Elite Diagnostic Limited has written to its largest shareholders asking them to disclose their holdings and intentions, after its depository records showed one holder owned more than 50 per cent of the company for several days in early October.

The Junior Market imaging company said its top-10 shareholder list from the Jamaica Central Securities Depository showed a single shareholder above the 50 per cent mark from October 2 to October 6. The position then fell back, and the largest holder now has about 38 per cent, according to company notices dated October 8 and 9.

Elite has not named the shareholder.

The company said it had written to each holder of 20 per cent or more requesting details of their holdings, beneficial ownership, the purpose of the acquisitions and any intentions regarding control. It has also notified the Jamaica Stock Exchange and the Financial Services Commission.

Elite has 353.4 million shares in issue, which puts the majority threshold at 176.7 million units. A holding of 38 per cent is about 134 million units.

Trading volumes were large relative to that share count. Some 88.5 million units changed hands on October 1, 83.9 million on October 6 and 41.5 million on October 9. The three sessions total 213.9 million units, equal to about 60 per cent of the issued shares, though the same units may have traded more than once. The stock closed at J$1.70, valuing the company at about J$601 million.

The threshold matters because Junior Market rules define control as the acquisition of 50 per cent or more of voting shares. Under Jamaica’s takeover rules, crossing that level triggers an obligation to make an offer to remaining shareholders unless an exemption applies, and an acquirer of 20 per cent or more must declare its intentions within 10 days.

No offer to shareholders has been announced.

The October activity follows earlier block trades. Elite’s shareholder listing at June 30 showed Excel Investments Inc as the largest holder with 86.7 million units, or about 24.5 per cent, followed by NCB Capital Markets Limited with 66.0 million and Elite’s Chairman Steven Gooden with 35.3 million.

Blocks matching several of those positions later crossed the market: 31.4 million units at J$1.40 on July 6, eight million at J$1.40 on August 3 and more than 81 million at J$1.50 on August 28. Together, those trades amount to roughly a third of the company.

Elite operates diagnostic imaging centres in St Andrew and St Ann and was listed on the Junior Market in February 2018. It reported revenue of J$867.29 million for the year to June 30, 2026, up 2 per cent.

The company has not said when it expects responses from the shareholders it has written to, or whether the regulators have opened an inquiry.