Business
MCAN Mortgage Corporation Announces Amendment to its Dividend Reinvestment Plan
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About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n\n\n\n\n\n/Not for distribution to U.S. news wire services or dissemination in the United States./ \n\n\n2% Discount to Apply to Purchases of Common Shares from Treasury\n\n\nStock market symbolTSX: MKP\n\n\nTORONTO, Nov. 14, 2011 /CNW/ - MCAN Mortgage Corporation (\"MCAN\" or the\n \"Company\") (TSX:MKP) announced today that the Company's Dividend\n Reinvestment Plan (the \"Plan\") has been amended and restated to, among\n other things, provide eligible participants with a 2 per cent (2%)\n discount on the purchase of common shares issued from treasury. \n Previously, common shares purchased from treasury under the Plan were\n issued by MCAN without any discount to the Average Market Price (as\n defined in the Plan).  The discount is effective immediately pursuant\n to the amended terms of the Plan (the \"Amended Plan\") until further\n notice.\n\n\nUnder the Amended Plan, the Company continues to reserve the right to\n deliver common shares purchased on the open market, in which case the\n discount would not apply.  A complete copy of the Amended Plan is\n available on MCAN's website at www.mcanmortgage.com under the heading \"Shareholders\".\n\n\nThe Amended Plan has been approved by the Toronto Stock Exchange.\n\n\nMCAN is a public company listed on the Toronto Stock Exchange under the\n symbol MKP and is a reporting issuer in all provinces and territories\n in Canada.  MCAN also qualifies as a mortgage investment corporation\n (\"MIC\") under the Income Tax Act (Canada) (the \"Tax Act\").\n\n\nThe Company's primary objective is to generate a reliable stream of\n income by investing its corporate funds in a portfolio of mortgages\n (including single family residential, residential construction,\n non-residential construction and commercial loans), as well as other\n types of financial investments, loans and real estate investments. \n MCAN employs leverage by issuing term deposits eligible for Canada\n Deposit Insurance Corporation deposit insurance up to a maximum of five\n times capital (on a non-consolidated tax basis) as permitted by the Tax\n Act.  The term deposits are sourced through a network of independent\n financial agents.  As a MIC, MCAN is entitled to deduct from income for\n tax purposes 100% of dividends, except for capital gains dividends,\n which are deducted at 50%.
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