BOR 97/07 - Take Over Bids and Going Private Transactions [Rescinded]

IN THE MATTER OF THE SECURITIES ACT R.S.B.C. 1996, c. 418

AND

IN THE MATTER OF TAKE OVER BIDS AND GOING PRIVATE TRANSACTIONS

Order Under Section 114(2)(c)

WHEREAS under section 162(2) of the Securities Rules, R.B.C. Reg. 194/97, where an offeror anticipates that a going private transaction will follow a take over bid, the take over bid circular required under the Securities Act, R.S.B.C. 1996, c. 418 must contain certain information with respect to valuations of the offeree issuer;

AND WHEREAS the Executive Director has routinely waived the requirements of section 162(2) of the Rules where an offeror anticipates that a going private transaction will follow a take over bid;

AND WHEREAS the Commission considers that to do so would not be prejudicial to the public interest;

IT IS ORDERED under section 114(2)(c) of the Act, that an offeror is exempt from the requirements of section 162(2) of the Rules if those requirements arise solely because the offeror anticipates that a going private transaction will follow the take over bid.

DATED at Vancouver, British Columbia, on June 25, 1997.