The British Columbia Securities Commission (BCSC) published a notice Friday indicating that the conditions for its revised recognition order for the TSX Venture Exchange Inc. have been met, and that the order is now in effect.
On July 11, the commission issued a revised recognition order for the TSXV, allowing its proposed acquisition by Maple Group Acquisition Corp. to go ahead. The order was to take effect when Maple acquires 70% of the venture exchange’s parent company, TMX Group Inc.; and Maple, TMX, TSX Inc. and the original Maple shareholders all provide undertakings agreeing to the terms of the order.
The BCSC said that the undertakings were received on July 31, and it the initial take up of the TMX shares was completed Friday, meaning the new order is now also in effect.
The commission has also published all of the various undertakings. Among other things, Maple’s undertaking requires it to allocate sufficient resources to the venture exchange, to foster a venture market in B.C., keep an office in Vancouver, along with various other promises concerning its operations, ownership structure, oversight, and governance.