<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="TORONTO , March 30, 2020 /CNW/ – Trez Capital Senior Mortgage Investment Corporation (TZS.TO) (the "Company") today released its financial results for the year ended December 31 , 2019. The financial statements and MD&A can be found at www.sedar.com or www.trezcapitalseniormic.com.” data-reactid=”12″>TORONTO , March 30, 2020 /CNW/ – Trez Capital Senior Mortgage Investment Corporation (TZS.TO) (the “Company”) today released its financial results for the year ended December 31 , 2019. The financial statements and MD&A can be found at www.sedar.com or www.trezcapitalseniormic.com.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Financial Highlights & Business Update” data-reactid=”25″>Financial Highlights & Business Update
On June 16, 2016 the shareholders of the Company approved the orderly wind-up of the Company (“Orderly Wind-Up”). As such, the financial results reflect the ongoing reduction in the size of the portfolio as capital is returned to shareholders.
For the three months and year ended December 31, 2019 , income from operations increased by $381 thousand and $710 thousand compared to the same periods in 2018. Most of the increase was attributable to lower general and administrative expenses and a reversal of $360 thousand of the incentive fee expense. Net income was lower by $1.4 million and $1.1 million in the same periods. The lower net income was a result of a $1.8 million decrease to the fair value of one mortgage. This decrease in fair value was offset by higher income from operations. Basic and diluted income per share was $(0.16) and $(0.07) compared to $0.03 and $0.08 in the same periods in 2018.
At December 31, 2019 , the Company had two mortgages remaining to be liquidated. Of the mortgages that are remaining, the more significant one is set to mature in December 2020 . The Manager considers this loan to be performing however, due to continued risk and the challenged nature of the loan, the Manager has reassessed the cash flows expected from the borrower, the obligations to the loan-sharing partner and reasonability of being repaid on maturity. This analysis of the fair value of the mortgage resulted in an additional fair value decrease of $1.8 million , bringing the total fair value adjustments against the mortgage to $3.5 million .
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Regular Monthly & Special Distributions” data-reactid=”29″>Regular Monthly & Special Distributions
In Quarter 3 of 2017, the Board made a decision to suspend regular monthly distributions until further notice. This decision was premised on a review of the last remaining mortgages and cash requirements. One of the two remaining mortgages is shared with an external senior loan-sharing partner. Given the limited amount of principal and interest payments expected in the future, the company intends to maintain its current cash levels until the senior position is fully repaid by the borrower. The Board anticipates making further special distributions as the two remaining mortgages in the portfolio mature or are sold, subject to reasonable expected operating expenditures and repayment of the senior loan participant.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Recent Developments” data-reactid=”31″>Recent Developments
Subsequent to December 31, 2019 the COVID-19 outbreak was declared a pandemic by the World Health Organization. The situation is dynamic and the ultimate duration and magnitude of the impact on the economy and our business are not known at this time. These impacts could include decreases in the fair value of our mortgage investments or potential future decreases in revenue or the profitability of our ongoing operations.
It is not possible to reliably estimate the length and severity of these developments and the impact on the financial results and condition of the Company as it relates to its ability to complete the Orderly Wind-Up Plan.
Certain statements in this news release about Trez Capital Senior Mortgage Investment Corporation (the “Company”), and its business, operations, investments and strategies, and financial performance and condition may constitute forward-looking information, future oriented financial information, or financial outlooks (collectively, “forward looking statements”). The forward-looking statements are stated as of the date of this news release and are based on estimates and assumptions made by Trez Capital Fund Management LP (“Trez”) in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that Trez believes are appropriate and reasonable in the circumstances. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results, performance and future events could differ materially from those anticipated in such statements. Past performance is not an indication of future returns, and there can be no guarantee that targeted returns or yields can be achieved. Trez refers you to the Company’s public disclosure for information regarding these forward-looking statements, including the assumptions made in preparing forward-looking statements and management’s expectations, and the risk factors that could cause the Company’s actual results, yield, levels of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements. Such public disclosure is available on SEDAR and at the request of Trez. This news release does not represent an offer or solicitation to sell securities of the Company.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="About the Company” data-reactid=”40″>About the Company
The Company holds a portfolio of mortgages in Canada . Trez Capital Fund Management Limited Partnership is the manager of and portfolio advisor to the Company. On June 16, 2016 the Shareholders of the Company approved the orderly wind-up of the Company. Under the orderly wind-up plan the Company will distribute the net proceeds through special distributions, the repurchase of shares pursuant to the normal course issuer bid, or otherwise.
SOURCE Trez Capital Senior Mortgage Investment Corporation
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Bloom Investment Counsel, Inc. Announces Termination of Bloom Canada Dividend Fund – GlobeNewswire
TORONTO, June 03, 2020 (GLOBE NEWSWIRE) — Bloom Investment Counsel, Inc. (the “Manager”) announces that it intends to terminate and wind-up Bloom Canada Dividend Fund (the “Fund”) on or about August 5, 2020 (the “Termination Date”). The Manager believes it is in the best interests of the Fund’s unitholders to terminate the Fund based on the current size of the Fund.
The Fund will continue to facilitate redemptions from the Fund prior to the Termination Date, but, effective June 4, 2020, will cease to facilitate conversions between series of the Fund and will not accept new purchases of units of the Fund.
Series A, Series D, Series F, Series F6 and Series I units of the Fund will be redeemed for cash based on the net asset value per unit of each series as at the close of business on the Termination Date. Settlement of such redemption in cash will be made as soon as practicable following such redemption.
The Manager intends to provide each unitholder of the Fund with notice of the termination.
About Bloom Investment Counsel, Inc.
Bloom Investment Counsel, Inc. was established in 1985 and specializes in the management of segregated investment portfolios for wealthy individuals, foundations, corporations, institutions and trusts. In addition to its conventional investment management business the Manager currently manages specialty high-income equity portfolios comprised of dividend paying common equity securities, income trusts and real estate investment trusts.
For further information please contact Unitholder Information at 416-861-9941 or 1-855-BLOOM18 (1-855-256-6618).
Commissions, management fees and other expenses may all be associated with investment funds. Please read the Fund’s publicly filed documents which are available from SEDAR at www.sedar.com. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
U.K. Investment Body Issues Rebuke on Aston Martin Board – Yahoo Canada Finance
(Bloomberg) — An influential body representing the U.K. asset management industry issued a rebuke to Aston Martin Lagonda Global Holdings Plc after the luxury automaker lost all its female directors, a person with knowledge of the matter said.
The London-based Investment Association put out a so-called red top report on Aston Martin ahead of its annual general meeting Wednesday, according to the person. The report criticizes Aston Martin for its all-male board and cites a lack of diversity on its executive committee, the person said, asking not to be identified because the information is private.
Aston Martin’s three female directors all left the board in recent months. Canadian billionaire Lawrence Stroll became executive chairman in April, replacing Penny Hughes, after leading a bailout of the sports-car manufacturer. The other women on the board, Imelda Walsh and Tensie Whelan, previously said they wouldn’t stand for re-election and formally stepped down May 23.
The Investment Association’s members manage more than 7.7 trillion pounds ($9.7 trillion) of assets, according to its website. The body issues such reports through its research arm, the Institutional Voting Information Service.
Aston Martin shareholders approved most motions at Wednesday’s shareholder meeting nearly unanimously. About 5% of votes were cast against Stroll’s election to the board. The appointments of three other directors were also opposed by between 4% and 6% of investors at the meeting, the company said in a regulatory filing.
“It’s important to shine a spotlight on companies like Aston Martin who have restructured their board without any women,” said Denise Wilson, chief executive officer of the Hampton-Alexander Review, which lobbies for increased female representation on U.K. boards. “These are not the expectations of anybody for a publicly listed company.”
Digital services provider Kainos Group Plc and property investor Daejan Holdings Plc were the only members of the benchmark FTSE 350 Index with all-male boards last year, according to a November report from the Hampton-Alexander Review. Since then, Kainos has appointed a female director and Daejan has been taken private.
Aston Martin said in February it recognized its board composition wouldn’t be fully in line with U.K. corporate governance norms after the investment from Stroll’s consortium. The company only accepted the lack of compliance to support the capital raise and understands that “significant focus and effort” will need to be applied to the issue, it said in a filing at the time.
An Aston Martin spokesperson said “this is a particular focus for Mr. Stroll as incoming Executive Chair and his priority is to ensure the right balance of skills and experience to support the company in delivering its long-term potential.” The spokesperson added that Aston Martin was recruiting additional independent non-executive directors.
Proxy advisory firm Institutional Shareholder Services Inc. had recommended “qualified support” to Aston Martin’s proposed directors. The impending lack of balance on the board is largely due to Stroll’s investment in the company, and Aston Martin plans to fix the situation “as soon as practically possible,” ISS said in a report before the AGM.
Aston Martin’s biggest institutional shareholders include Fidelity Investments, which owns nearly 3%, and Invesco Ltd., which holds about 2%, according to data compiled by Bloomberg. Vanguard Group Inc. and Hargreaves Lansdown Asset Management Ltd. each have about 1.2%, the data show.
In May, Aston Martin ousted CEO Andy Palmer and named Tobias Moers, who leads Daimler AG’s Mercedes-AMG performance division, as his replacement.
Palmer, who joined Aston Martin from Nissan in 2014, had been focused on the introduction of the pivotal DBX, a $189,000 sport-utility vehicle at the heart of Aston Martin’s comeback strategy. The company is banking on the model selling in higher volumes than the iconic sports cars made famous in the early James Bond movies.
(Updates with vote outcome in fifth paragraph)
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Weekly investment update – 3 June 2020 – Investors' Corner BNP Paribas
growth in mortality rates, however, has fallen by nearly half from the March-April peaks, reflecting the shift in the focus of the pandemic towards emerging markets. Here, mortality rates have been consistently lower than in developed markets. Meanwhile, curves continue to flatten in the US and in particular in major European economies. Globally, deaths topped 382 000, as of 3 June.
Easing spreads across Europe
All major European countries have now eased the restrictions put in place to slow the spread of COVID-19, the Oxford Stringency index shows. Some countries are easing faster than others. Italy, in particular, stands out. Where the restrictions were once seen as the toughest in Europe, Italy now ranks as the laxest, with Spain now assessed to have the toughest regime.
Latin America remains the current pandemic hotspot: four out of the 10 countries reporting the highest number of new infections in recent days are from the region: Brazil, Peru, Chile and Mexico.
Brazil is now second only to the US in terms of confirmed cases and is fourth in fatalities after the US, UK and Italy. Brazil’s mortality curve remains worrying, and since there is no national lockdown, it is hard to tell when the peak will be reached.
No plain sailing after lockdown
Meanwhile, events in South Korea remind us that managing the virus outside of lockdown is not straightforward even for the best-in-class regime. South Korea reintroduced quarantine measures for the next two weeks due to the recent uptick in cases: parks, museums and art galleries were temporarily closed and school quarantine and distancing rules in Seoul were tightened.
On Thursday, 79 new cases had emerged, the highest since early April. Most of them were attributed to a single distribution centre for an online retailer. The new cluster led provincial governments in the region to postpone plans to reopen schools for kindergarteners and primary schoolers on Wednesday, although most of the country’s schools have reopened as planned.
The main news in recent days has been the announcement by the European Commission of the details of the long-term budget, the Multiannual Financial Framework (MFF), and its response to the current crisis, Next Generation EU.
Markets had focused on the latter. The Commission proposes a EUR 500 billion package of grants and EUR 250 billion in loans to be financed by debt issued in the capital markets. This is backed by the headroom in the EU budget between actual spending and the theoretical limit on the funds that the EU can claim from the member states.
Next Generation EU sets out an important principle: establishing a genuine fiscal capacity at the centre of Europe, which can be deployed to support demand in member, states that are hit by large shocks.
However, the details of the package are yet to be agreed by all member states. It seems likely that the generosity of the scheme may be diluted in the search for a compromise. The scale of the net transfers may be reduced. The conditionality attached to funds that already exists may be strengthened. The split between grants and loans may be recalibrated.
There have been two significant developments:
- The fallout from the decision by the Chinese authorities to introduce national security legislation in Hong Kong’s Basic Law. This has added to tensions in Sino-US relations over and above the blame game over the virus and an uneasy truce in the trade/tech war. There is a real risk of an escalation with obvious market consequences: China’s Foreign Ministry has warned, “Any words or actions by the US that harm China’s interests will meet with China’s firm counterattack.”
- In the US, George Floyd’s death has led to widespread public protest and instances of violence that prompted the authorities to impose curfews in cities and deploy the National Guard in multiple states. As yet, it is unclear whether this latest tragedy will trigger a moment of national reflection on the question of racial injustice and ultimately positive change, and whether more immediately it affects the presidential election.
- In an encouraging sign, US continuing claims for unemployment benefits have dropped for the first time since February. This points to the first green shoots in the labour market as quarantine restrictions are lifted. Any recovery hinges on improving employment for the bounce-back to be sustainable over the medium term. It is also crucial to keep social tensions to a minimum.
- We believe the economic environment remains weak and that the recovery will take longer than expected. This assessment is echoed by the ECB. Most developed economies will not have returned to the 2019 levels of activity by the end of 2021. In Europe, a greater dispersion in growth among countries has increased divergence. This is a key reason to have a unified fiscal approach, as per the latest European Commission proposal (see above).
- We expect further stimulus and central bank support given this weak outlook. On 4 June, the ECB is expected to announce a EUR 500 billion increase of its PEPP programme. It comes on top of the EUR 750 billion package proposed by the Commission. Extra packages by Japan, China and Germany all aim at securing a recovery and stabilising badly hit small and medium-sized firms.
- Government and central bank support is expected to ease financial conditions, especially in Europe where they have remained restrictive, and could lower the risk premium of eurozone assets and support the euro.
- The current backdrop supports risky asset valuations, even as the real economy struggles. The outlook for the US dollar is less solid: carry and growth advantages over the rest of the world have dissipated and political risk, once a US dollar supportive factor, has become a headwind.
- Investment-grade (IG) corporates have been tapping the market at a record pace and rotating away from funding via commercial paper (CP). This is further easing the stress on USD liquidity and demand for the US currency. Moreover, it creates a stronger liquidity backdrop for higher-rated corporates. That said, we see continued stress for the weaker companies and sectors most affected by the virus outbreak, creating greater dispersion in credit and equity markets.
- A slow weakening of the USD could enhance emerging market (EM) carry trades. Prospects look better for the less volatile Asian currencies over the more market-sensitive currencies as many of these countries have now become the new epicentres of the COVID-19 crisis (see above).
Any views expressed here are those of the author as of the date of publication, are based on available information, and are subject to change without notice. Individual portfolio management teams may hold different views and may take different investment decisions for different clients.
The value of investments and the income they generate may go down as well as up and it is possible that investors will not recover their initial outlay. Past performance is no guarantee for future returns.
Investing in emerging markets, or specialised or restricted sectors is likely to be subject to a higher-than-average volatility due to a high degree of concentration, greater uncertainty because less information is available, there is less liquidity or due to greater sensitivity to changes in market conditions (social, political and economic conditions).
Some emerging markets offer less security than the majority of international developed markets. For this reason, services for portfolio transactions, liquidation and conservation on behalf of funds invested in emerging markets may carry greater risk.
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