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GC-Global Capital Corp. Announces The Results of Its Special Shareholders Meeting to Approve The Spin-Out of Its Real Estate Investment Subsidiary
Toronto, Ontario--(Newsfile Corp. - December 24, 2013) - GC-Global Capital Corp. ( TSXV: G...
About this update from Fountain Asset Corp.
[{"type":"text","content":"GC-Global Capital Corp. Announces The Results of Its Special Shareholders Meeting to Approve The Spin-Out of Its Real Estate Investment SubsidiaryToronto, Ontario--(Newsfile Corp. - December 24, 2013) - \nGC-Global Capital Corp. (TSXV: GDE.A) (\"Global Capital\") is pleased to announce that at its recent Special Shareholders meeting, it received shareholder approval to spin-out its wholly-owned subsidiary, GC \nMarathon Financial Corp. (“GC Marathon”), a real estate investment company, in the form of a return of capital share distribution to Global Capital’s shareholders. The core investment of GC Marathon Corp. is its shareholdings of \nMarathon Mortgage Corporation (“MMC”). The shares of GC Marathon will be distributed to Global Capital’s shareholders through a reduction of paid up capital.\n\nThe spin-out is intended to give Global Capital shareholders a direct interest in GC Marathon’s Canadian real estate market focused investments. The current core investment is Marathon Mortgage Corporation a residential mortgage origination, \nsales and servicing business. Today, Global owns 25% of MMC. MMC brings together the former management team of First Marathon Mortgage Corp. which at the time of its sale in 2002 was servicing approximately $4 Billion in mortgages. \nMarathon’s management team and business operations are in place and ready to ramp up operations. Through the MMC management team’s alliances with major financial institutions and mortgage brokerage firms, MMC’s goal is to become \none of the most reliable residential and commercial mortgage lenders in Canada, providing competitive mortgage products, competitive mortgage interest rates, competitive mortgage terms and reliable service through quick turnaround service to its \nborrowers and broker partners. MMC will underwrite prime-insured and conventional residential and commercial mortgages that will be sold to mortgage investors, such as banks or trust companies, co-operatives, securities firms and insurance \ncompanies. MMC expects to retain the majority of servicing for these mortgages. In February, 2013, MMC received its CMHC (Canada Mortgage and Housing Corporation) lenders status as well as completed servicing agreements with two major Canadian \nfinancial institutions. In April, 2013 MMC recei...