MFC Bancorp Ltd. Files Annual Report For 2018 And Announces Shareholders' Meeting
MFC BANCORP LTD (MFCB)
US:NYSE Investor Relations:
mfcbancorpltd.com/investors/overview/default.aspx
Company Research
Source: PR Newswire
HONG KONG, April 30, 2019 /PRNewswire/ -- MFC Bancorp Ltd. (the "Company" or "MFC") (NYSE: MFCB) announces it has filed its financial results for the year ended December 31, 2018. The Company also announced that it has scheduled a shareholder meeting to seek approval for: (i) the change of its name to "Scully Limited"; and (ii) the completion of a consolidation and subsequent forward split of its shares to further reduce administrative expenses. 2018 Annual ReportIn late 2018, the operator of the mine underlying our iron ore interest in Canada announced that it had completed financing to re-start mining operations and that it plans to re-start the Scully mine in the summer of 2019. This development triggered a review of the carrying value of this asset, which resulted in the recognition of an after-tax non-cash gain of $137.4 million.As a result, we returned to profitability for the first time since 2013 and reported net income of $112.3 million, or $8.96 per share, which increased o
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