The Ontario Securities Commission granted Agrifoods International Cooperative Ltd. (the Filer) an exemption from the dealer registration requirement, the prospectus requirement, and resale restrictions under Ontario securities legislation for the issuance and trading of Membership Shares and Investment Shares as defined in the Canada Cooperatives Act. This decision is contingent upon several conditions, including the Filer’s continued operation under the Federal Co-Op Act, restrictions on who may hold shares, and limits on the value of shares issued to a member. The Filer must also facilitate all trades of Investment Shares and ensure that no advice is given regarding the purchase, sale, or holding of shares. The exemptions will cease if the Filer amends its articles or by-laws in a material way without regulatory consent. The decision is based on the Filer’s role in assisting dairy producers with milk delivery services and its capital structure, which includes Membership Shares and Investment Shares held by Members, Auxiliary Members, and potentially employees under an Employee Plan. The Filer is not a reporting issuer and does not intend to become one. The decision references the Securities Act, R.S.O. 1990, c. S.5, as amended, and the Canada Cooperatives Act, among other regulations.
