On July 4, 2013, MCAN Mortgage Corporation and XCEED Mortgage Corporation announced that the acquisition of each of the issued and outstanding common shares of XCEED pursuant to a court-approved plan of arrangement under the Business Corporations Act (Ontario) had closed, making XCEED a wholly owned subsidiary of MCAN. MCAN’s vision is to be recognized as a market leader in the investment in residential mortgages and residential construction loans. MCAN’s mission is to provide its shareholders with a superior, stable and sustainable yield performance and to maintain a disciplined and focused business model with proven investment expertise for the products and markets in which MCAN invests.
MCAN Mortgage Corporation is a public company listed on the TSX under the symbol MKP since 1991. MCAN’s primary objective is to generate a reliable stream of income by investing in a diversified portfolio of Canadian mortgages focused on single-family residential and residential construction loans, as well as other types of loans and investments, real estate and securitization investments. MCAN is the only publicly listed, mortgage investment corporation that is regulated by the Office of the Superintendent of Financial Institutions. MCAN issues term deposits eligible for deposit insurance from the Canada Deposit Insurance Corporation to lever its capital base to invest in Canadian mortgages. MCAN’s total assets were $2.36 billion as at June 30, 2013.
To learn more about MCAN Mortgage Corporation visit mcanmortgage.com. Further information regarding MCAN’s purchase of XCEED can be found in press releases issued by MCAN which are available on the MCAN website. All public documents previously issued by XCEED prior to July 4, 2013 can be found on the company’s SEDAR profile at www.sedar.com.