Business
MCAN Mortgage Corporation Announces 15.6% Increase in Quarterly Dividend
MCAN Mortgage Corporation Announces 15.6% Increase in Quarterly Dividend Canada Ne...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n\n\n\nMCAN Mortgage Corporation Announces 15.6% Increase in Quarterly Dividend\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Oct. 13, 2017\n\n\n\nStock market symbolTSX: MKP\n\n\n\nTORONTO, Oct. 13, 2017 /CNW/ - MCAN Mortgage Corporation (\"MCAN\", the \"Company\" or \"we\") announced today that it has declared a dividend of $0.37 per share payable on January 2, 2018 to common shareholders of record as of December 15, 2017. This declared dividend represents an increase of $0.05 per share from the prior quarterly rate and is the fourth dividend increase in three years.\n\nThe dividend increase has been determined following MCAN's annual strategic planning process and is consistent with our dividend policy and the trending in taxable income noted in the 2017 Second Quarter Management's Discussion & Analysis.  \n\n\"This dividend increase reflects our confidence in the strength of our core business we currently see and expect going forward\", said Bill Jandrisits, MCAN's President and Chief Executive Officer.\n\nDividend Reinvestment Plan\n\nMCAN maintains a Dividend Reinvestment Plan (\"DRIP\").  The DRIP is a program that provides MCAN with a reliable source of new capital and existing shareholders with an opportunity to acquire additional shares at a discount to market value.  Under the DRIP, dividends paid to shareholders are automatically reinvested in common shares issued out of treasury at the weighted average trading price for the 5 days preceding such issue less a discount of 2%.  For further information on how to enrol in the DRIP, please refer to the Management Information Circular dated March 10, 2017 or visit our website at www.mcanmortgage.com/investor-relations/investor-materials.\n\nFurther Information\n\nMCAN is a public company listed on the Toronto Stock Exchange (\"TSX\") under the symbol MKP and is a reporting issuer in all provinces and territories in Canada.  MCAN also qualifies as a mortgage investment corporation (\"MIC\") under the Income Tax Act (Canada) (the \"Tax Act\").  \n\nMCAN...