Business
Income Tax Act Changes and Sales of Shares by MCAN Mortgage Corporation Insiders
Stock market symbol TSX: MKP TORONTO, March 19, 2012 /CNW/ - As a result of recen...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n\n\n\n\n\nStock market symbol TSX: MKP \n\n\nTORONTO, March 19, 2012 /CNW/ - As a result of recent changes to the Income Tax Act (Canada), if a shareholder and persons who are not at arm's length to such\n shareholder own 10% or more of the outstanding shares of an\n corporation, all securities of the corporation held by such shareholder\n and non-arm's length persons, are deemed to be a \"prohibited\n investment\" for tax deferred accounts, such as registered retirement\n savings plan (\"RRSP\") and registered retirement income fund (\"RRIF\")\n accounts. \n\n\nAs a result of these changes, certain insiders and their family members\n have recently sold shares in MCAN Mortgage Corporation (\"MCAN\", the\n \"Company\" or \"we\") in significant part, to avoid the imposition of tax\n on MCAN shares held in their tax deferred accounts.  Such insiders have\n indicated that future sales of MCAN shares may also occur. \n\n\nIndividuals not holding more than 10% of MCAN's shares or not otherwise\n holding a significant interest in MCAN are not affected by the tax\n policy change.   However, individuals with concerns related to the tax\n policy changes should consult their tax professional and advisors for\n advice.\n\n\nForward-Looking Information\n\n\nThis press release may contain forward-looking statements, including\n statements regarding the business and anticipated financial performance\n of the Company.  These forward-looking statements can generally be\n identified as such because of the context of the statements and often\n include words such as the Company \"believes\", \"anticipates\", \"expects\",\n \"plans\", \"estimates\" or words of a similar nature.  These statements\n are based on current expectations, and are subject to a number of risks\n and uncertainties that may cause actual results to differ materially\n from those contemplated by the forward-looking statements.  Some of the\n factors that could cause such differences include legislative or\n regulatory developments, competition, technology change, global market\n activity, interest rates, changes in government and economic policy and\n general economic conditions in geographic areas where the Company\n operates.  Reference is made to the risk factors disclosed in the\n Company's 2011 Annual Information Form, which ar...