The Securities Commission granted an order for People Corporation to cease being a reporting issuer under applicable securities laws. This decision was made in accordance with the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii). The Ontario Securities Commission acted as the principal regulator for this application.
People Corporation underwent a series of corporate changes, including an arrangement agreement, shareholder approval of a statutory plan of arrangement, and multiple amalgamations, resulting in the acquisition of all issued and outstanding shares and the cancellation of various securities in exchange for cash payments. Following these transactions, People Corporation’s securities were delisted, and it became a wholly-owned subsidiary with no intention of seeking public financing.
The company was not in default of securities legislation except for failing to file certain continuous disclosure documents. It had fewer than 15 securityholders in each jurisdiction in Canada and fewer than 51 worldwide. The order was granted as People Corporation met the legislative criteria to cease being a reporting issuer, and it will no longer be a reporting issuer in any Canadian jurisdiction.