Trez Capital Mortgage Investment Corporation Announces Normal Course Issuer Bid

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Trez Capital Mortgage Investment Corporation Announces Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwired - May 17, 2016) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Trez Capital Mortgage Investment Corporation (TSX:TZZ) ("Trez" or "the Corporation") announced today that the Toronto Stock Exchange ("TSX") has accepted the Corporation's notice of intention to make a normal course issuer bid.

In the opinion of the board of directors of Trez, its Class A shares ("Shares") have recently traded in a price range that does not reflect the underlying value of the Corporation and its strong financial position. Accordingly, depending upon future price movements and other factors, Trez believes that its outstanding Shares represent an attractive investment and a desirable use of a portion of its funds. Trez's available capital allows for the implementation of the bid without adversely affecting the Corporation.

As of the close of business on May 10, 2016, the Corporation had 19,236,354 Shares outstanding. The Corporation may, during the 12 month period commencing May 19, 2016 and ending May 18, 2017, purchase up to 1,808,610 Shares, being 10% of the public float, through the facilities of the TSX or alternative Canadian trading systems. The average daily trading volume of the Corporation's Shares over the last six calendar months was 26,210. Accordingly, under TSX rules and policies, the Corporation is entitled on any trading day to purchase up to 6,552 Shares. Once a week, in excess of the daily 6,552 Share repurchase limit, the Corporation may also make one block purchase under the block purchase exemption in accordance with the rules of TSX. All Shares purchased by the Corporation will be cancelled.

From time to time, when Trez does not possess material non-public information about itself or its securities, it may enter into an automatic purchase plan with its broker to allow for the purchase of Shares at times when Trez ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Any such plans entered into with Trez's broker will be adopted in accordance with applicable Canadian securities laws and are subject to the prior approval of the TSX.

The prices that Trez will pay for any of the Shares purchased will be the market price of the Shares at the time of acquisition, determined in accordance with the rules of the TSX. 

Trez's previous normal course issuer bid expired on January 11, 2016. Pursuant to that bid, Trez acquired, through the facilities of the TSX, 314,900 Shares at a weighted average price of $6.65 per Share.

About the Company

The Company's objective is to acquire and maintain a diversified portfolio of mortgages in Canada that preserves capital and generates attractive returns in order to pay monthly dividends to its shareholders. The Company accomplishes its investment objectives through prudent investments in mortgages to qualified real estate investors and developers, focusing primarily on short-term bridge financing needs not currently serviced by traditional real estate lenders. Trez Capital Fund Management Limited Partnership is the manager of and portfolio advisor to the Company.

Karyn Phuong
Vice President, Investor Relations
Trez Capital
647-788-1788
[email protected]

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).