The Securities Commission has granted an application by an issuer for an order to cease being a reporting issuer under applicable securities laws. The issuer, incorporated under the Canada Business Corporations Act with its head office in Vancouver, British Columbia, is no longer publicly traded following a plan of arrangement that resulted in all its issued and outstanding shares being acquired by Glacier Media Inc. and its affiliates.
The decision was based on several key factors:
1. The issuer is not an OTC reporting issuer.
2. Its securities are beneficially owned by fewer than 15 securityholders in each jurisdiction in Canada and fewer than 51 securityholders worldwide.
3. No securities are traded on any market in Canada or any other country.
4. The issuer is not in default of securities legislation, except for the non-filing of certain continuous disclosure documents which were not required until after the issuer became a wholly-owned subsidiary of Glacier.
The order was made in accordance with the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii). The decision reflects the test set out in the legislation, indicating that the issuer has met the necessary criteria to cease being a reporting issuer.