The Securities Commission has granted an application by a corporation for an order to cease being a reporting issuer. The corporation, incorporated under British Columbia law with its head office in Vancouver, completed a statutory plan of arrangement resulting in its common shares being acquired by a limited group of shareholders and subsequently delisted from the TSX Venture Exchange.
The corporation is not an OTC reporting issuer and its securities are owned by fewer than 15 securityholders in each jurisdiction in Canada and fewer than 51 worldwide. No securities are traded on any market in Canada or internationally. The corporation was not in compliance with securities legislation due to the failure to file certain interim financial documents but was otherwise not in default.
The order 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 decision was based on the corporation meeting the criteria set out in the relevant legislation and regulations, including the absence of a significant number of securityholders and the lack of public trading of its securities.