TORONTO, Feb. 5, 2021 /CNW/ - Sagen MI Canada Inc. (formerly Genworth MI Canada Inc.) (the "Company") (TSX: MIC), is pleased to announce that the Company has amended its articles in accordance with the Canada Business Corporations Act and, effective today, has changed its name to Sagen MI Canada Inc. (the "Name Change"). The Company's common shares are expected to begin trading on the Toronto Stock Exchange ("TSX") under the new name at market open on or around February 9, 2021. The Company's common shares will continue to trade under the TSX ticker symbol "MIC".
At the special meeting of the Company's shareholders held on December 22, 2020, shareholders passed a special resolution authorizing an amendment to the Company's articles to effect the Name Change. The articles of amendment effecting the Name Change are available on the Company's SEDAR profile at www.sedar.com.
No action is required by shareholders in connection with the Name Change, and no change has been made to the Company's share capital. The Company encourages any shareholder with questions to contact their broker or agent.
About Sagen MI Canada Inc.
Sagen MI Canada Inc. (TSX: MIC), operating through its subsidiary, Genworth Financial Mortgage Insurance Company Canada doing business as SagenTM, is the largest private sector residential mortgage insurer in Canada. The Company provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. The Company differentiates itself through customer service excellence, innovative processing technology, and a robust risk management framework. For more than two decades, the Company has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system. As at December 31st, 2020, the Company had $7.5 billion total assets and $3.9 billion shareholders' equity. Find out more at www.sagen.ca.
Caution regarding forward-looking information and statements
Certain statements made in this news release contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company are intended to identify forward-looking statements. Specific forward-looking statements in this document include, but are not limited to, the statement regarding the date on which the Company's common shares are expected to begin trading on the TSX under its new name.
The forward-looking statements contained herein are based on certain factors and assumptions, certain of which appear proximate to the applicable forward-looking statements contained herein. Inherent in the forward-looking statements are known and unknown risks, uncertainties and other factors beyond the Company's ability to control or predict, that may cause the actual results, performance or achievements of the Company, or developments in the Company's business or in its industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Actual results or developments may differ materially from those contemplated by the forward-looking statements.
The Company's actual results and performance could differ materially from those anticipated in these forward-looking statements as a result of both known and unknown risks, including risks that the Company's common shares do not begin trading on the TSX under its new name by the date that is expected.
This is not an exhaustive list of the factors that may affect any of the Company's forward-looking statements. Some of these and other factors are discussed in more detail in the Company's Annual Information Form (the "AIF") dated March 11th, 2020. Investors and others should carefully consider these and other factors and not place undue reliance on the forward-looking statements. Further information regarding these and other risk factors is included in the Company's public filings with provincial and territorial securities regulatory authorities (including the AIF) and can be found on SEDAR and available at www.sedar.com. The forward-looking statements contained in this news release represent the Company's views only as of the date hereof. Forward-looking statements contained in this news release are based on management's current plans, estimates, projections, beliefs and opinions and the assumptions related to these plans, estimates, projections, beliefs and opinions may change, and are presented for the purpose of assisting the Company's security holders in understanding management's current views regarding those future outcomes and may not be appropriate for other purposes. While the Company anticipates that subsequent events and developments may cause the Company's views to change, the Company does not undertake to update any forward-looking statements, except to the extent required by applicable securities laws.
Sagen is a trademark owned by Sagen MI Canada Inc.
SOURCE Genworth MI Canada