Mutual Reliance Review System for Exemptive Relief Applications - Decision declaringtwo income funds to no longer be reporting issuers following the exchange andcancellation of all their trust units pursuant to a merger with a third fund.
Applicable Ontario Statutory Provisions
Securities Act, R.S.O. 1990, c.S.5, as am., s.83.
Applicable Alberta Statutory Provisions
Securities Act, S.A., 1981, c.S-6.1, as amended, s. 125.
IN THE MATTER OF
THE MUTUAL RELIANCE REVIEW SYSTEM FOR EXEMPTIVE RELIEF APPLICATIONS
IN THE MATTER OF
WESTROCK ENERGY INCOME FUND I AND WESTROCK ENERGY INCOME FUND II
MRRS DECISION DOCUMENT
1. WHEREAS the local securities regulatory authority or regulator (the "DecisionMaker") in each of Alberta, British Columbia, Ontario, Saskatchewan, Quebec,Nova Scotia, New Brunswick, Newfoundland and Prince Edward Island (the"Jurisdictions") has received an application from Westrock Energy Income FundI ("Westrock I") and Westrock Energy Income Fund II ("Westrock II")(collectively, the "Funds") for a decision under the securities legislation of theJurisdictions (the "Legislation") that the Funds be declared to no longer bereporting issuers, or the equivalent thereof, 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 the Funds have represented to the Decision Makers that:
3.1 Westrock I was formed under the laws of Alberta pursuant to a trustindenture dated March 2, 1987, as amended, with its registered officelocated in Calgary, Alberta;
3.2 Westrock II was formed under the laws of Alberta pursuant to a trustindenture dated January 15, 1988, as amended, with its registered officelocated in Calgary, Alberta;
3.3 the Funds are reporting issuers, or the equivalent thereof, in each of theJurisdictions and are not in default of the requirements under theLegislation;
3.4 pursuant to a merger (the "Merger") approved by the Westrock Iunitholders and the Westrock II unitholders on June 8, 2000, Westrock Iand Westrock II merged with Enerplus Resources Fund ("Enerplus");
3.5 prior to the Merger, there were 7,705,495 trust units of Westrock Ioutstanding, all of which were exchanged for trust units of Enerplus("Enerplus Units") pursuant to the Merger, and subsequently canceled,and Westrock I was wound-up and terminated;
3.6 prior to the Merger, there were 12,286,028 trust units of Westrock IIoutstanding, all of which were exchanged for Enerplus Units pursuant tothe Merger and subsequently canceled, and Westrock II was wound-upand terminated;
3.7 the trust units of the Funds were delisted from The Toronto StockExchange on June 13, 2000 and no securities of the Funds are listed ortraded on any exchange or market in Canada or elsewhere;
3.8 there are no securities of the Funds, including debt obligations, currentlyissued and outstanding;
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 under the Legislation is that Westrock Iand Westrock II are declared to no longer be reporting issuers, or the equivalentthereof, under the Legislation as of the date of this Decision Document.
DATED this 2nd day of August, 2000."Patricia M. Johnston"
Director, Legal Services & Policy Development