Exemption Orders (Discretionary)

KINGSGATE CONSOLIDATED NL


2001 BCSECCOM 1015


Headnote

Mutual Reliance Review System for Exemptive Relief Applications – Issuer deemed to cease to be a reporting issuer – issuer’s securities not listed on any market in Canada – operations, management and listing all in Australia – Canadian shareholders hold approximately 0.12% of issued and outstanding shares and will continue to receive Australian continuous disclosure documents

Applicable British Columbia Provisions

Securities Act, R.S.B.C. 1996 , c. 418, s. 88

IN THE MATTER OF THE SECURITIES LEGISLATION OF BRITISH COLUMBIA AND ALBERTA

AND

IN THE MATTER OF THE MUTUAL RELIANCE REVIEW SYSTEM FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF KINGSGATE CONSOLIDATED NL

MRRS DECISION DOCUMENT

[para 1]
WHEREAS the local securities regulatory authority or regulator (the "Decision Maker") in each of British Columbia and Alberta (the "Jurisdictions") has received an application from Kingsgate Consolidated NL ("Kingsgate") for a decision under the securities legislation of the Jurisdictions (the "Legislation") that Kingsgate be deemed to cease to be a reporting issuer in the Jurisdictions;

[para 2]
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 3]
AND WHEREAS Kingsgate has represented to the Decision Makers that:

1. Kingsgate was incorporated under the laws of New South Wales on October 28, 1970;

2. Kingsgate is a reporting issuer in each of the Jurisdictions and is the subject of a cease trade order in British Columbia for failing to file certain financial statements;

3. the authorized capital of Kingsgate consists of an unlimited number common shares without par value of which 59,473,304 common shares are currently issued and outstanding;

4. the common shares were voluntarily delisted from the Canadian Venture Exchange on September 30, 2000 and now trade only through the facilities of the Australian Stock Exchange;

5. there is no market in Canada for the common shares of Kingsgate;

6. Kingsgate does not intend to make an offering of its securities to the public in Canada or to list or quote its securities on any stock exchange or market in Canada;

7. a total of 72,500 common shares, representing approximately 0.12% of the total outstanding common shares, are held by 13 Canadian resident shareholders of which 11 are resident in British Columbia and one is resident in Alberta;

8. the management, business and main assets of Kingsgate are located in Australia; and

9. all shareholders of Kingsgate resident in Canada, whether registered or unregistered, will continue to be provided with the same continuous disclosure documents that are provided to the shareholders of Kingsgate resident in Australia, including audited annual financial statements;

[para 4]
AND WHEREAS under the System, the MRRS Decision document evidences the decision of each of the Decision Makers (collectively, the "Decision");

[para 5]
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 6]
THE DECISION of the Decision Makers under the Legislation is that Kingsgate is deemed to cease to be a reporting issuer under the Legislation.

[para 7]
DATED October 25, 2001.





Brenda Leong
Director
©2024 British Columbia Securities Commission