TORONTO, Feb. 22, 2016 /CNW/ – Mortgage Company of Canada Inc. (“MCC” or the “Company”) today announced that James Garcelon has been appointed to its Board of Directors effective February 1, 2016.
“We are very excited to have James join the Board. His experience, with both public and private companies, in the functions of operations, risk management and capital raising will be invaluable as we continue to increase the scale of MCC in 2016 and beyond,” stated Raj Babber, President and CEO of MCC.
Mr. Garcelon has over 20 years of capital markets experience. He is currently a portfolio manager at Shaunessy Investment Counsel Inc., a boutique investment management company. Mr. Garcelon is a former co-founder and principal of Grove Capital Group Ltd., a private merchant bank focused on investing in and incubating small capitalization companies. He has also held senior roles at National Bank Financial and HSBC Securities (Canada) Inc. Mr. Garcelon is a Chartered Financial Analyst and holds a Master of Science in International Political Economy from the London School of Economics and Political Science and a Honours Bachelor of Arts in Business Administration from the Richard Ivey School of Business at the University of Western Ontario.
Mr. Garcelon replaces Glen Silvestri who has resigned from the Board effective February 1, 2016 due to commitments related to his position as a Partner at Imperial Capital. “We would like to thank Glen for his dedication and sound advice over the years,” continued Mr. Babber. “He has been an integral part of our team since joining the Board in 2014 and we wish him continued success in his future endeavors.”
About Mortgage Company of Canada Inc.: MCC is a Toronto-based mortgage investment company that primarily invests in single family residential mortgages in the Greater Toronto Area. The Company has experienced tremendous growth over 2015 increasing its mortgage portfolio by 35% to approximately $47 million. MCC’s objective is to target a minimum annual yield of 9% by providing its shareholders with stable and secure monthly dividends while preserving shareholders’ capital by lending within conservative risk parameters.
MCC is a Mortgage Investment Corporation (MIC) as defined in the Income Tax Act (Canada).