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Rhonda Corporation - s. 144
Headnote
Cease-trade order revoked where the issuer has remedied its default in respect of disclosure requirements under the Act.
Statutes Cited
Securities Act, R.S.O. 1990, c. S.5, as am., ss. 127(1)2, 127(5), 127(8), 144.
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, CHAPTER S.5, AS AMENDED,
(the "Act")
AND
IN THE MATTER OF
RHONDA CORPORATION
ORDER
(Section 144)
WHEREAS the securities of Rhonda Corporation (the "Corporation") currently are subject to an order (the ("Temporary Order") made by the Director on behalf of the Ontario Securities Commission (the "Commission"), pursuant to paragraph 2 of subsection 127(1) and subsection 127(5) of the Act on the 3rd day of June, 2004, as extended by a further order (the "Extension Order") of the Director, made on the 15th day of June, 2004, on behalf of the Commission pursuant to subsection 127(8) of the Act, that trading in the securities of the Corporation cease until the Temporary Order, as extended by the Extension Order is revoked by a further Order of Revocation;
AND WHEREAS the Temporary Order and the Extension Order were each made on the basis that the Corporation was in default of certain filing requirements;
AND WHEREAS the Corporation has represented to the Director that:
1. The Corporation was incorporated under the Business Corporations Act (Alberta) on January 26th, 1977 and is a reporting issuer in the Provinces of Ontario, Alberta and British Columbia;
2. The Temporary Order was issued June 3rd, 2004 by reason of the failure of the Corporation to file with the Commission its audited annual financial statements for the year ended December 31, 2003 and interim statements for the three month period ended March 31, 2004;
3. The Common Shares of the Corporation were halted from trading on the TSX Venture Exchange on June 2nd, 2004 for failure to meet its continuous disclosure requirements;
4. On July 29th, 2004, the Corporation filed its audited annual financial statements for the year ended December 31, 2003 and its interim statements for the three month period ended March 31, 2004 with the Commission through SEDAR;
5. The Corporation has now brought its continuous disclosure filings up to date.
AND WHEREAS the undersigned is satisfied that the Corporation has remedied its default in respect of the filing requirements and is of the opinion that it would not be prejudicial to the public interest to revoke the Temporary Order as extended by the Extension Order;
NOW THEREFORE IT IS ORDERED pursuant to section 144 of the Act, is that the Temporary Order and Extension Order be and they are hereby revoked.
August 27, 2004.
"John Hughes"