TORONTO, Nov. 29, 2013
TORONTO, Nov. 29, 2013 /CNW/ - Trez Capital Mortgage Investment Corporation (TSX: TZZ) (the "Corporation" or "Trez") has received strong shareholder approval, at a special meeting of shareholders convened earlier today, for the Corporation's transition (the "Transition") from the Canadian securities regulatory regime for investment funds to the public company regime.
"Our shareholders' support of the Transition is an important step for us," said Michael J.R. Nisker, President and CEO of the Corporation. "It will allow Trez to continue to provide them with a strong source of monthly income, while operating in a more stable corporate environment with greater growth potential."
The Transition is expected to provide the Corporation and its shareholders with a number of benefits, including:
To implement the approved Transition, the Corporation will file Articles of Amendment, effective as of November 30, 2013 (the "Effective Date"). The Corporation will continue to qualify as a mortgage investment corporation ("MIC") under the Income Tax Act (Canada) and its shares will continue to be qualified investments for registered plans. As such, distributions will remain characterized as investment income, as they were prior to the Transition. Commencing from the Effective Date, the Corporation will be subject to, and will file all continuous disclosure materials in compliance with the requirements for public companies that are not investment funds.
As part of the Transition, the deadline for shareholders to submit a request to redeem their Class A shares on December 31, 2013 at their net asset value per share will be extended to December 13, 2013. To date, the Corporation has received requests to redeem approximately 37% of the outstanding Class A shares. Since the number of Class A shares which can be redeemed on December 31, 2013 is limited to 15% of the total number currently outstanding, each redeeming shareholder's request will be paid out on a pro rata basis.
Trez Capital Fund Management Limited Partnership will continue as the manager of the Corporation and the board of directors of the Corporation remains unchanged. Additional details of the Transition can be found in the Management Information Circular of the Corporation that was filed on SEDAR on November 7, 2013, and also available at www.trezcapital.com.
SOURCE Trez Capital Junior Mortgage Investment Corporation
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