Publication
La Cour suprême du Canada tranche : les cadres ne pourront se syndiquer au Québec
Le 19 avril dernier, la Cour suprême du Canada a rendu une décision fort attendue en matière de syndicalisation des cadres.
Mondial | Publication | October 2016
The Toronto Stock Exchange (the “TSX”) has published a staff notice offering guidance on the pricing of public offerings and private placements by issuers in possession of material undisclosed information. While the staff notice codifies current unwritten practice for those financings that are announced concurrently with an acquisition (the “Pricing Exception”), it clarifies limitations on the Pricing Exception and introduces an additional requirement.
The TSX Company Manual (the “Company Manual”) requires that a private placement – and a prospectus offering to which the TSX has determined its private placement rules apply – be priced at “market price”, as defined in the Company Manual, minus a permitted discount. The market price is intended to take into account all material events, changes and announcements of the issuer, consistent with the principle that all material information relating to the issuer should be publicly disclosed. In short, the Company Manual assumes that where the market has access to all material information, the market price will fully reflect the business and affairs of the issuer; conversely, if an event is not material, it does not need to be disclosed, as it would ostensibly have no effect on the market price.
On this basis, it is generally not permissible to price a financing where the issuer possesses material undisclosed information. However, the TSX has historically applied the Pricing Exception where a material transaction, such as a significant acquisition, that has not been disclosed would only be possible in conjunction with a financing.
While the Pricing Exception will remain available, the staff notice advises of new limitations on its application. First, the TSX will now require issuers, other than in exceptional circumstances (which have not been defined), to provide an officer’s certificate confirming that (a) the proposed acquisition would not have been entered into without the related financing and (b) the proceeds of the financing are intended to be used primarily to fund the acquisition.
Second, the TSX identified two scenarios in which the Pricing Exception may not be available:
The staff notice highlights the TSX’s focus on equal access to information, the importance of full disclosure to an efficient market and the importance of an efficient market to the protection of investors. Issuers that may seek to rely on the Pricing Exception should ensure that they are in a position to provide the required officer’s certificate, and should approach the TSX as early as possible if they may not be able to do so or if the proceeds of the financing may exceed the cost of the proposed acquisition by 30% or more.
Publication
Le 19 avril dernier, la Cour suprême du Canada a rendu une décision fort attendue en matière de syndicalisation des cadres.
Publication
Le budget 2024 propose d’élargir la portée de certains pouvoirs permettant à l’ARC de demander des renseignements aux contribuables tout en prévoyant de nouvelles conséquences pour les contribuables contrevenants.
Publication
L'impôt minimum de remplacement (IMR) est un impôt sur le revenu additionnel prévu dans la Loi de l’impôt sur le revenu (Canada) (la « Loi ») auquel sont assujettis les particuliers et certaines fiducies qui pourraient autrement avoir recours à certaines déductions et exemptions et à certains crédits pour réduire leur impôt sur le revenu fédéral canadien régulier.
Abonnez-vous et restez à l’affût des nouvelles juridiques, informations et événements les plus récents...
© Norton Rose Fulbright LLP 2023