October 28 – 15: 00 ET) – The
Ontario Securities Commission
adjourned the hearing against
M.C.J.C. Holdings Inc. and
Michael Cowpland. There is no fixed
date for the return of the
hearing.
The adjournment will enable the
trial in the Ontario Court of
Justice to be heard. Both
proceedings relate to similar
matters. The OSC hearing can be
brought back on by any party with
seven days’ notice.
The Commission also permitted
the Temporary Order issued on
October 14, 1999 against M.C.J.C.
Holdings Inc. and Michael
Cowpland, to expire. The Temporary
Order had prohibited M.C.J.C.
Holdings Inc. and Michael Cowpland
from trading in shares of
Corel Corporation for 15
days from the date the Order was
made.
Staff submitted to the
Commission that the public interest
is adequately served by an
undertaking provided by M.C.J.C.
Holdings Inc. and Michael Cowpland.
That undertaking states that both
Cowpland and M.C.J.C Holdings will
file reports with the Director of
Enforcement at the OSC of any
transactions either of them makes
in securities of Corel Corporation
on the same day that the
transactions are made. The
undertaking will continue in force
until OSC Staff revokes it in
writing, or the conclusion of the
Ontario Court of Justice
proceeding.
Both the OSC and Court
proceedings relate to allegations
that Michael Cowpland and his
personal holding company, M.C.J.C.
Holdings Inc., violated Ontario
securities law with respect to the
sale of 2,431,200 shares of Corel
Corporation in August 1997.
The first appearance in the
Ontario Court of Justice is
scheduled for November 22, 1999
at 9:00a.m. at Old City Hall,
Toronto, Ontario.
-IE Staff
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