Elexicon FOI & Financial Report Announcement

Pickering taxpayers deserve real answers about our stake in Elexicon Corporation — and about how decisions affecting a major public asset get made behind closed doors.

Over the past two weeks, we've filed and refined a formal Freedom of Information request with the City of Pickering, and prepared a detailed financial review of Elexicon's audited results from 2022–2025. Both documents are now posted in full above and available to download for anyone who wants to see the primary sources for themselves — not just our summary of them.

What the numbers show:

• Elexicon's profitability is down roughly 94% since 2022 ($21.2M → $1.2M), even as revenue grew
• Total debt has climbed to $365M, backed by a new $550M credit facility
• In September 2025, four of Elexicon's five municipal shareholders converted their loans into new equity — Pickering did not, and our $25.1M stayed on the books as debt
• Because we didn't participate, Pickering's ownership stake mechanically fell from 27.88% to approximately 24.80% — a direct, calculable consequence, not a guess
• Dividends to every shareholder, including Pickering, were suspended for 2025

Here's what makes this more than a routine finance story: Pickering and the Town of Ajax were, until July 2025, in an identical position — both had jointly hired the same law firm to explore selling their Elexicon shares, and both walked away from that process on the very same day. Two months later, Ajax chose to convert its loan into equity. Pickering didn't. That's the question at the center of this: what did Ajax see that led it to a different conclusion — and what did Pickering's decision-makers consider, or not consider, in reaching theirs?

Our FOI request asks the City for the records that should answer that: board appointment and compensation records for Elexicon, the City's Pecuniary Interest Registry and conflict-of-interest declarations, the closed-session briefings held on this file in 2023, 2024, and 2025, and the analysis (if any) behind the decision not to participate in September's recapitalization.

Residents have raised real concerns with us about closed-door meetings and a lack of transparency on this file. We agree — which is why we're not just asking questions publicly, we're using the legal tools available to get real records, and making everything we've filed and found available for you to read directly.

To be clear: none of this is a finding of wrongdoing. The City and Elexicon should have — and will have — the opportunity to explain their reasoning. But residents deserve to see the primary documents and ask the questions themselves.

More to come as records are released.