Two months after raising equity capital through a share float, Eppley Limited will be seeking shareholder approval to increase the company's authorised capital by creating 50 million preference shares.
Eppley has scheduled a vote on the proposal for October 31.
Managing Director Nicholas Scott declined comment.
The resolution being circulated calls for the board to be given the discretion to create and issue the shares, and the option to list the issued stock on the Jamaican exchange.
The prefs will have voting rights, earn dividends and the holder will have call on the surplus of the company at wind-up.
In July, Eppley, previously known as Orrett and Musson Investment Company, issued 218,999 ordinary shares priced at J$377 to raise J$82.56 million.
The offer, arranged by Proven Wealth Management Limited, increased Eppley's issued shares to 796,249 units. The total authorised capital is 800,000 shares.
Since its listing on the JSE Junior Exchange at the end of July, the Eppley stock has not traded.
Marlene Street-Forrest, general manager of the Jamaica Stock Exchange, said holders of the stock are unwilling to part with their shares.
"Investors have shown interest in buying the stock. For example, we have had bids up to J$400 on August 21, but nobody is willing to sell," said Street-Forrest.
"If there is no sell order in the system, then there will not be any trades," she said.
Eppley's biggest shareholders are Musson Investment with a 37.68 per cent stake; ATL Pension with 25.65 per cent; Stony Hill Capital Limited (SHCL), 15.28 per cent; and General Accident Insurance Company, 9.17 per cent.
SHCL is an affiliate of Eppley and is also one of its creditors, while General Accident is a sister company within the Musson Jamaica group.
Eppley manages a portfolio of loans, leases and other commercial credit products marketed at corporate and professional customers.
Prior to its listing, the company had a capital base of J$101 million, reported net interest income of J$50 million and net profit of J$15 million in 2012, according to its audited financial statements included in the IPO prospectus. Total assets amounted to J$463 million.
Unaudited statements dated April 2013, also included in the prospectus, indicated expanded capital of J$113 million but a diminished asset base of J$271 million due to a dramatic fall in loan receivables. Eppley had no intangible assets. Net profit at year-to-date April was estimated at J$12 million.
Eppley held J$158 million of liabilities in April compared to J$362 million last December.