Stock market symbol
TSX: MKP
TORONTO, Nov. 19,
2024 /CNW/ - MCAN Mortgage Corporation ("MCAN"
or the "Company") announces the departure of Mr. Donald
Coulter as President, CEO and director of MCAN. The Board of
Directors (the "Board") would like to express its gratitude
to Mr. Coulter for his contribution to MCAN.
The Board is pleased to announce that Mr. Derek Sutherland has been appointed Interim CEO
of MCAN until such time as a permanent successor is appointed.
Mr. Sutherland is the current Chair of MCAN, has been a
director of MCAN since 2017, and has held various positions with
MCAN throughout the years including as its Interim CEO in 2023. Ms.
Gaelen Morphet has been appointed
Lead Director to ensure independent governance at the Board during
Mr. Sutherland's tenure as Interim CEO.
Mr. Sutherland commented, " I am excited to work along side our
talented and dedicated team to ensure continued strong performance
and achievement of our objectives, which remains to be a focus on
our core mission of providing sustainable growth and returns to our
shareholders."
The Board will be considering options for selecting an
individual to permanently fill the CEO role.
MCAN Mortgage Corporation d/b/a MCAN Financial Group ("MCAN"
or "we") 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").
MCAN'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 the Office of the Superintendent of
Financial Institutions Canada ("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, MCAN Home Mortgage
Corporation, is an originator of residential mortgage products
across Canada.
A Caution About Forward-looking Information and
Statements
This news release contains "forward-looking information" within
the meaning of applicable securities laws. Forward-looking
information can be identified by words such as: "expect", "intend,"
"plan," "seek," "believe," "estimate," "future," "likely," "may,"
"should," "will" and similar forward-looking language. Future
prospects of MCAN constitutes forward-looking information. The
forward-looking information contained in this news release is based
on a number of assumptions which we believe to be reasonable,
including assumptions relating to the investment opportunities that
will be available to MCAN in its core business. Forward-looking
information entails various risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied in such forward-looking information. Risks that could cause
actual results to differ materially from those expressed or implied
in the forward-looking information contained in this press release
include, but are not limited to, general risks relating to capital
markets, economic conditions, regulatory changes, as well as the
operations of our business. These factors may cause actual results
to differ materially from those expressed or implied in such
forward-looking information. Forward-looking information is not a
guarantee of future performance, and management's assumptions upon
which such forward-looking information are based may prove to be
incorrect. Investors are cautioned not to place undue reliance on
any forward-looking information contained herein. The Company
disclaims any obligation to update or revise any forward-looking
information contained in this news release, whether as a result of
new information, future events or otherwise, except to the extent
required by law.
Website: www.mcanfinancial.com
SOURCE MCAN Mortgage Corporation