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.

Copyright 2021 Canada NewsWire

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