Exemption Orders (Discretionary)

DIGITAL PROCESSING SYSTEMS INC.


2001 BCSECCOM 11


Headnote

Mutual Reliance Review System for Exemptive Relief Applications – Issuer deemed to have ceased to be a reporting issuer following take over bid and subsequent compulsory acquisition leaving only a small number of security holders.

Applicable British Columbia Provisions

Securities Act, R.S.B.C. 1996, c. 418, ss. 1(1), 88


IN THE MATTER OF THE SECURITIES LEGISLATION OFBRITISH COLUMBIA, ALBERTA, SASKATCHEWAN, ONTARIO, QUEBEC, NOVA SCOTIA AND NEWFOUNDLAND AND

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

AND
IN THE MATTER OF DIGITAL PROCESSING SYSTEMS INC.

MRRS DECISION DOCUMENT

WHEREAS the local securities regulatory authority or regulator (the “Decision Maker”) in British Columbia, Alberta, Saskatchewan, Ontario, Québec, Nova Scotia and Newfoundland (the “Jurisdictions”) has received an application from Digital Processing Systems Inc. (the “Filer”) for a decision under the securities legislation of the Jurisdictions (the “Legislation”) that the Filer be deemed to have ceased to be a reporting issuer under the Legislation;

AND WHEREAS under the Mutual Reliance Review System for Exemptive Relief Applications (the “System”), the Ontario Securities Commission is the principal regulator for this application;

AND WHEREAS the Filer has represented to the Decision Makers that:

1. the Filer was formed under the laws of the Province of Ontario, is a reporting issuer in each of the Jurisdictions and is not in default of any of the requirements of the Legislation;
    2. the Filer’s head office is located in Markham, Ontario;
      3. the Filer’s issued and outstanding securities consist of 13,316,925 common shares (the “DPS Shares”);
        4. as a result of a take-over bid and the subsequent compulsory acquisition procedures, Leitch Technology Corporation became the sole holder of DPS Shares;

        5. the Filer has no securities, including debt securities, outstanding other than the DPS Shares;
          6. the DPS Shares were delisted from The Toronto Stock Exchange following the close of trading on October 30, 2000 and no securities of the Filer are listed or quoted on any exchange or market; and
            7. the Filer does not intend to seek public financing by way of an offering of its securities.
              AND WHEREAS pursuant to the System, this MRRS Decision Document evidences the decision of each Decision Maker (collectively, the “Decision”);

              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;

              THE DECISIONof the Decision Makers under the Legislation is that the Filer is deemed to have ceased to be a reporting issuer under the Legislation.

              DATED at Toronto, this 5th day of December, 2000.

              John Hughes
              Manager, Continuous Disclosure
              ©2024 British Columbia Securities Commission