TORONTO, May 08, 2019 (GLOBE NEWSWIRE) — (TSX: ERM)  Eclipse Residential Mortgage Investment Corporation (“Eclipse”) is pleased to announce that at a unique meeting of holders (the “Shareholders”) of commonplace stocks (the “Common Shares”) held these days, Shareholders authorised a unique decision approving (i) the sale of all or considerably all the assets of Eclipse (the “Asset Sale”), (ii) the voluntary delisting of the Common Shares from the Toronto Stock Exchange (the “TSX”) in relation thereto (the “Delisting”), (iii) the distribution of the final internet belongings of Eclipse (the “Return of Capital”), and (iv) the voluntary dissolution (the “Dissolution”) of Eclipse (collectively, the “Transaction”). The vote was conducted via ballot indicating guide of ninety nine.Sixty two% in favour of the special resolution relating to the Transaction. Accordingly, Eclipse anticipates that the final of the Asset Sale will occur on or about May 15, 2019 and has submitted a formal utility to the TSX to effect the Delisting, that’s predicted to take vicinity on or about May 23, 2019.

 

Eclipse currently intends to effect the Return of Capital in tranches, with the first tranche, representing approximately 90% of ebook cost of Eclipse, anticipated to be dispensed to Shareholders in past due May 2019. Eclipse presently intends to impact the second tranche of the Return of Capital and the Dissolution in the third area of 2019, pending receipt by Eclipse of positive regulatory is of the same opinion and deliverables required for the Dissolution.

About Brompton Funds

Brompton Funds, a division of Brompton Group which turned into founded in 2000, is an skilled investment fund supervisor with approximately $2 billion in property underneath management. Brompton’s funding solutions encompass TSX indexed closed-stop finances and trade-traded funds.  For further information, please name Brompton’s investor family members line at 416-642-6000 (toll-free at 1-866-642-6001), e-mail [email protected] or visit our website at www.Bromptongroup.Com.

About MCAP Financial Corporation

One of Canada’s largest loan financing agencies, MCAP Financial Corporation and MCAP Service Corporation (collectively “MCAP”) originate and provider all mortgages for Eclipse.  MCAP has more than 30 years of enjoy underwriting and servicing Canadian Single Family Residential Mortgages, with over $seventy five billion in mortgage assets managed for banks, lifecos, credit score unions and institutional traders.

Certain statements contained in this news launch represent ahead-looking information in the that means of Canadian securities laws. Forward-searching facts can also relate to topics disclosed in this press launch and to other subjects recognized in public filings referring to Eclipse, to the future outlook of Eclipse and expected activities or consequences and may encompass statements concerning the anticipated blessings of the Transition, the destiny economic overall performance of Eclipse and the expected quantity of any dividends.  In a few instances, forward-looking records can be identified by phrases consisting of “may additionally”, “will”, “have to”, “expect”, “plan”, “assume”, “accept as true with”, “intend”, “estimate”, “are expecting”, “capability”, “retain” or different comparable expressions regarding topics that are not historic data.  Actual results may additionally vary from such forward-searching information. Investors must no longer place undue reliance on ahead-searching statements.  These ahead-looking statements are made as of the date hereof and we assume no responsibility to replace or revise them to reflect new activities or situations.

Leave a comment

Your email address will not be published. Required fields are marked *