Press Releases

MCAN Announced MCAP Recapitalization and Partial Sale of MCAP Interest

11/27/2013 – PDF

Toronto, Ontario, Canada: November 27, 2013 – MCAN Mortgage Corporation (“MCAN” or the “Company”) announced today that the partners in MCAP Commercial LP (“MCAP”), other than MCAN, have elected to invest an additional $100 million in MCAP (the “Capital Investment”) to allow for additional growth and expansion of operations. The injection of additional capital will dilute MCAN’s investment to 16.5% (before giving effect to the Sale Transaction discussed below).

MCAN Mortgage Corporation Reports Third Quarter Earnings

11/13/2013 – PDF

Toronto, Ontario – November 13, 2013. MCAN Mortgage Corporation’s (“MCAN”, the “Company” or “we”) net income for the third quarter of 2013 increased to $9.7 million from $3.5 million in 2012, while earnings per share increased significantly to $0.49 from $0.19 in the prior year. Estimated taxable income (refer to the “Non-IFRS Measures” section of the Third Quarter 2013 Management’s Discussion & Analysis of Operations (“MD&A”) for a definition of these measures) for the quarter was $3.4 million ($0.16 per share) compared to $4.8 million ($0.27 per share) in the prior year.

MCAN Mortgage Corporation Reports Second Quarter Earnings

08/13/2013 – PDF

Toronto, Ontario – August 13, 2013. MCAN Mortgage Corporation’s (“MCAN”, the “Company” or “we”) net income for the second quarter of 2013 decreased to $5.0 million from $6.3 million in 2012. Estimated taxable income (refer to “Non-IFRS Measures” section of the Second Quarter 2013 Management’s Discussion & Analysis of Operations (“MD&A”) for a definition of these measures) for the quarter was $4.3 million ($0.23 per share) compared to $8.2 million ($0.48 per share) in the prior year.

MCAN Announces Final Consideration Payable to XCEED Shareholders after Pro-Rationing

07/8/2013 – PDF

Toronto, Ontario – July 8, 2013. Further to the joint press release issued by MCAN Mortgage Corporation (“MCAN” or the “Company”) and Xceed Mortgage Corporation (“Xceed”) on July 4, 2013 announcing the closing of the acquisition by MCAN of each of the issued and outstanding common shares of Xceed (“Xceed Shares”) pursuant to a court-approved plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement”), MCAN announced today the final pro-rated consideration to be paid to Xceed shareholders who elected, or were deemed to have elected, to receive cash consideration for their Xceed Shares.

MCAN Mortgage Corporation and XCEED Mortgage Corporation Announce Closing of Arrangement

07/4/2013 – PDF

Toronto, Ontario – July 4, 2013. MCAN Mortgage Corporation (TSX:MKP) (“MCAN”, the “Company” or “we”) and Xceed Mortgage Corporation (TSX:XMC) (“Xceed”) are pleased to announce today that the previously announced acquisition of each of the issued and outstanding common shares of Xceed (“Xceed Shares”) pursuant to a court-approved plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement”) has closed. Xceed is now a wholly owned subsidiary of MCAN.

MCAN Announces Receipt of OSFI Approval of Arrangement, Resignation of CFO & Appointment of New CFO

06/21/2013 – PDF

Toronto, Ontario – June 21, 2013. MCAN Mortgage Corporation (“MCAN”, the “Company” or “we”) announced that further to the previously announced acquisition of all of the issued and outstanding common shares of Xceed Mortgage Corporation (“Xceed”) by way of a statutory plan of arrangement the “Arrangement”), the Company has received approval of the Arrangement from the Office of the Superintendent of Financial Institutions Canada. If all other conditions precedent to the Arrangement are satisfied or waived, the Company expects that the Arrangement will be completed on or before July 4, 2013.MCAN also announced today that Tammy Oldenburg has provided notice to the Company of her resignation as Vice President and Chief Financial Officer. Ms. Oldenburg will continue in her current role for a transitional period to August 30, 2013.MCAN also announced today the appointment of Jeffrey Bouganim as MCAN’s new Vice President effective upon the successful completion of the Arrangement and as Chief Financial Officer effective August 31, 2013.

MCAN Mortgage Corporation Announces Final Court Order Approval of Arrangement

06/5/2013 – PDF

Toronto, Ontario – June 5, 2013. MCAN Mortgage Corporation (“MCAN” or the “Company”) announced that further to its press releases dated March 26, 2013 and May 30, 2013 regarding the acquisition of all of the issued and outstanding common shares of Xceed Mortgage Corporation (“Xceed”) by way of a statutory plan of arrangement (the “Arrangement”), the Arrangement was approved today by a final order of the Ontario Superior Court of Justice (Commercial List).

MCAN Mortgage Corporation Announces Approval of Arrangement by Shareholders of Xceed

05/30/2013 – PDF

Toronto, Ontario – May 30, 2013. MCAN Mortgage Corporation (“MCAN” or the “Company”) is pleased to announce that further to its press release dated March 26, 2013, the proposed acquisition of all of the issued and outstanding common shares of Xceed Mortgage Corporation (“Xceed”) by MCAN (the “Arrangement”) was approved by Xceed shareholders at Xceed’s annual and special meeting of shareholders held today.

MCAN Mortgage Corporation Announces Final Voting Results

05/15/2013 – PDF

Toronto, Ontario - May 15, 2013. MCAN Mortgage Corporation (“MCAN” or the “Company”) today announced the final director election results from MCAN’s 2013 Annual and Special Meeting of Shareholders held in Toronto, Ontario on May 14, 2013.

MCAN Mortgage Corporation Reports First Quarter Earnings

05/14/2013 – PDF

Toronto, Ontario – May 14, 2013. MCAN Mortgage Corporation’s (“MCAN”, the “Company” or “we”) net income for the first quarter of 2013 was $4.5 million, up from $4.4 million in the prior year.

MCAN Mortgage Corporation to acquire Xceed Mortgage Corporation

– PDF

Toronto, Ontario – March 26, 2013. MCAN Mortgage Corporation (“MCAN”, the “Company” or “we”) announced today that it has entered into a definitive agreement (the “Arrangement Agreement”) to acquire all of the issued and outstanding common shares of Xceed Mortgage Corporation (“Xceed”) for $1.75 per share, for a total consideration of approximately $53.0 million (the “Transaction”) paid with a combination of cash and common shares of MCAN.

MCAN Mortgage Corporation Reports Fourth Quarter Earnings

03/1/2013 – PDF

Toronto, Ontario – March 1, 2013. MCAN Mortgage Corporation’s (“MCAN”, the “Company” or “we”) net income for the fourth quarter of 2012 was $7.3 million, up from $5.2 million in the prior year. Earnings per share were $0.40 compared to $0.30 during the same quarter in the prior year.