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Timbercreek Financial announces Voting Results from Annual Meeting of Shareholders

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TORONTO, May 05, 2021 (GLOBE NEWSWIRE) — Timbercreek Financial Corp. (the “Company”) (TSX:TF) announced the voting results for the election of its board of directors, which took place at the Company’s Annual Meeting held on May 4, 2021. The nominees listed in the management information circular dated March 23, 2021 were elected as directors of the Company and detailed results of the votes cast by proxy are set out below:

Name of Nominee Votes For % For Votes Withheld % Withheld
Amar Bhalla 19,843,906 96.49% 722,646 3.51%
Scott Rowland 20,146,725 97.96% 419,827 2.04%
Steven Scott 8,222,593 39.98% 12,343,959 60.02%
W. Glenn Shyba 19,884,915 96.69% 681,637 3.31%
Pamela Spackman 19,929,347 96.90% 637,205 3.10%
R. Blair Tamblyn 20,113,965 97.80% 452,587 2.20%
Derek J. Watchorn 19,293,860 93.81% 1,272,692 6.19%

At the Annual Meeting, KPMG LLP was reappointed as the Company’s auditors to hold office until the next annual meeting of shareholders of the Company and the directors were authorized to fix their remuneration.

Steven Scott did not receive the requisite majority of votes cast in respect of his election and in accordance to the Company’s Majority Voting Policy, Mr. Scott has tendered his resignation to the Board of Directors. As provided for in the Majority Voting Policy, the Board of Directors considered the resignation tendered by Mr. Scott and after consideration of all factors that the Board of Directors deems relevant, the Board has determined that there are exceptional circumstances that warrant the Board not to accept the resignation of Mr. Scott and Mr. Scott will continue to serve as a director of the Corporation. The Board of Directors has reviewed and considered the situation carefully and the factors taken into account by the Board of Directors in reaching this determination include the fact that the primary cause for certain shareholders advisory group’s recommendation against Mr. Scott’s election is the overboarding situation and Mr. Scott has undertaken to the Board to resolve his overboarding situation within a reasonable period, Mr. Scott’s in-depth knowledge of the business sector that the Corporation is focused on developing and his experience and skills in the context of the overall skill matrix of the Board. The Board will monitor the resolution of the overboarding situation and, if the situation is not resolved satisfactorily, will ask Mr. Scott to retender his resignation.

About the Company

Timbercreek Financial is a leading non-bank, commercial real estate lender providing shorter-duration, structured financing solutions to commercial real estate investors. Our sophisticated, service-oriented approach allows us to meet the needs of borrowers, including faster execution and more flexible terms that are not typically provided by Canadian financial institutions. By employing thorough underwriting, active management and strong governance, we are able to meet these needs while targeting strong risk-adjusted returns for investors.

Timbercreek Financial
Blair Tamblyn
Chief Executive Officer

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