Canadian Underwriter

Loyalist working to meet TSX requirements

January 17, 2005   by Canadian Underwriter

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Ontario-based Loyalist Insurance Group says it is working to meet requirements of the Toronto Stock Exchange as the company is to be reinstated on the TXS Venture Exchange later this week.
The company had been delisted in November for failing to meet TSX requirements. Just days after that announcement, the company filed third-quarter 2004 financial results, although the results had not been certified by auditors. The shares will now be reinstated on January 20, a Loyalist statement notes.
The company now says it is in the process of adding a new independent director to its board, as required by the stock exchange within 90 days of the shares being reinstated. Two directors have resigned in the past year: George Lunick last June 10, and George Yates in early December. At the same time, the company is in the process of recruiting a new CFO.
Loyalist is also continuing to negotiate a private placement announced last April.

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