Eclipse Residential MIC

  • Distribution Rate (May 23, 2019)
    0.00%

ECLIPSE RESIDENTIAL MORTGAGE INVESTMENT CORPORATION 

ANNOUNCES FINAL DISTRIBUTION OF ASSETS TO SHAREHOLDERS

Toronto, September 25, 2019 – Eclipse Residential Mortgage Investment Corporation (“Eclipse”) is pleased to announce that, in connection with (i) the sale of its mortgage portfolio to YTM Capital Mortgage Income Fund which closed on May 15, 2019; and (ii) the delisting of the common shares of the Corporation (the “Common Shares”) from the Toronto Stock Exchange which took place on May 23, 2019, Eclipse will be making its final distribution of the remaining net assets of Eclipse (the “Return of Capital”).

The first tranche of the Return of Capital, in the amount of $8.65 per Common Share, was paid on May 28, 2019 to shareholders of record at the close of business on May 23, 2019.

The second and final tranche of the Return of Capital, in the amount of $1.03 per Common Share, will be paid on October 4, 2019 to shareholders of record on September 30, 2019. Shareholders are reminded that since inception in June 2013, Eclipse also paid total monthly distributions of $3.888 per share.

As Eclipse is now in receipt of certain regulatory consents and deliverables required in respect of its previously announced voluntary dissolution (the “Dissolution”), Eclipse intends to voluntarily dissolve on or about October 7, 2019. Eclipse will cease to be a reporting issuer in connection with the Dissolution and will no longer hold its previously called shareholders’ meeting on December 27, 2019.

About Brompton Funds

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 info@bromptongroup.com or visit our
website at www.bromptongroup.com.

Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this press release and to other matters identified in public filings relating to Eclipse, to the future outlook of Eclipse and anticipated events or results and includes statements regarding the Dissolution. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.

Mortgage Consultant/Mortgage Services Provider

One of Canada’s largest mortgage financing companies, MCAP Financial Corporation originates and services all mortgages for Eclipse. MCAP has more than 30 years of experience underwriting and servicing Canadian Single Family Residential Mortgages, with over $70 billion in mortgage assets managed for banks, lifecos, credit unions and institutional investors.

Performance NAV History

Annual Compound Returns(1)

YTD 1-Year 3-Year 5-Year Since Inception(2)
Eclipse Residential MIC 0.7% 6.6% 7.8% 8.3% 7.7%

Year-by-Year Returns

Since Inception(2) 2018 2017 2016 2015 2014 2013(3)
Eclipse Residential MIC 7.7% 8.8% 8.0% 8.7% 9.4% 8.2% 1.2%

The following table shows current and past performance of the Corporation. Past performance does not necessarily indicate how the Corporation will perform in the future. The information shown is based on Net Book Value per share (Net Asset Value per share prior to January, 2017) and assumes that dividends made by the Corporation on its shares in the period shown were reinvested at Net Book Value (Net Asset Value per share prior to January, 2017) in additional shares of the Corporation.

Returns for Eclipse Residential Mortgage Investment Corporation are unaudited.

This webpage is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. The opinions contained in this report are solely those of Brompton Funds Limited (“BFL”) and are subject to change without notice. BFL makes every effort to ensure that the information has been derived from sources believed to be reliable and accurate. However, BFL assumes no responsibility for any losses or damages, whether direct or indirect which arise from the use of this information. BFL is under no obligation to update the information contained herein. The information should not be regarded as a substitute for the exercise of your own judgment. Please read the prospectus before investing.

You will usually pay brokerage fees to your dealer if you purchase or sell shares of the investment funds on the Toronto Stock Exchange or other alternative Canadian trading system (an “exchange”). If the shares are purchased or sold on an exchange, investors may pay more than the current net asset value when buying shares of the investment fund and may receive less than the current net asset value when selling them.

There are ongoing fees and expenses with owning shares of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the fund in the public filings available at www.sedarplus.ca. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Information contained on this webpage was published at a specific point in time. Upon publication, it is believed to be accurate and reliable, however, we cannot guarantee that it is complete or current at all times. Certain statements contained in this document constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this document and to other matters identified in public filings relating to the funds, to the future outlook of the funds and anticipated events or results and may include statements regarding the future financial performance of the funds. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.

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Distributions

The annual breakdown of distributions for tax purposes will be provided to Shareholders annually in February. This information will also be posted on the website as soon as it becomes available.

This information is of general nature and does not constitute legal or tax advice to any particular investor. Accordingly, prospective investors are advised to consult their own tax advisors with respect to their individual circumstances.

Tax Allocation

The following information is applicable to holders who, for the purpose of the Income Tax Act (Canada), are resident in Canada and hold shares as capital property outside of an RRSP, RRIF or DPSP. Shareholders should receive a T5 slip from their investment dealer providing this information.

T5 supplementary slips will indicate Capital Gains Dividends in Box 18 and interest from Canadian sources in Box 13.

Select a year
Record Date Payment Date Interest Income Total Distribution
Apr 30, 2019 May 14, 2019 0.06250 0.06250
Mar 29, 2019 Apr 12, 2019 0.06250 0.06250
Feb 28, 2019 Mar 14, 2019 0.06250 0.06250
Jan 31, 2019 Feb 14, 2019 0.06250 0.06250
Dec 31, 2018 Jan 15, 2019 0.06250 0.06250
Nov 30, 2018 Dec 14, 2018 0.06250 0.06250
Oct 31, 2018 Nov 14, 2018 0.06250 0.06250
Sep 28, 2018 Oct 15, 2018 0.06250 0.06250
Aug 31, 2018 Sep 17, 2018 0.06250 0.06250
Jul 31, 2018 Aug 15, 2018 0.06250 0.06250
Jun 29, 2018 Jul 16, 2018 0.06250 0.06250
May 31, 2018 Jun 14, 2018 0.06250 0.06250
Total 0.75000 0.75000
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