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Press release from CNW Group

Timbercreek Mortgage Investment Corporation Announces Closing of Offering of Class A Shares

Friday, January 28, 2011

Timbercreek Mortgage Investment Corporation Announces Closing of Offering of Class A Shares09:14 EST Friday, January 28, 2011TORONTO, Jan. 28 /CNW/ - Timbercreek Mortgage Investment Corporation (the "Fund") announced today it has completed its public offering of 4,887,500 Class A Shares of the Fund, which includes an additional 637,500 Class A Shares that were issued pursuant to the exercise of the over-allotment option (the "Offering Shares") for gross proceeds of $48,875,000.  The Offering Shares were offered to the public by a syndicate of agents co-led by Raymond James Ltd. and  BMO Nesbitt Burns Inc., and including CIBC World Markets Inc., TD Securities Inc., Manulife Securities Incorporated, Scotia Capital Inc., GMP Securities L.P., HSBC Securities (Canada) Inc., Macquarie Capital Markets Canada Ltd., Canaccord Genuity Corp. and M Partners Inc. "The support that the capital markets have provided to our business over the past two years has been tremendous" states R. Blair Tamblyn, chief executive officer and president of Timbercreek Asset Management Ltd., fund manager of the Fund (the "Fund Manager").  "We are very pleased that we have been able to continue to achieve  our objective of preserving capital while providing attractive, stable distributions to our investors".The Fund was launched in July 2008 to provide investors an opportunity to invest indirectly, by holding shares of the Fund, in mortgage loan investments ("Mortgage Assets") selected and determined to be high quality by the Fund Manager.  The Fund intends to grow its portfolio of Mortgage Assets from time to time by filing additional supplements to its base prospectus in order to raise additional capital. The investment objective of the Fund is, with a primary focus on capital preservation, to acquire and maintain a diversified portfolio of Mortgage Assets that generates attractive, stable returns in order to permit the Fund to pay monthly distributions to its shareholders.  The Fund Manager is targeting an aggregate annual yield (net of all fees and expenses of the Fund) equal to the then current yield to maturity on the 2 year Government of Canada bond yield  plus 550 basis points. Since inception, the Fund has exceeded this targeted yield.This press release contains forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results, performance and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.For further information: Timbercreek Asset Management Ltd. Carrie Morris 416-306-9967 x250