TORONTO, May 11, 2022
/CNW/ - MCAN Mortgage Corporation d/b/a MCAN Financial Group
("MCAN" or the "Company") today announced the final director
election results from MCAN's 2022 Annual and Special Meeting of
Shareholders held on May 10,
2022.
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
|
|
Bonnie
Agostinho
|
10,959,532
|
74,430
|
99.33
|
0.67
|
|
Brian W. Chu
|
10,967,587
|
66,375
|
99.40
|
0.60
|
|
John E. Coke
|
10,979,635
|
48,743
|
99.56
|
0.44
|
|
Glenn Doré
|
10,955,231
|
71,176
|
99.35
|
0.65
|
|
Philip C.
Gillin
|
10,983,261
|
50,701
|
99.54
|
0.46
|
|
Gordon J.
Herridge
|
10,985,326
|
48,977
|
99.56
|
0.44
|
|
Gaelen J.
Morphet
|
10,987,610
|
46,352
|
99.58
|
0.42
|
|
Derek G.
Sutherland
|
10,987,550
|
46,753
|
99.58
|
0.42
|
|
Karen H.
Weaver
|
10,988,574
|
45,415
|
99.59
|
0.41
|
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 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 that are sourced through a network of independent
financial agents. We manage our capital and asset balances based on
the regulations and limits of both 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.
Our MCAN Home division operates through MCAN's wholly owned
subsidiary, XMC Mortgage Corporation, which has legally changed its
name effective April 1, 2022, to MCAN
Home Mortgage Corporation.
For how to enroll in the DRIP, please refer to the Management
Information Circular dated March 11,
2022 or visit our website at www.mcanfinancial.com.
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%.
SOURCE MCAN Mortgage Corporation