Trez Capital Mortgage Investment Corporation Announces Renewal of Normal Course Issuer Bid

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Trez Capital Mortgage Investment Corporation Announces Renewal of Normal Course Issuer Bid

Canada NewsWire

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

TORONTO, May 17, 2017 /CNW/ - Trez Capital Mortgage Investment Corporation (TZZ – TSX) ("Trez" or "the Company") announced today that it has received approval from the Toronto Stock Exchange ("TSX") for the renewal of its normal course issuer bid ("NCIB"), which will enable it to purchase up to 1,210,345 of its 12,283,371 Class A shares ("Shares") as at May 10, 2017, representing approximately 10% of its public float of 12,103,451 Shares as at that date.

Trez intends to commence the NCIB on May 19, 2017. The NCIB will expire on May 18, 2018 or such earlier date as the Company completes its purchases pursuant to the NCIB. All purchases under the NCIB will be made on the open market through the facilities of the TSX or alternative trading systems in Canada at market prices prevailing at the time of purchase. In accordance with TSX rules, any daily repurchases will be limited to a maximum of 4,690 Shares, representing approximately 25% of the average daily trading volume of the Company's Shares on the TSX for the six months ended April 30, 2017 (being 18,763 Shares). Any Shares purchased by the Company will be cancelled.

Under its normal course issuer bid that commenced on May 19, 2016, Trez has purchased 736,116 Shares at a weighted average price of $8.25 per Share.

On June 16, 2016, the Shareholders of the Company approved the orderly wind-up of the Company. The primary purpose of the NCIB is to distribute net proceeds under the orderly wind-up plan to Shareholders.

In connection with the renewed NCIB, Trez has entered 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, in accordance with applicable Canadian securities laws.

About the Company

The Company holds a portfolio of mortgages in Canada and is currently undergoing an orderly wind-up. Trez Capital Fund Management Limited Partnership is the manager of and portfolio advisor to the Company. On June 16, 2016, the Shareholders of the Company approved the orderly wind-up of the Company. Under the orderly wind-up plan the Company will distribute the net proceeds through special distributions, the repurchase of shares pursuant to the NCIB, or otherwise.

SOURCE Trez Capital

View original content: http://www.newswire.ca/en/releases/archive/May2017/17/c3409.html

Copyright CNW Group 2017

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