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 authorized an extraordinary 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”) about it (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 a guide of ninety-nine—Sixty-two in favor of the special resolution relating to the Transaction. Accordingly, Eclipse anticipates that the final Asset Sale will occur on or about May 15, 2019. It has submitted a formal utility to the TSX to effect the Delisting, which is predicted to take vicinity on or about May 23, 2019.
Eclipse intends to effect the Return of Capital in tranches, with the first tranche representing approximately 90% of the ebook cost of Eclipse, anticipated to be dispensed to Shareholders in the past due May 2019. Eclipse 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 regulations of the same opinion and deliverables required for the Dissolution.
About Brompton Funds
Brompton Funds, a division of Brompton Group, founded in 2000, is a skilled investment fund supervisor with approximately $2 billion in property under management. Brompton’s funding solutions encompass TSX-indexed closed-stop fTSX-indexed 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 info@bromptongroup.Com, 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 provide all mortgages for Eclipse. MCAP has more than 30 years of enjoying underwriting and servicing Canadian Single Family Residential Mortgages, with over $ seventy-five billion in mortgage assets managed for banks, life cos, credit score unions, and institutional traders.
Certain statements contained in this news launch represent ahead-looking information 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, Eclipse’s future outlook, and expected activities or consequences. They may encompass statements concerning the anticipated blessings of the Transition, the destiny economic overall performance of Eclipse, and the desired quantity of 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 historical 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.