Press Releases

MCAN Mortgage Corporation Reports 48% Increase in Q3 Net Income and Increase in Quarterly Dividend

11/5/2015 – PDF

Toronto, Ontario – November 5, 2015. MCAN Mortgage Corporation (“MCAN”, the “Company” or “we”) reported strong third quarter 2015 earnings today.Q3 2015 Operating ResultsNet income for the third quarter of 2015 was $7.2 million, up 48% from $4.9 million in the prior year, while earnings per share increased from $0.23 to $0.32. Return on average shareholders’ equity was 11.36% for the quarter, up from 8.74% in the prior year.

MCAN Mortgage Corporation Reports 96% Increase in Second Quarter Net Income and Declares Dividend

08/12/2015 – PDF

TORONTO, Aug. 12, 2015 /CNW/ - MCAN Mortgage Corporation ("MCAN", the "Company" or "we") reported second quarter 2015 earnings today. Q2 2015 highlights are as follows: Second quarter net income of $11.9 million ($0.56 per share) increased 96% from $6.1 million ($0.30 per share) in the prior year. Return on average shareholders' equity increased from 11.01% to 20.16%. Earnings per share were up $0.26 from last year, $0.35 from the prior quarter and are up $0.11 year to date. The increase was due to higher equity income from MCAP Commercial LP ("MCAP") and securitization income from the market mortgage-backed securities ("MBS") program, and discount income earned from a construction loan.

MCAN Mortgage Corporation Announces Successful Closing of $15 Million Rights Offering

07/13/2015 – PDF

Toronto, Ontario – July 13, 2015. MCAN Mortgage Corporation (“MCAN”, the “Company” or “we”) today announced the successful closing of the previously announced rights offering (the “Offering”), which expired at 4:00 pm on July 10, 2015. The Offering raised gross proceeds of $15.3 million with 1,406,084 new Common Shares issued. Of the new Common Shares issued, 1.2 million were subscribed for under the initial subscription privilege and 0.2 million (out of total additional subscription requests of 1.46 million) were subscribed for under the additional subscription privilege. The Offering was therefore oversubscribed by 1.9 times.

MCAN Mortgage Corporation Provides Update on Second Quarter

06/16/2015 – PDF

Toronto, Ontario – June 16, 2015. MCAN Mortgage Corporation (“MCAN”, the “Company” or “we”) announced today that it anticipates net income for the second quarter of 2015 to increase substantively from the first quarter of 2015. With the recently announced rights offering scheduled to close on July 10, 2015, MCAN believed that a general update on MCAN’s results for the second quarter was in order.

MCAN Mortgage Corporation Announces Public Offering of Common Shares

06/3/2015 – PDF

Toronto, Ontario – June 3, 2015. MCAN Mortgage Corporation (“MCAN”, the “Company” or “we”) announced today that the Company has filed a circular in respect of a rights offering (the “Offering”) to raise maximum proceeds of $15,326,315.60. The Company has received final approval from its principal regulator, the Ontario Securities Commission. Subject to receipt of final approval from the securities commissions in each of the relevant offering jurisdictions and the Toronto Stock Exchange (the “TSX”), each holder of MCAN’s common shares (“Common Shares”) as of the close of business on June 16, 2015 (the “Record Date”) will be issued one right (a “Right”) for each Common Share held. The combination of fifteen Rights and $10.90 (the “Exercise Price”) will entitle a Rightsholder to subscribe for one Common Share at or before 4:00 pm (Toronto time) on July 10, 2015 (the “Expiry Time”). Rights not exercised at or before the Expiry Time will be void and will have no value. Rightsholders will be entitled to subscribe for additional Common Shares, if available, at the Exercise Price per share. The Offering is of 21,091,274 Rights to subscribe for up to 1,406,084 common shares at a price of $10.90 per share.

MCAN Mortgage Corporation Announces Final Voting Results

05/7/2015 – PDF

Toronto, Ontario - May 7, 2015. MCAN Mortgage Corporation (“MCAN” or the “Company”) today announced the final director election results from MCAN’s 2015 Annual and Special Meeting of Shareholders held in Toronto, Ontario on May 6, 2015.

MCAN Mortgage Corporation Reports First Quarter Earnings

05/6/2015 – PDF

Toronto, Ontario – May 6, 2015. MCAN Mortgage Corporation’s (“MCAN”, the “Company” or “we”) net income for the first quarter of 2015 was $4.3 million, compared to $7.4 million in 2014. Earnings per share were $0.21, down from $0.36 in the prior year. Return on average shareholders’ equity was 7.49% for the quarter, down from 13.52% in the prior year.

MCAN Mortgage Corporation Reports Fourth Quarter Earnings and 2014 Annual Results

– PDF

Toronto, Ontario – February 23, 2015. MCAN Mortgage Corporation’s (“MCAN”, the “Company” or “we”) net income for the fourth quarter of 2014 was $7.1 million, compared to $13.0 million (on a restated basis for our change in income tax accounting noted below) in 2013. Earnings per share were $0.34, down from $0.65 (restated) in the prior year. Return on average shareholders’ equity was 12.76% for the quarter, down from 24.74% (restated) in the fourth quarter of 2013.