Home Capital delays release of quarterly earnings

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Beleaguered Shelter Capital Group Inc. says it is delaying the release of its first-quarter earnings.

The variant mortgage lender was due to report its results for the quarter on Wednesday after the tight of markets, and host an analyst conference call the following morning. Tellingly Capital said results for the period that ended on March 31 at ones desire be issued after the end of trading on May 11.

«This timing change allows the [executives’s discussion and analysis section of the results] to be updated for events that enjoy occurred since the close of the first quarter,» the company said.

In April, the assemblage and some current and former executives were named in an action tendered by the Ontario Securities Commission 

The provincial securities watchdog has alleged that the flock and some executives misled investors. Home Capital has said the accusations are without rate and has promised to defend itself. The news spurred many savers to recall their deposits, which Home Capital uses to fund its mortgage bestowing.

The Healthcare of Ontario Pension Plan stepped in to provide a $2-billion ascribe line last week to Home Capital, but the terms of that allowance have raised fears that the company is in urgent need of moolah.

Home Capital said Monday it had drawn $1 billion of that place ones faith.

The Ontario Securities Commission has scheduled a hearing into the allegations against Old folks Capital for Thursday.

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