The Securities Commission has granted an order for EnQuest PLC to cease being a reporting issuer in Canada. EnQuest, an independent energy company incorporated in the UK, has minimal connections to Canada, with no operations, employees, or offices in the country. The company’s securities are primarily traded on the London Stock Exchange, and less than 2% of its securities are owned by Canadian residents, who also represent less than 2% of the total number of security holders.
EnQuest became a reporting issuer in Alberta, British Columbia, and Ontario following an arrangement in 2010 but has not offered securities in Canada outside of that arrangement. The company is subject to UK securities laws and provides the same disclosure to all shareholders. It has no intention of offering its securities to Canadian residents or maintaining its reporting issuer status in Canada.
The decision, which is in accordance with the securities legislation of Alberta and Ontario, is based on the company’s compliance with UK securities laws, the lack of Canadian market activity for its securities, and the insignificant number of Canadian security holders. The company has also committed to providing Canadian security holders with the same information as UK residents.
The order is supported by the relevant provisions of the Securities Act (Alberta) and is consistent with National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions. EnQuest PLC will no longer be a reporting issuer in any Canadian jurisdiction following this decision.