Durrant Pate/Contributor

Canadian-based EquityLine Mortgage Investment Corporation has sought to explain certain actions leading up to the suspension of trading in its shares on the Jamaican Stock Exchange (JSE) last Friday (July 26).

The JSE took the action of mandatory suspension of trading of EquityLine’s Class A Preferred Shares for an indefinite period. The company has explained that the JSE’s suspension arises from a request by its auditors to withdraw the recently filed audit report.

This resulted in the unavailability of audited financial statements within the regulatory stated time. According to EquityLine, “this non-compliance with timely disclosure obligations has prompted the suspension.”

Material disclosures made

EquityLine has provided the following material disclosures to explain the reasons for the delayed mandatory fling of its audited financial statements submission

 1. EquityLine has received a request from the Ontario Securities Commission to cease the distribution of securities, to which EquityLine has agreed.

 2. EquityLine’s board of directors has approved a plan to wind up operations and distribute assets upon realisation to satisfy all investor claims. Once the plan is ready to proceed, investors will be notified regarding the winding-up process, repayment details, and expected timing. 

3. An affiliate of EquityLine Mortgage Investment Corporation has been served with a litigation claim, that will affect its capacity to provide funding liquidity to EquityLine Mortgage Investment Corporation. 

EquityLine Mortgage Investment Corporation is a Canadian mortgage investment corporation (MIC) incorporated under the laws of the Province of Ontario and located in Richmond Hill. EquityLine MIC was founded in 2018 and is listed on the JSE.