Stock market symbol
TSX: MKP
TORONTO, November 19, 2024 – MCAN Mortgage Corporation (“MCAN” or the “Company“) announces that Donald Coulter is stepping down as President, CEO, and director. The Board of Directors (the “Board“) extends its gratitude for Mr. Coulter’s contributions.
The Board has appointed Derek Sutherland as MCAN’s Interim CEO. Mr. Sutherland, the current Chair, has served on the MCAN board since 2017 and previously served as Interim CEO in 2023. Gaelen Morphet has been named Lead Director to maintain independent board governance during Mr. Sutherland’s interim leadership.
Mr. Sutherland stated, ”I look forward to collaborating with our skilled and dedicated team to maintain strong performance and achieve our goals, focusing on our core mission of delivering sustainable growth and returns for our shareholders.”
The Board is exploring options for a permanent CEO.
MCAN Mortgage Corporation, operating as MCAN Financial Group (“MCAN” or “we”), is a publicly traded company on the Toronto Stock Exchange (MKP) and a reporting issuer across Canada. MCAN also qualifies as a mortgage investment corporation (“MIC”) under the Income Tax Act (Canada).
MCAN’s primary goal is to generate consistent income by investing in a diverse range of Canadian mortgages (residential, residential construction, non-residential construction, and commercial loans), along with other securities, loans, and real estate. MCAN uses leverage through term deposits insured by the Canada Deposit Insurance Corporation, obtained via a network of independent financial agents. We manage our capital and assets according to the regulations and limits of both the Tax Act and the Office of the Superintendent of Financial Institutions Canada (“OSFI”).
As a MIC, we can deduct dividends paid to shareholders from our taxable income. Regular dividends are considered interest income for shareholders, while capital gains dividends are treated as capital gains. Dividends to foreign investors may be subject to withholding taxes. To comply with MIC requirements, 67% of our non-consolidated assets (on a tax basis) must be held in cash or equivalents and residential mortgages.
MCAN’s wholly owned subsidiary, MCAN Home Mortgage Corporation, originates residential mortgage products nationwide.
A Caution Regarding Forward-Looking Information and Statements
This release includes “forward-looking information” as defined by securities laws. Such information, often identified by words like “expect,” “intend,” “plan,” “seek,” “believe,” “estimate,” “future,” “likely,” “may,” “should,” “will,” and similar terms, includes MCAN’s future prospects. This information is based on assumptions we believe are reasonable, including assumptions about investment opportunities. However, forward-looking information involves risks and uncertainties that could significantly affect actual results. These risks include general capital market risks, economic conditions, regulatory changes, and business operations. Actual results may differ materially from those expressed or implied. Forward-looking information is not a guarantee of future performance, and our assumptions may prove incorrect. Investors should not over-rely on this information. We disclaim any obligation to update forward-looking information unless legally required.
Website:
SOURCE MCAN Mortgage Corporation
“`