National Policy 11-203 Process or Exemptive Relief Applications in Multiple Jurisdictions -- application for an order that the issuer is not a reporting issuer -- requested relief granted.
Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(10).
Citation: Decision Dynamics Technology Ltd., Re, 2010 ABASC 302
July 6, 2010
IN THE MATTER OF
THE SECURITIES LEGISLATION OF
ALBERTA, SASKATCHEWAN, MANITOBA,
ONTARIO, QUÉBEC AND THE
IN THE MATTER OF
THE PROCESS FOR EXEMPTIVE RELIEF
APPLICATIONS IN MULTIPLE JURISDICTIONS
IN THE MATTER OF
DECISION DYNAMICS TECHNOLOGY LTD.
The securities regulatory authority or regulator in each of the Jurisdictions (the Decision Maker) has received an application from the Filer for a decision under the securities legislation of the Jurisdictions (the Legislation) that the Filer be deemed to have ceased to be a reporting issuer under the Legislation in each of the Jurisdictions (the Exemptive Relief Sought).
Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a coordinated review application):
(a) the Alberta Securities Commission is the principal regulator for this application, and
(b) the decision is the decision of the principal regulator and evidences the decision of each other Decision Maker.
Terms defined in National Instrument 14-101 Definitions have the same meaning if used in this decision, unless otherwise defined.
This decision is based on the following facts represented by the Filer:
1. The Filer is a corporation existing under the Canada Business Corporations Act (CBCA).
2. The head office of the Filer is located in Calgary, Alberta.
3. The Filer is a reporting issuer in each of the Jurisdictions.
4. Coreworx Inc. acquired all of the issued and outstanding securities of the Filer by way of a plan of arrangement under the CBCA effective April 30, 2010. As a result, the outstanding securities of the Filer, including debt securities, are beneficially owned, directly or indirectly, by fewer than 15 holders in each of the jurisdictions in Canada and less than 51 security holders in total in Canada.
5. The common shares of the Filer were listed and posted for trading on the TSX-V under the symbol DDY on March 10, 2004. The common shares of the Filer were delisted from trading on the TSX-V on May 16, 2010.
6. No securities of the Filer are traded on a marketplace as defined in National Instrument 21-101 Marketplace Operation.
7. The Filer is applying for a decision that the Filer is not a reporting issuer in each of the Jurisdictions.
8. The Filer has no current intention to seek public company financing by way of an offering of securities.
9. The Filer is not in default of any of its obligations under the Legislation as a reporting issuer, except for the obligation to file its interim financial statements for the period ended March 31, 2010, its management discussion and analysis in respect of such financial statements as required under National Instrument 51-102 Continuous Disclosure Obligations and the related certification of such financial statements as required under Multilateral Instrument 52-109 Certification of Disclosure in Filers' Annual and Interim Filings, all of which became due on May 31, 2010.
10. The Filer is not eligible to use the simplified procedure of CSA Staff Notice 12-307 Applications for a Decision that an Issuer is not a Reporting Issuer as it is in default under the Legislation as described above.
11. Upon the granting of the relief requested herein, the Filer will not be a reporting issuer or the equivalent in any jurisdiction of Canada.
Each of the Decision Makers is satisfied that the decision meets the test set out in the Legislation for the Decision Maker to make the decision.
The decision of the Decision Makers under the Legislation is that the Exemptive Relief Sought is granted.