TORONTO, Dec. 6, 2021 /CNW/ - Standard Mercantile
Acquisition Corp. (formerly, "Trez Capital Senior Mortgage
Investment Corporation") (TSX: SMA) (the "Company") announced today
that its board of directors has declared a special distribution of
$0.66 per Class A share of the
Company (the "Special Distribution"). The Special Distribution,
which constitutes a return of capital pursuant to the
winding-up of the Company's business as approved
by shareholders on June 16,
2016 and May 6, 2021, will be
paid on December 29, 2021 to holders of Class A shares of
record at the close of business on December
14, 2021. As of December 6,
2021, there were 7,318,067 Class A shares outstanding.
The Special Distribution payment is not subject to any
condition, will be made in cash and will be subject to the
"Due Bill" trading requirements mandated by the Toronto Stock
Exchange (the "TSX").
Because the amount of the Special Distribution represents a
distribution of greater than 25% of the market value of the Class A
shares on the declaration date, the TSX has required that the Class
A shares will trade on a "Due Bill" basis during the period (the
"Due Bill Period") from and including December 13, 2021 until the close of trading on
December 29, 2021 (the "Payment
Date"). This means that buyers of Class A shares during the Due
Bill Period will receive the Special Distribution payment, provided
they continue to be holders of the applicable Class A shares on the
Payment Date.
The Class A shares will commence trading on an ex-distribution
basis (i.e., without an attached "Due Bill" entitlement to the
Special Distribution) commencing the opening of trading on
December 30, 2021 (i.e., the next
trading day after the Payment Date). The Due Bill redemption date
will be December 31, 2021. As a
result of the Class A shares trading on a Due Bill basis during the
Due Bill Period, those entitled to be paid the Special Distribution
owing on the Due Bills should expect to receive that payment by the
Due Bill redemption date of December 31,
2021.
Forward-Looking Statements
Certain statements in this press release contain forward-looking
information, including statements relating to the proposed
Revocation Resolution and future of the Company. Such
forward-looking information may be identified by words such as
"anticipates", "plans", "proposes", "estimates", "intends",
"expects", "believes", "may" and "will". The forward-looking
statements are founded on the basis of expectations and assumptions
made by the Company. Details of the risk factors relating to the
Company and its business are discussed under the heading "Business
Risks and Uncertainties" in the Company's annual Management's
Discussion & Analysis for the year ended December 31, 2020 and under the heading "Risk
Factors" in the Company's Annual Information Form dated
March 31, 2020, copies of which are
available on the Company's SEDAR profile at www.sedar.com. Most of
these factors are outside the control of the Company. Investors are
cautioned not to put undue reliance on forward-looking information.
These statements speak only as of the date of this press release.
Except as otherwise required by applicable securities statutes or
regulation, the Company expressly disclaims any intent or
obligation to update publicly forward-looking information, whether
as a result of new information, future events or otherwise.
About the Company
The Company holds a portfolio of mortgages in Canada. At the Company's annual and special
meeting of shareholders held on May 6,
2021, the Company sought and received shareholder approval
to change its name to "Standard Mercantile Acquisition Corp.",
among other amendments to the Articles. The Company is focused on
monetizing its remaining mortgage assets and is considering options
to enable its shareholders to participate in the potential future
value of the Company through transactions that could capitalize on
the Company's public listing. The Board has experience in sourcing,
evaluating and executing transactions of this nature.
SOURCE Standard Mercantile Acquisition Corp.