Proceedings


IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5, AS AMENDED

AND

IN THE MATTER OF
NORAM CAPITAL MANAGEMENT, INC.

 

ORDER
(Section 127)

 

WHEREAS on September 23 1999, the Ontario Securities Commission (the"Commission") issued a notice of hearing pursuant to section 127(1) of the SecuritiesAct (the "Act") in respect of Noram Capital Management, Inc. ("Noram");

AND WHEREAS the hearing of this matter proceeded before the Commission onSeptember 27, 1999;

AND WHEREAS the Commission is of the opinion that it is in the public interestto make this Order;

IT IS ORDERED THAT:

1. Pursuant to clause 1 of subsection 127(1) of the Act the registration of Noram ishereby suspended as of October 7, 1999 until the later of:

a. 6 months from the date of the commencement of the suspension; or

b. the date upon which the Commission has received audited financialstatements establishing that the capital deficiency has been rectified;

2. Pursuant to s. 127(2) of the Act Noram shall provide to the Commission, untilfurther order of the Commission:

a. quarterly financial statements, with a review report and a working capitalcalculation, within 45 days of the end of the quarter; and

b. monthly statements for the months other than those ending on thequarter date, accompanied with a working capital calculation, within 30days of the month end;

3. Pursuant to subsection 127(2) of the Act, Noram shall send a letter by registeredmail in the form attached as Schedule "A" and Schedule "B" to each of its clientsand First Marathon Correspondent Network respectively, within 24 hours afterreceipt by facsimile of a copy of this Order.

September 28th, 1999.

"J. A. Geller"

"Morley P. Carscallen"

"K. D. Adams"



SCHEDULE "A"

 

September *, 1999

[Name and address of Client]

RE: SUSPENSION OF REGISTRATION OF NORAM CAPITAL MANAGEMENT,INC.

The Ontario Securities Commission has suspended the registration of Noram Capital Management,Inc. ("Noram") for a period of at least six months, which suspension will commence on October 7,1999. The investments you have made in your investment portfolio through Noram are helddirectly with First Marathon Correspondent Network. We recommend that you contact anotherregistered investment counsel portfolio manager to deal with your account, or make such otherarrangements as you feel are appropriate.

For further information, please contact the Ontario Securities Commission at (416) 593-8314.

Yours truly,



Andrew Willman
Noram Capital Management, Inc.

 

 

SCHEDULE "B"

 

September *, 1999

[Name and address of First Marathon Correspondent Network]

RE: SUSPENSION OF REGISTRATION OF NORAM CAPITAL MANAGEMENT,INC.

The Ontario Securities Commission has suspended the registration of Noram Capital Management,Inc. ("Noram") for a period of at least six months, which suspension will commence on October 7,1999. Please be advised that we are corresponding with our clients and recommending that theycontact another investment counsel portfolio manager to deal with their account.

For further information, please contact the Ontario Securities Commission at (416) 593-8314.

Yours truly,



Andrew Willman
Noram Capital Management, Inc.