The Filer, a Maryland corporation, applied to the Ontario Securities Commission for an exemption from the prospectus requirement to distribute shares of its majority-owned subsidiary, Granite Point Mortgage Trust Inc., to its Canadian shareholders by way of a pro rata dividend in specie.
The Filer and its subsidiary are not reporting issuers in Canada, and the number of Canadian shareholders is de minimis.
The Commission granted the exemption, subject to the condition that the first trade in the distributed shares will be deemed a distribution unless specific resale conditions are met.
