Business
MCAN Mortgage Corporation Announces Earnings Guidance
/ NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n THE UNITED STATES/ \n\n\nStock market symbol\nTSX: MKP\n\n\nTORONTO, July 23, 2012 /CNW/ - In connection with the announcement on\n July 10, 2012 of a rights offering (the \"Offering\") and for the\n purposes of allowing shareholders to make an informed decision about\n the Offering, MCAN Mortgage Corporation (\"MCAN\" or the \"Company\")\n provides the following guidance in respect of its financial results for\n the second quarter ended June 30, 2012:\n\n\nEarnings per share for the quarter are expected to be in the range of\n $0.32 - $0.42 ($0.58 - $0.68 for the six months ended June 30, 2012).\n\n\nCorporate assets are expected to be in the range of $890 million to $900\n million as at June 30, 2012.\n\n\nRemaining asset capacity is approximately $30 million as at June 30,\n 2012.\n\n\nThese figures are based on actual results for April and May with an\n estimate for June results and actual results for the quarter are\n expected to be released on or about August 9, 2012.\n\n\nRecently announced regulatory changes that impact the Canadian mortgage\n market and potential interpretations being sought under existing\n guidance in respect of the capital treatment of securitization of\n mortgages, may impact the extent of MCAN's participation in the\n securitization of mortgages and its earnings from that business. The\n Company will continue to identify and assess alternatives and\n opportunities in this line of business in order to maximize returns for\n our shareholders.\n\n\nAlthough this information is intended to allow MCAN shareholders to make\n an informed decision about the Offering, undue reliance should not be\n placed on such information and such information may not be appropriate\n for other purposes.\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 MCAN.  These forward-looking statements can generally be identified\n as such because of the context of the statements and often include\n words such as MCAN \"believes\", \"anticipates\", \"expects\", \"plans\",\n \"estimates\", \"guidance\" or words of a similar nature.  These statements\n are based on current expectations, on assumptions that...