HarbourEdge Breaking News

As the most recent HarbourEdge News published on the Corporate website are from June 2018, it's time for us to take over.


March 13, 2020: A new chapter in HE Reorganization - A Tale of Deception  and Failure

In January 2020 HE asked us to send them an email in support of their improved Plan: “We would like to take this improved Plan forward but will not use resources to do so unless there is Investor interest. Please send us an email indication of your support or opposition so that we can informally assess the wish of the majority of the Investors.”

According to this, if HE would have gained the support, we would have received a new Information Circular and asked for proxies. Instead we are told that "In the absence of an analysis supporting the TWO MIC Plan the “status quo” will remain meaning the current OM will remain in effect."

Let me recap: because of the failure of small group of Investors opposing the improved Plan to provide analysis for their own proposal ("Two MIC Plan") that was never sent to All Investors, a $215 M company is incapable to proceed with their reorganization Plan that is the best option for All Investors. This is totally surreal and I cannot believe HE is expecting any Investor to buy this.

Again, HE is insulting our intelligence and common sense!


February 22, 2020: Undisclosed HRAC projects that need urgent answers

Recently a fellow investor discovered on the TARION website some HRAC real estate projects that HarbourEdge has never disclosed to us.

HRAC has been registered with TARION Warranty Program in the Builder/Vendor category since about 2013 (refer to TARION - Harbour Edge Realty Administration Corporation).

Under “Enrolments” and “Projects”, besides projects that HarbourEdge has reported to the investors (Brockville, Perth and 11 Bay Street), there are also projects we were never told of:

- Private Residences of the Georgian Bay Club (516689 7th Line) that are sold by Georgian Bay Estates Ltd. (The Private Residences at the Georgian Bay Club )

- Luxury residences on Georgian Bay Lane, some of them finished and sold on the market, e.g. Sotheby's Prestigious Georgian Bay Club 101 Georgian Bay Lane, The Blue Mountains, ON 

- A condo project in Stayner, On

To date HMIC has never reported to the shareholders about these three properties in their list of HRAC assets.

Here are the questions all investors should be asking management:

• Why is HRAC, a HarbourEdge company, listed as the builder/vendor of these other projects when these projects have not been previously reported to the investors as HRAC assets?

• Is HRAC, in fact, paying the fees associated with Tarion enrolment. As the listed builder is HRAC paying related construction costs?

• As the registered builder and vendor, HRAC would assume liabilities attached to the quality of the finished properties. These are not liabilities that shareholders should be comfortable taking on.

• If HRAC is the registered vendor/builder is HMIC also the lender (also not reported to date to the shareholders)?

• Are the directors of HarbourEdge conducting business outside of the purview of the MIC

These are unsettling questions that need answers ASAP!

January 21, 2020: Another chapter in the reorganization saga
After three failed attempts, HarbourEdge came back with a recycled version of the HMIC Share Exchange from May 2, 2019.
They want to make it a Plan of Arrangement to escape the suitability requirements - contrary to what they told us in Fact Check: Class B shares cannot be issued without meeting suitability requirements.
Good news, our Forum gets noticed and is honored with answers to some embarrassing questions for HE re: conflict of interest and misrepresentation.  


January 9, 2020: Dividend announcement $.0036010 per share (4.24%) for the month ending December 31, 2019
Dividend reduction is justified by: 
"a. Substantial legal expenses which have been incurred in the preparation of the shareholder meeting materials.
b. We are also holding significant cash balances. These funds would normally have already been redeployed into new mortgages but instead are being held in reserve pending the Shareholder vote"
(the cash balance will be used to pay off the shareholders that decide to dissent.)

The note in red is really interesting and raises many questions:
"It is also important to note, we met with select representatives of the group of investors who are in opposition to the Plan of Arrangement.
Discussions have continued since then and we will be providing a detailed update to ALL investors next week."

1. Why only "select representatives", why not ALL Investors? After not being able to gain shareholder support in the previous vote, HE still believes that secrecy & intimidation is the best strategy! Without proper consultations, the next vote can be also lost.

2. Why not consult with ALL Investors prior to such a big change that would waive the investors rights to be protected by Suitability rules? After spending Investors money for lawyers, it would be fair to ask them what they want.

With today's technology, it is so easy!
The Admin of this Forum extends an invitation to HE to organize consultations with all Investors on our Forum.
Alternatively, we can help them to set up a Forum.  HE, are you listening?


January 8, 2020: HarbourEdge Mortgage Corporation (HMIC) disappeared from Google maps! At the old address 40 Huron St #300, Collingwood, I found HarbourEdge Commercial Finance Corporation with a bad review from 2 weeks ago "Terrible customer service, and people skills , don’t ever be late for a payment as they call the bailiff on you after 2 days late!! Do not ever get in business with them. I can’t wait until we are done with this company! Never again"

At the same time on the outdated website there is not address for HMIC...

Any idea what's going on?