TORONTO, May 13, 2020 /CNW/ - MCAN Mortgage
Corporation ("MCAN" or the "Company") today announced the final
director election results from MCAN's 2020 Annual General Meeting
of Shareholders held on May 12,
2020.
By a vote by ballot, the director nominees listed in the table
below were all elected as directors of the Company to serve until
the next annual meeting of shareholders of the Company or until
their resignations or their successors are elected or
appointed.
The number of shares, which were voted in favour of or withheld
from voting by ballot for the election of each such director
nominee, and such number as a percentage of the votes cast, were as
follows:
|
DIRECTOR
NOMINEES
|
NUMBER OF
SHARES
|
PERCENTAGE OF VOTES
CAST
|
|
FOR
|
WITHHELD
|
FOR
|
WITHHELD
|
|
Glenn Doré
|
9,929,969
|
41,355
|
99.59
|
0.41
|
|
Philip C.
Gillin
|
9,876,478
|
94,846
|
99.05
|
0.95
|
|
Gordon J.
Herridge
|
9,860,255
|
111,069
|
98.89
|
1.11
|
|
Loraine D.
McIntosh
|
9,878,635
|
92,689
|
99.07
|
0.93
|
|
Gaelen J.
Morphet
|
9,877,835
|
93,489
|
99.06
|
0.94
|
|
Derek G.
Sutherland
|
9,897,215
|
74,109
|
99.26
|
0.74
|
|
Ian
Sutherland
|
9,948,015
|
23,309
|
99.77
|
0.23
|
|
Karen H.
Weaver
|
9,895,029
|
76,295
|
99.23
|
0.77
|
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 Income Tax Act
(Canada) (the "Tax Act").
The Company's primary objective is to generate a reliable
stream of income by investing 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 that are eligible for Canada Deposit Insurance Corporation
deposit insurance and are sourced through a network of independent
financial agents. We manage our capital and asset balances
based on the regulations and limits of the Tax Act, the Trust and
Loan Companies Act (Canada) and
OSFI.
As a MIC, we are entitled to deduct the dividends that we pay
to shareholders from our taxable income. Regular dividends
are taxed as interest income to shareholders. We are also
able to pay capital gains dividends, which would be taxed as
capital gains to shareholders for income tax purposes. Dividends
paid to foreign investors may be subject to withholding
taxes. Additionally, to continue to meet the MIC criteria,
67% of our non-consolidated assets measured on a tax basis are
required to be held in cash or cash equivalents and residential
mortgages.
MCAN's wholly-owned subsidiary, XMC Mortgage Corporation, is
an originator of single family residential mortgage products across
Canada.
SOURCE MCAN Mortgage Corporation