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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.