Exemption Orders (Discretionary)
MULTIPLE OPPORTUNITIES FUND
2001 BCSECCOM 94
IN THE MATTER OF THE SECURITIES ACT
R.S.B.C. 1996, c. 418
AND
IN THE MATTER OF MULTIPLE OPPORTUNITIES FUND
Order Under Section 124 of the Securities Rules
[para 1]
WHEREAS Tuscorora Capital Inc. (“Tuscorora”), the manager of Multiple Opportunities Fund (“MOF”) has applied on behalf of MOF to the Executive Director of the British Columbia Securities Commission (the “Executive Director”) for an Order pursuant to section 124 of the Securities Rules R.B.C. Reg. 194/97 (the “Rules”) that the time limits under section 122 and 123 of the Rules as they apply to the distribution of units of MOF (“Units”) under a simplified prospectus and annual information form dated January 7, 2000 as amended and restated December 7, 2000 (the “Prospectus”) be extended to the time limits that would apply if the lapse date was February 15, 2001;
[para 2]
AND WHEREAS Tuscorora has represented to the Executive Director that:
1. MOF is an open-end mutual fund trust established under the laws of British Columbia and is qualified to distribute Units in B.C. and the Yukon under the Prospectus;
2. MOF is a reporting issuer as defined in the Securities Act, R.S.B.C. 1996, c.418 (the “Act”) and is not on the list of defaulting reporting issuers maintained pursuant to section 77(2) of the Act;
3. pursuant to section 70(2)(a) of the Act and section 121(b) of the Rules, the lapse date of the Prospectus is January 7, 2001 (the “Lapse Date”);
4. in accordance with section 123(b) of the Rules, MOF has filed a pro forma simplified prospectus and annual information form dated December 7, 2000 (the “Pro Forma and Preliminary Prospectus”), is due to file a final simplified prospectus and annual information form (the “Renewal Prospectus”) by January 17, 2001 and obtain a final receipt for the Renewal Prospectus by January 27, 2001 in order to continue distributing Units after the Lapse Date;
5. the Pro Forma and Preliminary Prospectus is in the form of a multiple-fund prospectus that is filed for MOF as a pro forma prospectus in B.C. and the Yukon, filed for MOF as a preliminary prospectus in all other provinces except Quebec and filed for Special Opportunities Fund Ltd. (“SOF”, another fund managed by Tuscorora) as a preliminary prospectus is all provinces except Quebec;
6. Tuscorora was recently appointed manager for MOF and SOF effective January 4, 2001 and the request to extend the Lapse Date is to provide Tuscorora with sufficient time to assess the comments of the Ontario Securities Commission, the principal regulator regarding the Pro Forma and Preliminary Prospectus filing, and to consider proposed revisions to the filing to resolve those comments;
7. there have been no distributions of Units of MOF since September 15, 2000;
[para 3]
AND WHEREAS the Executive Director considers that to do so would not be prejudicial to the public interest;
[para 4]
IT IS ORDERED pursuant to section 124 of the Rules that the time limits provided by section 122(a) and (c) of the Rules, as they apply to the distribution of Units under the Prospectus are hereby extended to the time limits that would be applicable if the lapse date of the Prospectus was February 15, 2001.
[para 5]
DATED at Vancouver, British Columbia on January 17, 2001.
Wayne Redwick, C.G.A.
Director