Exemption Orders (Discretionary)
VANTECK (VRB) TECHNOLOGY CORP.
2001 BCSECCOM 945
Headnote:
Mutual Reliance Review System for Exemptive Relief Applications – relief from the take over bid requirements given only because of the unique circumstances of the offer and the de minimis connection to Canada, subject to conditions – variation of a previous decision in order to apply to further extensions of the offer.
Applicable British Columbia Provisions
Securities Act, R.S.B.C. 1996, c. 418, ss. 171
IN THE MATTER OF THE SECURITIES LEGISLATION OF BRITISH COLUMBIA, ALBERTA AND ONTARIO
AND
IN THE MATTER OF THE MUTUAL RELIANCE REVIEW SYSTEM FOR EXEMPTIVE RELIEF APPLICATIONS
AND
IN THE MATTER OF VANTECK (VRB) TECHNOLOGY CORP.
[para 1]
WHEREAS the local securities regulatory authority or regulator (the "Decision Maker") in each of British Columbia, Alberta and Ontario (the "Jurisdictions") has received an application from Vanteck (VRB) Technology Corp. (the “Filer”) for a decision under the securities legislation of the Jurisdictions (the "Legislation") varying the decision of the Decision Makers entitled In the Matter of Vanteck (VRB) Technology Corp. dated September 11, 2001 (the “Previous Decision”);
[para 2]
AND WHEREAS the terms “Take Over Bid Requirements”, “Offer” and “Extension” each have the respective meaning ascribed to them under the Previous Decision;
[para 3]
AND WHEREAS under the Mutual Reliance Review System for Exemptive Relief Applications (the "System"), the British Columbia Securities Commission is the principal regulator for this application;
[para 4]
AND WHEREAS the Filer has represented to the Decision Makers that:
1. the Previous Decision provided that the Filer was exempt from the Take Over Bid Requirements in respect of the Offer during the Extension provided that the Filer issued a press release, delivered and filed a notice and complied with applicable Australian laws;
2. the Filer has complied with the conditions in the Previous Decision;
3. the Filer now proposes to further extend the Offer to October 12, 2001, and may in the future determine to again extend the Offer;
[para 5]
AND WHEREAS under the System, the MRRS Decision document evidences the decision of each of the Decision Makers (collectively, the "Decision");
[para 6]
AND WHEREAS each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the Decision has been met;
[para 7]
THE DECISION of the Decision Makers under the Legislation is that, effective September 21, 2001, the Previous Decision be varied by
(a) amending paragraph 16 by deleting the phrase “(the “Extension”)”; and
(b) deleting all references in the Previous Decision to “the Extension” and replacing them with “any extension”.
[para 8]
DATED September 25, 2001
Brenda Leong
Director