TSX Group today announced that the Supreme Court of Canada has denied leave to appeal to Messrs. Murdo McLeod and Sidney M. Miszczuk from decisions of TSX Venture Exchange issued in late 2004.
Both individuals were directors of former TSXV-listed issuers Flag Resources (1985) Limited and Golden Briar Mines Limited, and were found by TSX Venture Exchange to be unsuitable to act as directors and officers (and in Mr. McLeod's case, as an employee, agent or consultant) of TSXV-listed issuers. McLeod and Misczczuk appealed the TSXV decisions to the Alberta Securities Commission, and the ASC upheld the TSXV’s decisions. McLeod and Misczcuk then appealed the ASC decision to the Alberta Court of Appeal, which also upheld the TSXV’s decisions. With the leave to appeal application of these individuals having been denied by the Supreme Court, this matter is now closed.
Linda Hohol, President of TSX Venture Exchange, said, “We take our obligations to ensure the appropriateness of people who seek involvement in the Canadian capital markets seriously.” She went on to say, "We are pleased that both the Alberta Securities Commission and the Alberta Court of Appeal have affirmed that the TSX Venture Exchange has a very high degree of discretion when assessing whether persons are unsuitable to be associated with our listed issuers. Both the ASC and the Court of Appeal clearly stated that this discretion will generally not be interfered with on appeal.”
Related civil litigation launched by both men and by Flag and Golden Briar against TSXV was abandoned in 2006, with court costs being awarded to TSX Venture Exchange.
About TSX Group Inc. (TSX-X)
TSX Group operates Canada's two national stock exchanges, Toronto Stock
Exchange serving the senior equity market and TSX Venture Exchange serving
the public venture equity market, Natural Gas Exchange (NGX), a leading North
American exchange for the trading and clearing of natural gas and electricity
contracts and Shorcan Brokers Limited, the country's first fixed income interdealer
broker. TSX are the initials attached to the core equity operations of TSX
Group (www.tsx.com): Toronto Stock Exchange, TSX Venture Exchange, TSX
Markets, TSX Datalinx, and TSX Technologies. TSX Group is headquartered in
Toronto and maintains offices in Montreal, Winnipeg, Calgary and Vancouver.
