After a 4-year hiatus, shares of Comaplex Resources (TSE) are expected to resume trading following a settlement agreement between the Calgary-based company, its major shareholder, and staff of the Ontario Securities Commission.
In December, 1987, the OSC issued a cease-trade order against Comaplex after Schaffhauser Kantonalbank, a Swiss bank, bought a 75% interest in the company without informing the OSC. Comaplex holds a number of oil and gas and mineral exploration properties, mostly in northern Saskatchewan and the Northwest Territories.
The proposed agreement, subject to OSC approval, will settle the regulatory proceedings brought against the bank by the OSC and allow Comaplex shares to resume trading.
Litigation against the bank and other defendants by Comaplex will be suspended until certain aspects of the settlement that relate to the litigation are resolved, the company says.
Before June 5, shareholders will have the right to choose between selling their shares to the bank or receiving future compensation if shares are sold at a loss in connection with a takeover bid.
The OSC will consider the agreement at a public hearing to be held on May 21.
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