IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5, AS AMENDED (the “Act”)
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IN THE MATTER OF
CERTAIN DIRECTORS, OFFICERS AND INSIDERS OF
ROYAL GROUP TECHNOLOGIES LIMITED
(BEING THE PERSONS LISTED
IN SCHEDULE “A” HERETO)
STATEMENT OF ALLEGATIONS OF STAFF
Staff of the Ontario Securities Commission make the following allegations:
- Royal Group Technologies Limited (“Royal Group”) is incorporated under the Canada Business Corporations Act and is a reporting issuer in the Province of Ontario .
- Each of the persons listed in Schedule “A” (individually, a “Respondent” and collectively, the “Respondents”) is, or was, at some time since the end of the period covered by the last financial statements filed by Royal Group, namely September 30, 2005, a director, officer or insider of Royal Group and during that time had, or may have had, in the ordinary course access to or received material information with respect to Royal Group that has not been generally disclosed.
- On March 14, 2006, Royal Group issued and subsequently filed on SEDAR a press release disclosing that it will delay the release of its audited 2005 financial results, the filing of its 2005 Annual Report to Shareholders, the filing of its Annual Information Form and the filing of its 2005 Form 40F (collectively, the “2005 Disclosure Documents”).
- As a result of the foregoing, Royal Group did not expect to be able to file the 2005 Disclosure Documents by the prescribed deadline under Ontario securities law, namely March 31, 2006.
- Royal Group has not filed the 2005 Disclosure Documents as of the date of this order.
- Royal Group is in default of the requirements of Ontario securities law for the reason that Royal Group has not filed the 2005 Disclosure Documents within the time period required by Ontario securities law .
- It would be prejudicial to the public interest to allow the Respondents to trade in the securities of Royal Group until such time as all disclosure required by Ontario securities law has been made by Royal Group.
- It is therefore in the public interest that an order be issued that all trading in and all acquisitions of securities of Royal Group, whether direct or indirect, by the Respondents shall cease until two full business days following the receipt by the Commission of all filings Royal Group is required to make pursuant to Ontario securities law.
April 3, 2006
Blanford, Lawrence J.
Cryer, Thomas W.
Lamoureux, Robert E.
Lawn, James G.
Sardo, V. James
Sheffield, William H.