Eclipse Residential MIC
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Distribution Rate (Jun 09, 2023)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.
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.
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.
| 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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