2 total
Commission defers to TSX decision allowing private placement without unitholder approval; review application dismissed.
NorthWest Value Partners Inc. applied for a hearing and review of two decisions of the Toronto Stock Exchange (TSX) regarding InterRent Real Estate Investment Trust: a decision accepting notice of a private placement without requiring unitholder approval, and a decision allowing InterRent to postpone its annual meeting.
On preliminary motions, the Ontario Securities Commission granted intervenor status to CLV Group Inc., denied NorthWest's request for disclosure of the subscribers' names, and concluded it would defer to the TSX's decision on the private placement as NorthWest failed to establish grounds for intervention under the Canada Malting test.
The Commission also dismissed the request to review the meeting date decision because it was filed outside the 30-day statutory time limit.
Application to review TSX decisions on private placement and meeting delay dismissed; Commission deferred to TSX.
NorthWest Value Partners Inc. applied for a hearing and review of two decisions of the Toronto Stock Exchange (TSX) regarding InterRent Real Estate Investment Trust.
The TSX had allowed a private placement to proceed without unitholder approval and permitted a delay in the annual meeting.
The Ontario Securities Commission granted intervenor status to CLV Group Inc. but denied it to Mike McGahan.
The Commission declined to order disclosure of the private placees' names to protect their privacy.
Applying the Canada Malting test, the Commission deferred to the TSX Listing Committee Decision, finding no grounds to intervene.
The application to review the TSX Meeting Date Decision was dismissed as it was filed out of time.
