TSX: MKP
TORONTO, Oct. 19, 2018 /CNW/ - MCAN Mortgage Corporation
("MCAN" or the "Company") announces that Mr. Jeff Bouganim, MCAN's Chief Financial Officer,
will be resigning from the Company effective November 26, 2018.
"On behalf of the entire Company and the Board, I would like to
thank Jeff for his contribution and dedication to the Company, and
wish him well as he pursues a new opportunity", stated Karen Weaver, MCAN's Interim CEO. "We appreciate
his efforts in building a first class finance team and his
willingness to stay on board as we transition to his
successor. I am pleased to welcome Ms. Dipti Patel as Vice President and Chief
Financial Officer of MCAN. Ms. Patel joined MCAN in
May 2009 and has been a key member of
the management team of MCAN serving in roles in the investments
division, Vice President and Chief Internal Auditor and most
recently, as Vice President Operational Effectiveness." Ms. Patel
is a CPA, CA and graduated from McMaster
University.
Mr. Bouganim commented, "Although my 8 years at MCAN, including
my time at Xceed Mortgage Corporation prior to its acquisition by
MCAN in 2013, were rewarding, it is time for me to pursue other
opportunities that have become available to me. I remain committed
to the performance of the Company and look forward to working with
management and the Board, my successor, Ms. Patel and the entire
MCAN finance team to ensure a smooth transition of the CFO
role."
MCAN is a public company listed on the Toronto Stock Exchange
("TSX") under the symbol MKP and is a reporting issuer in all
provinces and territories in Canada. MCAN also qualifies as a mortgage
investment corporation ("MIC") under the Income Tax Act
(Canada) (the "Tax Act").
The Company's primary objective is to generate a reliable
stream of income by investing its corporate funds in a portfolio of
mortgages (including single family residential, residential
construction, non-residential construction and commercial loans),
as well as other types of financial investments, loans and real
estate investments. MCAN employs leverage by issuing term deposits
eligible for Canada Deposit Insurance Corporation ("CDIC") deposit
insurance up to a maximum of five times capital (on a
non-consolidated tax basis in the MIC entity) as permitted by the
Tax Act. The term deposits are sourced through a network of
independent financial agents. As a MIC, MCAN is entitled to deduct
from income for tax purposes 100% of dividends, except for capital
gains dividends, which are deducted at 50%. Such dividends are
received by the shareholders as interest income and capital gains
dividends, respectively.
MCAN's wholly-owned subsidiary, XMC, is an originator of
residential first-charge mortgage products across Canada. As such, XMC operates primarily in one
industry segment through its sales team and mortgage
brokers.
MCAN is also an NHA MBS issuer.
SOURCE MCAN Mortgage Corporation