TORONTO, May 8, 2019 /CNW/ - The Board of Directors
of MCAN Mortgage Corporation ("MCAN", the "Company" or "we") (TSX:
"MKP") is pleased to announce the appointment of Karen Weaver as President and Chief Executive
Officer. Ms. Weaver has been serving as Chief Executive
Officer on an interim basis since October
2018.
Ms. Weaver has over 30 years of experience as an executive and
Chief Financial Officer of Canadian publicly listed companies,
including DH Corporation, First Capital Realty Inc., Brookfield
Properties Corporation, Canadian Operations and Gentra
Inc. She is a member of the Board of Directors at MCAN (since
November 2011) and at MCAP Commercial
LP (since November 2018). She currently serves on the Boards
of a private real estate company and NorthWest Healthcare
Properties REIT.
"Karen brings a proven track record of performance and real
estate and lending experience to MCAN," said Ian Sutherland, Chair of MCAN's Board of
Directors. "The Board has full confidence in Karen's
leadership and strategy to move the Company forward."
"I am pleased to be appointed as the President and CEO of the
Company and appreciate the confidence and trust of the Board,
executive team and all MCAN team members and shareholders," said
Ms. Weaver. "I look forward to the opportunities we have to
further build MCAN's brand and business model."
Further Information
MCAN is a public company listed on the Toronto Stock Exchange
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 Tax Act.
The Company's primary objective is to generate a reliable
stream of income by investing its corporate funds in a
diversified portfolio of Canadian mortgages, including single
family residential, residential construction, non-residential
construction and commercial loans, as well as other types of
securities, loans and real estate investments. MCAN
employs leverage by issuing term deposits eligible for Canada
Deposit Insurance Corporation deposit insurance. We
manage our capital and asset balances based on the regulations and
limits of both the Tax Act and the Office of the
Superintendent of Financial Institutions. 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 50% of capital gains dividends and 100% of
non-capital gains dividends that we pay to shareholders. Such
dividends are taxed in the hands of our shareholders as capital
gains dividends and interest income, respectively, to the extent
that they are held in a non-registered plan. Dividends paid
to foreign investors may be subject to withholding taxes.
MCAN's wholly-owned subsidiary, XMC Mortgage Corporation, is
an originator of single family residential mortgage products across
Canada.
SOURCE MCAN Mortgage Corporation