The Ontario Securities Commission (OSC) granted Pointe West Golf Club Corp.’s application to cease being a reporting issuer in Ontario. Despite not meeting the simplified procedure criteria under National Policy 11-206 due to having more than 400 securityholders and being in default of certain securities requirements, the OSC approved the application. The decision was based on several factors: the Filer’s shares are not publicly traded, there has been no market creation for its securities, and it has consistently met disclosure obligations except for specific defaults. The decision was supported by a special shareholders’ meeting where the resolution to cease being a reporting issuer was overwhelmingly approved. The relevant law cited is the Securities Act, R.S.O. 1990, c. S.5, as amended, s. 1(10).
