TORONTO, Nov. 16, 2017 /CNW/ – Trez Capital Senior Mortgage Investment Corporation (TSX:TZS) (the “Company”) announced today that its board of directors has declared a distribution of $0.0485 per Class A share of the Company. The distribution, which constitutes a return of capital, will be paid on December 15, 2017 to holders of Class A shares of record on November 30, 2017. As of November 16, 2017, there were 7,335,857 Class A shares outstanding.
As was announced by the Company on November 10, 2017, the Board of Directors made a decision to suspend regular monthly distributions commencing from December 2017 until further notice. This decision was premised on a review of the last remaining mortgages and cash requirements. The Board anticipates making further special distributions as the mortgages in the portfolio mature or are sold, and subject to reasonable expected operating expenditures. As the wind-up of the Company progresses, it is expected that there will be some variance in the timing and quantum of special distributions.
About the Company
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 normal course issuer bid, or otherwise.
SOURCE Trez Capital Senior Mortgage Investment Corporation
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