TORONTO, May 10, 2023
/CNW/ - MCAN Mortgage Corporation d/b/a MCAN Financial Group
("MCAN" or the "Company") today announced the final director
election results from MCAN's 2023 Annual General Meeting of
Shareholders held on May 9, 2023.
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
|
10,918,122
|
28,266
|
99.74
|
0.26
|
|
Brian W. Chu
|
10,921,641
|
24,747
|
99.77
|
0.23
|
|
John E. Coke
|
10,924,451
|
21,937
|
99.80
|
0.20
|
|
Glenn Doré
|
10,928,689
|
17,699
|
99.84
|
0.16
|
|
Philip C.
Gillin
|
10,919,752
|
26,636
|
99.76
|
0.24
|
|
Gordon J.
Herridge
|
10,952,175
|
49,887
|
99.55
|
0.45
|
|
Gaelen J.
Morphet
|
10,892,428
|
53,960
|
99.51
|
0.49
|
|
Derek G.
Sutherland
|
10,927,797
|
18,591
|
99.83
|
0.17
|
|
Karen H.
Weaver
|
10,926,140
|
20,248
|
99.82
|
0.18
|
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 mortgages, 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 broker distribution network
across Canada consisting of third
party deposit agents and financial advisors. 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 Canada ("OSFI"). All of our capital ratios are
within our regulatory and internal risk appetite
guidelines.
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, MCAN Home Mortgage
Corporation, is an originator of residential mortgage products
across Canada.
For how to enroll in the DRIP, please refer to the Management
Information Circular dated March 13, 2023 or visit our website
at www.mcanfinancial.com/investors/regulatory filings/dividends -
historical. 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