The Ontario Securities Commission (OSC) has revoked a cease trade order (CTO) previously issued against Tony G Co-Investment Holdings Ltd. (the Issuer). The CTO was initially imposed on June 6, 2022, due to the Issuer’s failure to file required annual financial statements, management’s discussion and analysis (MD&A), and certifications for the year ended January 31, 2022, as mandated by National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102) and National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (NI 52-109).
Subsequently, the Issuer also failed to file additional continuous disclosure materials for interim periods and the following year. However, the Issuer has since remedied these defaults by updating all required filings and paying outstanding fees. The Issuer has also provided the OSC with a written undertaking that includes holding an annual meeting of shareholders within three months after the revocation of the CTO and not completing certain types of transactions unless specific conditions are met.
The OSC, acting as the Principal Regulator and considering the Issuer’s compliance with continuous disclosure obligations and other regulatory requirements, determined that revoking the CTO is justified. The decision was made under the authority of Section 144 of the Securities Act (R.S.O. 1990, c.S.5) and in accordance with National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
The revocation order was issued on July 18, 2023, and the Issuer is expected to issue a news release and file a material change report on the revocation and its future plans.