Mikes Restaurants Inc. - MRRS Decision

IN THE MATTER OF

THE SECURITIES LEGISLATION OF

QUÉBEC AND ONTARIO

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEW SYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

MIKES RESTAURANTS INC.

MRRS DECISION DOCUMENT

WHEREAS the local securities regulatory authority or regulator (the "Decision Maker") in each of Québec andOntario (the "Jurisdictions") has received an application from Mikes Restaurants Inc. ("Mikes") for a decision under thesecurities legislation of the Jurisdictions (the "Legislation") that Mikes be deemed to have ceased to be a reportingissuer under the Legislation;

AND WHEREAS under the Mutual Reliance Review System for Exemptive Relief Applications (the "System"),la Commission des valeurs mobilières du Québec is the principal regulator for this application;

AND WHEREAS Mikes has represented to the Decision Makers that:

1. Mikes is a corporation existing under the Canada Business Corporations Act ("CBCA");

2. Mikes is a reporting issuer under the Legislation and is not in default of any of the requirements of thelegislation;

3. Mikes's principal place of business is in Montréal, Québec;

4. The authorized share capital of Mikes consists of an unlimited number of common shares, of which 3,065,172common shares are issued and outstanding;

5. As a result of an offer to purchase by Pizza Delight Corporation ("PDC"), by way of take-over bid, for all of theissued and outstanding common shares of Mikes, and the subsequent compulsory acquisition under section206 of the CBCA of all common shares of Mikes not tendered to the take-over bid, PDC became the soleshareholder of Mikes on February 16, 2001;

6. Mikes common shares were listed from The Toronto Stock Exchange and no securities of Mikes are listed orposted on any exchange or market;

7. Mikes has no other securities, including debt securities, outstanding other than the common shares held byPDC; and

8. Mikes does not intend to seek public financing by way of an offering of securities.

AND WHEREAS, under the System, this MRRS Decision Document evidences the decision of each DecisionMaker (collectively, the"Decision");

AND WHEREAS each of the Decision Makers is satisfied that the test contained in the Legislation that providesthe Decision Maker with the jurisdiction to make the Decision has been met;

THE DECISION of the Decision Makers under the Legislation is that Mikes is deemed to have ceased to be areporting issuer under the Legislation.

DATED at Montréal, Québec this 12^th day of March, 2001.

"Jean-François Bernier"