R.S.O. 1990, c. S.5, AS AMENDED
IN THE MATTER OF
M.C.J.C. HOLDINGS INC. AND MICHAEL COWPLAND
WHEREAS it appears to the Ontario Securities Commission (the "Commission") that:
1. Michael Cowpland ("Cowpland") is an individual who resides in Ottawa, Ontario. Cowpland is the President, Chairman and Chief Executive Officer of Corel Corporation ("Corel");
2. M.C.J.C. Holdings Inc. ("M.C.J.C.") is the personal holding company of Cowpland and holds shares of Corel;
3. Cowpland is the beneficial owner of shares of Corel;
4. Staff of the Commission intend to lay charges against M.C.J.C. and Cowpland under the Provincial Offences Act;
5. Staff will disclose the intention to lay charges against M.C.J.C. and Cowpland to Cowpland prior to this information being publicly disseminated;
6. Throughout the disclosure and trial process, M.C.J.C. and Cowpland will be aware of information as to the strength of Staff's case against M.C.J.C. and Cowpland and the likelihood of their conviction in advance of the public; and
7. The fact of M.C.J.C. and Cowpland being charged and the likelihood of convictions are factors which could affect the price of Corel shares.
AND WHEREAS by Commission Order made February 17, 1999, pursuant to subsection 3.5(3) of the Act, any one of David A. Brown, John A. Geller or Howard Wetston, acting alone, is authorized to make orders under section 127 of the Act with the exception of the power to conduct contested hearings on the merits.
THE COMMISSION is of the opinion that it is in the public interest to make an order pursuant to subsection 127(1)2 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the "Act") and that the length of time required for a hearing could be prejudicial to the public interest.
IT IS THEREFORE ORDERED pursuant to subsection 127(1)2 of the Act that trading in securities of Corel by M.C.J.C. and Cowpland cease immediately for a period of fifteen days from the date of this order unless extended by order of the Commission.
October 14th, 1999.