TORONTO, May 12, 2021 /CNW/ - MCAN Mortgage
Corporation ("MCAN" or the "Company") today announced the final
director election results from MCAN's 2021 Annual and Special
Meeting of Shareholders held on May 11,
2021.
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
|
|
Brian W.
Chu
|
10,373,606
|
56,368
|
99.46
|
0.54
|
|
John E.
Coke
|
10,392,481
|
37,493
|
99.64
|
0.36
|
|
Glenn Doré
|
10,394,204
|
35,770
|
99.66
|
0.34
|
|
Philip C.
Gillin
|
10,400,688
|
29,286
|
99.72
|
0.28
|
|
Gordon J.
Herridge
|
10,401,480
|
28,494
|
99.73
|
0.27
|
|
Gaelen J.
Morphet
|
10,379,305
|
50,669
|
99.51
|
0.49
|
|
Derek G.
Sutherland
|
10,399,315
|
30,659
|
99.71
|
0.29
|
|
Karen H.
Weaver
|
10,388,772
|
41,202
|
99.60
|
0.40
|
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 and
OSFI.
As a MIC, we are entitled to deduct the dividends that we pay
to shareholders from our taxable income. Regular dividends
are treated as interest income to shareholders for income tax
purposes. We are also able to pay capital gains dividends,
which would be treated as capital gains to shareholders for income
tax purposes. Dividends paid to foreign investors may be subject to
withholding taxes. 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.
For how to enroll in the DRIP, please refer to the Management
Information Circular dated March 12,
2021 or visit our website at
www.mcanmortgage.com/investors/regulatory-filings. Under the
DRIP, dividends paid to shareholders are automatically reinvested
in common shares issued out of treasury at the weighted average
trading price for the five days preceding such issue less a
discount of 2% until further notice from MCAN.
SOURCE MCAN Mortgage Corporation