National Policy 11-203 Process For Exemptive Relief Applications in Multiple Jurisdictions -- Application for an order than the issuer is not a reporting issuer under applicable securities laws -- Requested relief granted.
Applicable Legislative Provisions
Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(10).
Citation: Insta-Rent Inc., Re, 2009 ABASC 33
February 2, 2009
IN THE MATTER OF
THE SECURITIES LEGISLATION OF
ALBERTA AND ONTARIO
IN THE MATTER OF
THE PROCESS FOR EXEMPTIVE RELIEF
APPLICATIONS IN MULTIPLE JURISDICTIONS
IN THE MATTER OF
The securities regulatory authority or regulator in each of the Jurisdictions (the Decision Maker) has received an application from the Filer for a decision under the securities legislation of the Jurisdictions (the Legislation) that the Filer is not a reporting issuer (theRelief Sought).
Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a coordinated review application):
(a) the Alberta Securities Commission is the principal regulator for this application, and
(c) the decision is the decision of the principal regulator and evidences the decision of each other Decision Maker.
Terms defined in National Instrument 14-101 Definitions have the same meaning if used in this decision, unless otherwise defined.
This decision is based on the following facts represented by the Filer:
1. The Filer is a corporation existing under the Business Corporations Act (Ontario) with its head office located in Edmonton, Alberta.
2. On November 6, 2008, easyhome Ltd. (easyhome) acquired all of the issued and outstanding common shares of the Filer pursuant to a take-over bid.
3. The Filer is a reporting issuer or the equivalent in the provinces of Alberta and Ontario.
4. Other than the common shares held by easyhome, the Filer has no securities, including debt securities, outstanding.
5. The Filer has no current intention to seek public financing by way of an offering of securities.
6. The Filer's shares were delisted from the TSX Venture Exchange on November 7, 2008 and no securities of the Filer are listed or traded on a marketplace as defined in National Instrument 21-101 Marketplace Operation.
7. The Filer is applying for relief to cease to be a reporting issuer in all of the jurisdictions in Canada in which it is currently a reporting issuer.
8. On November 10, 2008 the Filer filed a notice in British Columbia under BC Instrument 11-502 Voluntary Surrender of Reporting Issuer Status stating that it will cease to be a reporting issuer in British Columbia on November 20, 2008.
9. The Filer is not in default of any of its obligations under the Legislation as a reporting issuer, except for the obligation to file its interim financial statements for the period ended September 30, 2008, its Management Discussion and Analysis in respect of such financial statements as required under National Instrument 51-102 Continuous Disclosure Obligations and the related certification of such financial statements as required under Multilateral Instrument 52-109 Certification of Disclosure in Filers' Annual and Interim Filings, all of which became due on November 28, 2008.
10 Upon the granting of the relief requested herein, the Filer will not be a reporting issuer or the equivalent in any jurisdiction of Canada.
Each of the Decision Makers is satisfied that the decision meets the test set out in the Legislation for the Decision Maker to make the decision.
The decision of the Decision Makers under the Legislation is that the Relief Sought is granted.