Section 144 -- application for revocation of cease trade order -- issuer subject to cease trade order as a result of its failure to file with the Commission interim financial statements -- issuer has brought filings up to date -- full revocation granted.
Ontario Statutory Provisions Cited
Securities Act, R.S.O. 1990, c. S.5, as am., ss. 127 and 144.
National Instrument 21-101 Marketplace Operation.
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, CHAPTER S.5, AS AMENDED
IN THE MATTER OF
CONSOLIDATED GRANDVIEW INC.
WHEREAS the securities of Consolidated Grandview Inc. (the "Reporting Issuer") are subject to a Temporary Order of the Manager made on behalf of the Ontario Securities Commission (the "Commission"), pursuant to paragraph 2 of subsections 127(1) and 127(5) of the Act on February 4, 2003, as extended by a further order of the Manager on February 14, 2003 on behalf of the Commission pursuant to subsection 127(8) of the Act (collectively the "Cease Trade Order"), directing that trading in the securities of the Reporting Issuer cease until the Cease Trade Order is revoked by a further order of revocation;
AND UPON the Reporting Issuer having applied to the Commission for revocation of the Cease Trade Order pursuant to section 144 of the Act;
AND UPON the Reporting Issuer having represented to the Commission that:
1. The Reporting Issuer was incorporated under the Business Corporations Act (Ontario) on November 23, 1945 and is a reporting issuer in the Province of Ontario;
2. The authorized capital of the Reporting Issuer consists of an unlimited number of common shares, of which 3,271,002 are issued and outstanding as of the date hereof;
3. No securities of the Reporting Issuer are traded on a marketplace as defined in National Instrument 21-101 Marketplace Operation;
4. The Cease Trade Order was issued by reason of the failure of the Reporting Issuer to file with the Commission its interim financial statements for the six-month period ended November 30, 2002 (the "CTO Interim Financial Statements"), as required by the Act;
5. On March 17, 2003, the Reporting Issuer filed the CTO Interim Financial Statements with the Commission through SEDAR;
6. The Reporting Issuer filed with the Commission through SEDAR:
(a) the interim financial statements for the nine-month period ended February 28, 2003 on May 1, 2003;
(b) the interim financial statements for the three-month period ended August 31, 2003 on February 4, 2004; and
(c) the interim financial statements for the six-month period ended November 30, 2003 on February 4, 2004,
(collectively the "Subsequent Interim Financial Statements");
7. The Reporting Issuer filed with the Commission through SEDAR:
(a) revised annual financial statements for the year ended May 31, 2003 on April 26, 2004.
8. The Reporting Issuer has now brought its continuous disclosure filings up-to-date;
9. Except for the Cease Trade Order and the failure of the Reporting Issuer to file the Subsequent Interim Financial Statements when due, the Reporting Issuer is not otherwise in default of any requirements of the Act or the rules and regulation made thereunder;
AND UPON considering the application and the recommendation of Staff of the Commission;
AND UPON the Commission being of the opinion that to do so would not be prejudicial to the public interest;
IT IS ORDERED pursuant to section 144 of the Act that the Cease Trade Order be and is hereby revoked.
May 5, 2004.