The applicants, Prime Restaurants Royalty Income Fund and Prime Restaurants Inc., applied for exemptive relief from the requirements under National Instrument 41-101, National Instrument 51-102, and OSC Rule 56-501 to use prescribed restricted security terms when referring to their class A and class B limited voting shares.
They also sought relief from prospectus and private placement requirements for future distributions of these shares and class C non-voting shares.
The Ontario Securities Commission granted the requested relief, subject to the condition that the shares be referred to as 'Class A Limited Voting Shares' and 'Class B Limited Voting Shares', and that any subsequent restricted security reorganizations comply with the applicable rules.