(August 25 – 18:10ET) – The Canadian Venture Exchange Inc. is formally inviting the companies traded on the Canadian Dealing Network Inc. to apply for a listing on the CDNX.
The CDNX says it is in the process of obtaining regulatory approval for the move, which is anticipated by September 29. The transfer of CDN to the CDNX has been contemplated since the stock exchange realignment was announced back in spring 1999. The CDNX is also talking with the Ontario Securities Commission about a proposal to provide a system for reporting the trading of unlisted securities in Ontario.
CDNX is inviting CDN firms to join its Tier 3 listings. The application deadline for firms hoping to join by October 2 is September 15. Firms that wish to join after October 10, must apply by September 29. The invitation is subject to the receipt of regulatory approvals too.
Companies may defer listing until no later than January 2, 2001, if they wish to wait and see how the Department of Finance chooses to treat CDN companies moving to CDNX for tax purposes. Firms listed on CDN enjoy certain tax advantages.
Firms joining the CDNX will also automatically become reporting issuers in Alberta and B.C., although the CDNX is applying for some relief for transitional relief from reporting obligations. Those discussions remain ongoing.
-IE Staff