MCAN Financial Group Announces Final Voting Results for 2025 Annual and Special Meeting of Shareholders

MCAN Financial Group announced the final director election results from its 2025 Annual and Special Meeting of Shareholders, with all nominees elected as directors. The nominees received between 98.91% and 99.46% of the votes cast. MCAN is a Canadian mortgage investment corporation and the largest MIC in Canada, with a diversified portfolio of Canadian mortgages and other investments.

MCAN Financial Group, Canada's largest mortgage investment corporation (MIC), has announced the final director election results from its 2025 Annual and Special Meeting of Shareholders. All nominees were elected as directors, receiving between 98.91% and 99.46% of the votes cast [2].

The election results reflect a high level of shareholder confidence in the company's leadership and strategic direction. The nominees, who were proposed in the Company's Management Information Circular dated March 28, 2025, include several experienced professionals with extensive backgrounds in finance, real estate, and corporate governance [2].

The meeting was held on May 8, 2025, with 30,991,740 shares represented in person or by proxy, representing approximately 35.46% of the outstanding shares as of the record date of March 17, 2025 [2]. All other matters voted upon at the meeting were approved, including the election of directors and the ratification of the appointment of the Company's independent auditing firm.

MCAN Financial Group, operating as MCAN Financial Group, is a diversified portfolio of Canadian mortgages and other investments. The company's uninsured residential mortgage portfolio maintained an average loan-to-value (LTV) of 64.3% in the first quarter of 2025, while equity income from MCAP Commercial fell to $5.6 million, down 22% from $7.2 million a year ago [3]. Despite these challenges, the company's credit quality remained resilient, and the board declared a second-quarter cash dividend of $0.41 per share, payable on June 30, to shareholders of record as of June 13 [3].

The company's total assets reached $5.4 billion by March 31, 2025, up 1.8% from year-end 2024, with non-securitized assets rising to $3.0 billion, up 5.1% from December [3]. Uninsured residential mortgage originations hit $97 million, up 15% from Q1 2024, while renewals stood at $104 million. Construction loans totaled $1.1 billion, marking a 2% increase, with $144 million in new originations, offset by $22 million in project completions [3].

The company's first-quarter 2025 earnings posted net income of $16.6 million, or $0.43 per share, down from $23.2 million ($0.65 per share) in the same period last year [3]. Return on average shareholders’ equity fell to 10.99%, compared to 17.09% in Q1 2024. The increase in provisions for credit losses was largely tied to weaker economic forecasts and provisioning for impaired residential construction loans [3].

MCAN Financial Group continues to navigate an uncertain economic and geopolitical environment, but remains committed to maintaining its strong credit quality and delivering value to shareholders [3].

References:
[1] https://www.marketscreener.com/quote/stock/AUTOLIV-INC-11628/news/Autoliv-Announces-Results-of-2025-Annual-Stockholders-Meeting-49884663/
[2] https://finance.yahoo.com/news/doman-building-materials-group-ltd-120000560.html
[3] https://www.mpamag.com/ca/specialty/alternative-lending/mcan-reports-q1-profit-drop-as-credit-loss-provisions-rise/534958