Business
MCAN Mortgage Corporation Provides Additional Equity Capital to MCAP Commercial LP to Maintain Proportionate Ownership Interest
Stock market symbol TSX: MKP TORONTO, April 30, 2012 /CNW/ - MCAN Mortgage Corporation ...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n\n\n\n\n\nStock market symbol TSX: MKP\n\n\nTORONTO, April 30, 2012 /CNW/ - MCAN Mortgage Corporation (\"MCAN\") today\n announced that it has provided $14 million of additional equity capital\n to MCAP Commercial LP (\"MCLP\") in order for MCAN to maintain its\n approximate 23% ownership interest in MCLP. MCLP will use these funds,\n together with additional equity capital contributed by one of the other\n partners of MCLP, to acquire the remaining 80% interest in MCAP Service\n Corporation (\"MSC\") that was not previously owned by MCLP.  The\n transaction will allow MCLP to better integrate its service offerings\n with MSC given its 100% ownership.  The transaction will also provide\n significant origination and servicing capabilities to MCAN.\n\n\nUpon closing of the transaction, MCLP, on a consolidated basis, will\n have mortgage assets under administration in excess of $25 billion with\n annual production over $10 billion. The combination of MCLP and MSC\n (which will operate under the \"MCAP\" brand) is expected to strengthen\n the brand and market position of MCLP in the single family business,\n allow for better integration of MCLP's service offerings with MSC and\n allow MCLP to build upon its financial strength and institutional\n discipline as a mortgage originator and servicer in the Canadian\n market.\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 and MCLP.  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 MCAN \"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\n the  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 MCAN operates. \n Reference...