Trez Capital Senior Mortgage Investment Corporation

Trez Capital Senior Mortgage Investment Corporation

May 17, 2016 07:45 ET

Trez Capital Senior Mortgage Investment Corporation Announces Normal Course Issuer Bid

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


Trez Capital Senior Mortgage Investment Corporation (TSX:TZS) ("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 7,577,988 Shares outstanding. The Corporation may, during the 12 month period commencing May 19 2016 and ending May 18, 2017, purchase up to 739,397 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 7,535. Accordingly, under TSX rules and policies, the Corporation is entitled on any trading day to purchase up to 1,883 Shares. Once a week, in excess of the daily 1,883 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 did not acquire any shares.

About the Company

The Company's objective is to acquire and maintain a diversified portfolio of first mortgages in Canada that preserves capital and generates attractive returns in order to pay monthly dividends to its shareholders. The Company pursues its investment objectives through prudent investments in first 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.

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