Timbercreek Senior Mortgage Investment Corporation announces normal course issuer bid

Toronto Stock Exchange: MTG

TORONTO, Nov. 13, 2014 /CNW/ - Timbercreek Senior Mortgage Investment Corporation (the "Company") announced today that it has obtained the approval of the Toronto Stock Exchange (the "TSX") to commence a normal course issuer bid (the "NCIB") with respect to its common shares (the "Shares"). The NCIB will commence on November 17, 2014 and will terminate on the earlier of November 16, 2015 or the date on which the Company has purchased the maximum number of Shares permitted under the NCIB.

Under the NCIB, the Company may, over a 12-month period commencing on November 17, 2014, purchase in the normal course through the facilities of the TSX up to a regulatory maximum of 3,133,590 Shares, such amount representing 10% of the public float of the Shares issued and outstanding as of November 11, 2014. Furthermore, subject to certain exemptions for block purchases, the maximum number of Shares that the Company may acquire on any one trading day is 8,454 Shares, such amount representing 25% of the average daily trading volume of the Shares for the six calendar months prior to the start of the NCIB. Under a previous normal course issuer bid which commenced on June 10, 2013 and ended on June 9, 2014 (the "2013 NCIB"), the Company purchased an aggregate of 1,014,400 class A shares of the Company. All purchases under the 2013 NCIB were made prior to the previously announced automatic exchange of class A shares, class B shares, class I shares and class J shares of the Company for Shares which occurred on November 29, 2013.

The price which the Company will pay for any Shares under the NCIB will be the market price at the time of acquisition. During the period of the NCIB, the Company may make purchases under the NCIB by means of open market transactions or otherwise as permitted by the TSX. The actual number of Shares which may be purchased pursuant to the NCIB and the timing of any such purchases will be determined by senior management of the Company. All Shares purchased by the Company under the NCIB will be cancelled. The Company has not acquired any Shares pursuant to a normal course issuer bid in the preceding 12-month period.

As of November 11, 2014, there were 31,556,608 Shares issued and outstanding.

The Company will use the NCIB to repurchase Shares in the event that the Company believes the Shares are not being valued appropriately by the market and an attractive opportunity exists to enhance the value for its shareholders.

For information, please visit www.timbercreek.com.

About the Company

The Company provides investors with an opportunity to invest in a diversified portfolio of first-only mortgage investments originated and underwritten by its manager, Timbercreek Asset Management Inc. (the "Manager"). The Company focuses on capital preservation and the generation of attractive, stable returns, allowing for the payment of monthly dividends to shareholders.

Certain statements contained in this news release may contain projections and "forward looking statements" within the meaning of that phrase under Canadian securities laws. When used in this news release, the words "may", "would", "should", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", "objective" and similar expressions may be used to identify forward looking statements. By their nature, forward looking statements reflect the Manager's and the Company's current views, beliefs, assumptions and intentions, and are subject to certain risks and uncertainties, known and unknown, including, without limitation, risks disclosed in the Company's public filings. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by these forward looking statements. The Company does not intend to nor assumes any obligation to update these forward looking statements whether as a result of new information, plans, events or otherwise, unless required by law.

SOURCE: Timbercreek Senior Mortgage Investment Corporation

Carrie Morris
Investor Relations
416-800-1552
[email protected]