Mutual Reliance Review System for Exemptive Relief Applications - decision declaringa company to no longer be a reporting issuer under the Legislation followingcompletion of a statutory plan of arrangement.
Applicable Ontario Statutory Provisions
Securities Act, R.S.O. 1990, c.S.5 as amended. s. 83
THE SECURITIES LEGISLATION OF BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN, AND ONTARIO
IN THE MATTER OF
THE MUTUAL RELIANCE REVIEW SYSTEM FOR EXEMPTIVE RELIEF APPLICATIONS
IN THE MATTER OF
ENERTEC RESOURCE SERVICES INC.
MRRS DECISION DOCUMENT
1. WHEREAS the local securities regulatory authority or regulator (the "DecisionMaker") in each of British Columbia, Alberta, Saskatchewan and Ontario (the"Jurisdictions") has received an application from Enertec Resource ServicesInc. (the "Enertec") for a decision under the securities legislation of theJurisdictions (the "Legislation") that Enertec be declared to no longer be areporting issuer or the equivalent under the Legislation;
2. AND WHEREAS pursuant to the Mutual Reliance Review System for ExemptiveRelief Applications (the "System"), the Alberta Securities Commission is theprincipal regulator for this application;
3. AND WHEREAS Enertec has represented to the Decision Makers that:
3.1 Enertec is a corporation organized and subsisting under the BusinessCorporations Act (Alberta);
3.2 the head office of Enertec is in Calgary, Alberta;
3.3 Enertec is a reporting issuer or the equivalent under the Legislation;
3.4 Enertec is not in default of any requirement of the Legislation;
3.5 Enertec is authorized to issue an unlimited number of common sharesand as at September 30, 1999, 7,065,296 common shares (the "Shares")were issued and outstanding and listed on The Toronto Stock Exchange;
3.6 pursuant to a Combination Agreement by and among Veritas DGC Inc.("Veritas"), Veritas Energy Services Inc ("VESI") and Enertec dated as ofMarch 30, 1999 and amended and restated as of June 25, 1999 and July29, 1999, on September 30, 1999 VESI and Enertec completed astatutory plan of arrangement (the "Arrangement") whereby all of theholders of common shares of Enertec transferred their Shares to VESI inconsideration for Class A Exchangeable Shares Series I of VESI;
3.7 VESI is the sole beneficial owner of the Shares;
3.8 on October 12, 1999 the Shares were delisted by The Toronto StockExchange;
3.9 other than the Shares beneficially held by VESI, Enertec has nooutstanding securities;
3.10 Enertec does not intend to seek public financing by way of an issue ofsecurities at this time;
4. AND WHEREAS under the System, this MRRS Decision Document evidencesthe decision of each Decision Maker ( collectively, the "Decision");
5. AND WHEREAS each of the Decision Makers is satisfied that the test containedin the Legislation that provides the Decision Maker with the jurisdiction to makethe Decision has been met;
6. THE DECISION of the Decision Makers pursuant to the Legislation is thatEnertec is declared to no longer be a reporting issuer or the equivalent underthe Legislation as of the date of this MRRS Decision Document.
DATED at Calgary, Alberta this 10th day of February, 2000.
"Patricia M. Johnston"
Director, Legal Services & Policy Development