Kathryn Daniels

The Filer applied for exemptive relief from the requirement to include pro forma financial statements in a business acquisition report under Part 8 of National Instrument 51-102.

The Filer had acquired a business that triggered the reporting requirement but subsequently disposed of the business before the report was due.

The Ontario Securities Commission granted the relief, finding that pro forma financial statements would be confusing and misleading to investors since the Filer no longer owned the business.

The applicant applied for a decision under the securities legislation of Ontario, Alberta, and Manitoba that it is not a reporting issuer.

The applicant represented that its securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and are not traded on any marketplace.

The decision maker found the statutory test was met and ordered that the applicant is not a reporting issuer.