The Securities Commission has granted an order for Apollo Healthcare Corp. to cease being a reporting issuer in all Canadian jurisdictions where it held this status. The decision was made under the authority of 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, and the company indicated it would rely on subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System in all provinces and territories outside Ontario.
The decision was based on several key representations by Apollo Healthcare Corp.:
1. The company is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. Its securities, including debt, are held by fewer than 15 security holders in each Canadian jurisdiction and less than 51 worldwide.
3. Its securities are not traded on any public marketplace or facility where trading data is reported.
4. The company is not in default of any securities legislation in any jurisdiction.
Given these conditions, the principal regulator concluded that the legal test for ceasing to be a reporting issuer was met and approved the application.