Mortgage company eChoice was removed from the Australian Securities Exchange's official list yesterday, leaving 1400 shareholders in what is now an unlisted public company.Shareholders voted to de-list the company in June, accepting the view of the board and management that it would do better as an unlisted company.eChoice (which changed its name from Firstfolio last year) had a difficult few years after taking on too much debt to fund acquisitions.eChoice chief executive Peter Andronicos said earlier this year that the company had completed its business restructuring and would benefit from being able to pursue business opportunities without constant public, and often negative, scrutiny.Andronicos said the business was sound and had a number of projects underway.However, the stock price did not reflect this recovery and the company did not believe it was an accurate indication of the company's value.The stock was illiquid, with monthly trading consistently below one per cent of the shares on issue. Relatively small trades tended to have a dramatic effect on the share price.Andronicos said the ASX listing involved costs and management resources that did not produce any benefit for the company.eChoice's top 20 shareholders hold close to 70 per cent of the stock, leaving a large number of investors with small holdings.Company secretary Dustine Pang said that as a disclosing unlisted public company eChoice would continue to issue financial reports and other information required under the continuous disclosure rules.Pang said the company would be able to provide limited assistance to shareholders looking to trade stock. "We are not licensed to settle trades or set a price. What we can do is act as a post box for shareholders to buy and sell privately," he said."We believe there is appetite among the larger shareholders to acquire more shares."The company's most recent financial report shows that it made a loss of A$1.6 million for the six months to December, compared with a loss of $3.7 million in the previous corresponding period.Revenue from continuing operations was $30 million - up 3.8 per cent. Loan settlements increased by 10.8 per cent over the previous corresponding period to $1.7 billion.The value of the loan book fell by 2.7 per cent to $16.8 billion. The company said this was due mostly to an ageing wholesale book in run-off.