Decisions

C. Philip Yeandle [Sec. 144, 144.1 & 154.2]

BCSECCOM #:
Document Type:
Sec. 144, 144.1 & 154.2
Published Date:
1992-03-20
Effective Date:
1992-03-12
Details:

COR #92/040
IN THE MATTER OF The Securities Act, S.B.C. 1985, c. 83
AND IN THE MATTER OF C. Philip Yeandle
Orders Under Sections 144, 144.1 and 154.2
J.C. Maykut, E.L. Lien, D. Devine
March 12, 1992

ORDERS:-- WHEREAS on January 28, 1992 the British Columbia Securities Commission held a hearing under section 144(1) of the Securities Act, S.B.C. 1985, c. 83 to consider whether it is in the public interest to make orders under sections 144, 144.1 and 154.2 of the Act concerning C. Philip Yeandle;

      AND WHEREAS at the hearing, the Commission ordered under sections 144(1)(b) and (d) of the Act, respectively, that Yeandle cease trading in the securities of Fair Resources Group Inc. and Euro-Pacific Capital Resource Group Inc. (the "Shares") and that Yeandle is prohibited from acting as a director or officer of any reporting issuer until this order is issued;

      AND WHEREAS on February 4, 1992, an Agreed Statement of Facts was signed by Yeandle and the Superintendent of Brokers, a copy of which is attached as Schedule "A";

      NOW THEREFORE the Commission, after considering the evidence and the submissions of counsel for Commission staff and of counsel for Yeandle and considering that it would be in the public interest to do so, orders:

1.
that under section 144(1)(c) of the Act the exemptions described in sections 30 to 32, 55, 58, 80 and 81 of the Act do not apply to Yeandle for a period of 8 years from the date of this order to March 12, 2000, except that Yeandle may trade any or all the Shares, subject to the following conditions:
a)
that before any of the Shares are traded Yeandle must deliver to Commission staff a statutory declaration disclosing his direct or indirect beneficial ownership of all securities;
b)
that Yeandle must trade the Shares through a registered dealer under a power of attorney authorizing the orderly disposition of the Shares by the registered dealer in his sole discretion within 30 days from the date of this order;
c)
that before any of the Shares are traded, Yeandle must deliver to the registered dealer a copy of this order and an irrevocable direction directing the registered dealer to pay the Commission the first $15,000 of proceeds from the sale of the Shares, less commissions, to satisfy the terms of this order;
d)
that no unusual effort is made to prepare the market or create a demand for the Shares;
e)
that no extraordinary commission or other consideration is paid in respect of the trades of the Shares; and
f)
that, within 5 business days of the end of the 30 day period, Yeandle delivers to Commission staff a written report, in a form satisfactory to Commission staff, disclosing particulars of the trades of the Shares;
2.
under section 144(1)(d) of the Act, Yeandle is prohibited from becoming or acting as a director or officer of any reporting issuer for a period of 15 years from the date of this order to March 12, 2007;
3.
under section 144.1 of the Act, Yeandle pay to the Commission an administrative penalty of $10,000; and
4.
under section 154.2 of the Act, Yeandle pay to the Commission the sum of $5,000 towards the costs of and related to the hearing.
J.C. MAYKUT
Vice Chairman
E.L. LIEN
Member
D. DEVINE
Member