The Securities Commission has granted an application by Element Technical Services Inc. (the Filer) to cease being a reporting issuer under applicable securities laws. The Filer, an Alberta corporation, underwent a business combination involving a two-step amalgamation process, after which it became a reporting issuer in multiple Canadian jurisdictions. However, the Filer did not meet the criteria for the simplified procedure to cease being a reporting issuer because it had more than 15 securityholders in Alberta and failed to file interim financial documents (Post-Business Combination Defaults).
Despite these issues, the Filer was eligible for the requested relief because it had fewer than 15 beneficial securityholders in each reporting jurisdiction except Alberta, and fewer than 51 securityholders worldwide. Additionally, the Filer’s securities were not traded on any public marketplace, and the company had no plans for public financing in Canada. The Filer was not in default of any reporting obligations other than the Post-Business Combination Defaults.
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), and in accordance with National Policy 11-206 Process for Cease to be a Reporting Issuer Applications. The order confirms that the Filer has ceased to be a reporting issuer in all jurisdictions of Canada where it previously had this status.