The Ontario Securities Commission (OSC) granted consent to Tricon Residential Inc. to continue as a corporation under the Business Corporations Act (British Columbia) (BCBCA). This decision was made under section 181 of the Business Corporations Act (Ontario) (OBCA) and section 21(b) of Ontario Regulation 398/21.
Key Facts:
1. Tricon Residential Inc. is an offering corporation under the OBCA with its shares listed on the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE).
2. Tricon entered into an arrangement agreement with Creedence Acquisition ULC, a British Columbia entity, for acquisition by Blackstone Real Estate entities.
3. The arrangement was approved by shareholders and the Ontario Superior Court of Justice, and completed on May 1, 2024.
4. Post-acquisition, Tricon intends to delist from TSX and NYSE, cease being a reporting issuer, and undergo restructuring, including continuance under the BCBCA.
Reasoning:
– The OSC found that the continuance would not prejudice the public interest.
– The rights, duties, and obligations under the BCBCA are substantially similar to those under the OBCA.
– Tricon is in compliance with all relevant regulations and is not involved in any proceedings under the OBCA, the Securities Act (Ontario), or related legislation.
Outcome:
The OSC consented to Tricon Residential Inc.’s continuance under the BCBCA, facilitating the company’s post-closing restructuring plans.