TORONTO, June 16, 2016 /CNW/ – Trez Capital Senior Mortgage Investment Corporation (TSX:TZS) (the “Company”) announced today that its board of directors has declared a monthly dividend of $0.0485 per Class A share of the Company. The dividend will be paid on July 15, 2016 to holders of Class A shares of record on June 30, 2016. As of June 15, 2016, there were 7,577,988 Class A shares outstanding. The amount of the monthly dividends is equivalent to approximately $0.58 per Class A Share per annum. This represents a current yield of 6.8% based on the closing price of $8.58 of the Class A Shares on June 15, 2016.
The Company also offers a Dividend Reinvestment Plan (the “Plan”) to eligible holders of Class A Shares, that provides eligible holders of Class A shares of the Company with a convenient means to purchase additional Class A Shares by reinvesting their cash dividends at a potential discount to the current market price.
Shares for the reinvestment of dividends will be acquired in the open market at prevailing market rates or, if lower than the current market price, issued from treasury at the greater of book value per share and 95 percent of the average market price. “Average market price” is defined in the Plan to be the volume weighted average trading price of Class A Shares on the Toronto Stock Exchange during the 10 trading days ending on the third business day immediately prior to the dividend payment date on which at least a board lot of Class A Shares is traded. Class A Shares acquired under the Plan will be automatically enrolled in the Plan. Beneficial shareholders who hold their Class A Shares through a broker, financial institution or other nominee must enroll for dividend reinvestment through their nominee holder.
About the Company
The Company holds a diversified portfolio of first mortgages in Canada. Trez Capital Fund Management Limited Partnership is the manager of and portfolio advisor to the Company.
SOURCE Trez Capital Senior Mortgage Investment Corporation