Major MIC announces new executives

Major MIC announces new executives

Major MIC announces new executives

Atrium Mortgage Investment Corporation announced late last week that it had elected its new directors, all of which were named in its earlier management information circular on March 18.

The MIC made the announcement of the seven new directors at its annual meeting of shareholders on May 13.

Read more: Atrium Mortgage pledges stability in the age of COVID-19

The new directors are as follows, accompanied by their share of the votes cast:

Peter P. Cohos - 87.62%
Robert H. DeGasperis - 99.74%
Robert G. Goodall - 99.85%
Andrew Grant - 87.64%
Maurice (Maish) Kagan - 99.8%
Nancy H.O. Lockhart - 88.62%
Mark L. Silver - 99.95%

“Directors have been elected to serve until the close of the next annual meeting of shareholders,” Atrium MIC said.

The announcement followed solid Q1 2021 results, which saw the MIC’s mortgage portfolio grow by 2.7% quarterly to reach $765.2million. Of this sum, 82.7% was in first mortgages, while 92.1% has a loan-to-value level of less than 75% (with an average of 60.7%).

Quarterly net income stood at $9.9million, “consistent with the first quarter of the prior year,” the MIC said.