 15, 2011 to holders of Class A or Class B Shares of record on January 27, 2011.
The Fund also 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.
At the discretion of the Board of Directors of the Fund (the "Board"), 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. At this time, the Board confirms that the Fund will continue to issue shares from treasury until such time as the Board elects otherwise. Class A Shares acquired under the Plan will be automatically enrolled in the Plan. Shareholders who hold their Class A Shares through a broker, financial institution or other nominee must enroll for distribution reinvestment through their nominee holder.
As of January 20, 2011 there were 13,397,297 Class A Shares outstanding and 4,618,832 Class B Shares outstanding.
The full text of the Plan can be obtained on the Timbercreek website at www.timbercreekfunds.com.
About the Fund
The Fund provides investors with an opportunity to receive attractive yields by investing indirectly, through holding shares of the Fund, in mortgage loan investments selected and determined to be high quality by its manager, Timbercreek Asset Management Ltd. The investment objective of the Fund 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 Fund to pay monthly distributions to its shareholders.
For further information:
Timbercreek Asset Management Ltd.