IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5 AS AMENDED
- AND -
IN THE MATTER OF NEW SOLUTIONS CAPITAL INC., NEW SOLUTIONS
FINANCIAL CORPORATION, NEW SOLUTIONS FINANCIAL (II) CORPORATION,
NEW SOLUTIONS FINANCIAL (III) CORPORATION, NEW SOLUTIONS
FINANCIAL (VI) CORPORATION AND RON OVENDEN
NOTICE OF HEARING
(Subsections 127(7)and 127(8))
WHEREAS on April 11, 2012, the Ontario Securities Commission (the “Commission”) issued a temporary cease trade order pursuant to sections 127(1) and 127(5) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) that:
- all trading in the securities of New Solutions Financial Corporation (“NSFC”), New Solutions Financial (II) Corporation (“NSF2”), New Solutions Financial (III) Corporation (“NSF3”) and New Solutions Financial (VI) Corporation (“NSF6”) shall cease immediately;
- New Solutions Capital Inc. (“NSCI”), NSFC, NSF2, NSF3, NSF6, their employees, representatives and Ron Ovenden shall cease trading in all securities of NSFC, NSF2, NSF3 and NSF6 immediately;
- any exemptions contained in Ontario securities law do not apply to NSCI, NSFC, NSF2, NSF3, NSF6, their employees, representatives and Ron Ovenden; and
- the order shall take effect immediately and shall expire on the fifteenth day after its making unless extended by order of the Commission (the “Temporary Order”).
TAKE NOTICE THAT the Commission will hold a hearing pursuant to subsections 127(7) and (8) of the Act at the offices of the Commission, 20 Queen Street West, 17th Floor, commencing on April 25, 2012 at 2:00 p.m., or as soon thereafter as the hearing can be held;
TO CONSIDER whether it is in the public interest for the Commission:
- to extend the Temporary Order pursuant to subsections 127(7) and (8) of the Act until the conclusion of the hearing, or until such further time as considered necessary by the Commission;
- to make such further orders as the Commission considers appropriate;
BY REASON OF the allegations as set out in the Temporary Order and such further additional allegations and evidence as counsel may advise and the Commission may permit;
AND TAKE FURTHER NOTICE that any party to the proceedings may be represented by counsel at the hearing;
AND TAKE FURTHER NOTICE that upon failure of any party to attend at the time and place aforesaid, the hearing may proceed in the absence of that party and such party is not entitled to further notice of the proceeding.
DATED at Toronto this 18th day of April, 2012.
Secretary to the Commission