The Exchange will only require shareholder approval for a share consolidation which, when combined with any other share consolidation conducted by the Issuer within the previous 24 months that was not approved by the Issuer’s shareholders, would result in a cumulative consolidation of greater than 10 to 1 over such 24 month period. It should be noted that an Issuer may still be subject to shareholder approval requirements under applicable corporate laws.
The foregoing is a summary only and should not be construed as the formal implementation of the applicable policy amendments. The Exchange intends to formally publish and implement the policy amendments that will give effect to the foregoing by mid-August 2013. The Exchange will issue a separate Bulletin/Notice to Issuers confirming the formal implementation of the policy amendments and setting out applicable transitional provisions, if any. The full specifics of the policy amendments will not be available until such time.
Although these policy amendments are not currently in force and will not be until such time as the specific policy amendments are formally implemented, the Exchange will, in the interim, consider allowing Issuers to rely upon the intended changes to the existing policy requirements.
It should be noted that the Exchange will not, contemporaneous with the lapsing of the Offering Price Relief Measure, be implementing any policy amendments that would continue to permit shares/units to be offered at a price below $0.05 per share or unit.