The cease trading order was issued Dec 1, 1987, after a Swiss merchant bank announced that it held 75% of Calgary-based Comaplex’s 5.6 million outstanding shares.
Schaffhauser Kantonalbank of Switzerland is alleged to have breached Ontario securities rules by not providing full disclosure of the acquisition. As a result, Comaplex has initiated legal proceedings against the bank and the case is scheduled to be heard in the Ontario Supreme Court later this fall.
At a recent OSC hearing in Toronto called to consider the cease trading order, OSC Chairman Stan Beck decided that there should be no resumption of trading until after the Supreme Court trial.
While Beck has not yet given any reason for his decision, there was no pressure from minority shareholders of Comaplex to have the cease trading order lifted.
“If anyone was trading Comaplex shares, they would be traded on litigation more than on the strength of the company,” said OSC lawyer Nancy Ross.
Comaplex’s assets include a 25% stake in Vancouver-based metal explorer Redfern Resources (VSE), which has an option to earn a 40% stake in the Tulsequah Chief zinc deposit in northwestern British Columbia from Cominco Resources. Comaplex also has interests in a number of Alberta and Saskatchewan oil wells.
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