World News: 18:05 GMT Wednesday 15th May 2019. [Eclipse Residential Mortgage Investment Corporation via Globe Newswire via SPi World News]
TORONTO, May 15, 2019 (GLOBE NEWSWIRE) -- Eclipse Residential Mortgage Investment Corporation (“Eclipse”) is pleased to announce that it has closed the sale (the “Asset Sale”) of its mortgage portfolio to YTM Capital Mortgage Income Fund as approved by holders (the “Shareholders”) of common shares (the “Common Shares”) at the special meeting of Shareholders held on May 8, 2019 (the “Meeting”). Further to the approval provided at the Meeting, Common Shares of Eclipse are expected to be delisted from the Toronto Stock Exchange on May 23, 2019 (the “Delisting”).
Eclipse expects to distribute the remaining net assets of Eclipse (the “Return of Capital”) in two tranches. The first tranche of the Return of Capital, in the amount of $8.65 per Common Share (representing approximately 90% of the book value of Eclipse) is expected to be paid on or about May 28, 2019 to Shareholders of record at the close of business on May 23, 2019. Eclipse currently intends to effect the second tranche of the Return of Capital in an amount to be determined by Eclipse and the dissolution of Eclipse (the “Dissolution”) in the third quarter of 2019, pending receipt by Eclipse of certain regulatory consents and deliverables required for Dissolution.
Brompton Funds, a division of Brompton Group which was founded in 2000, is an experienced investment fund manager with approximately $2 billion in assets under management. Brompton’s investment solutions include TSX traded closed-end funds and exchange-traded funds. For further information, please call Brompton’s investor relations line at 416-642-6000 (toll-free at 1-866-642-6001), email firstname.lastname@example.org or visit our website at www.bromptongroup.com.
One of Canada’s largest mortgage financing companies, MCAP Financial Corporation and MCAP Service Corporation (collectively “MCAP”) originate and service all mortgages for Eclipse. MCAP has more than 30 years of experience underwriting and servicing Canadian Single Family Residential Mortgages, with over $75 billion in mortgage assets managed for banks, lifecos, credit unions and institutional investors.
Globe Newswire: 18:05 GMT Wednesday 15th May 2019
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