"This is a great day for Canada's capital markets," said Barbara Stymiest, President and CEO of the TSE. "We're thrilled and excited about moving ahead with new initiatives aimed at developing a stronger Canadian capital market, containing separate junior and senior exchanges which will operate on a complementary and co-ordinated basis, with enhanced international profile."
The approvals received today are the last approvals required to permit the deal to close. At the TSE's Annual General Meeting in May, shareholders approved an amendment allowing for CDNX board members to join an expanded TSE Board. At an Annual General Meeting the same day, CDNX shareholders also approved the TSE's $50 million purchase of the junior exchange.
Among the many benefits expected from the transaction are cost efficiencies realized through combining the provision of some services and a more streamlined approach to graduated listed companies from CDNX to the senior TSE market. These developments, in turn, will enhance the attractiveness of CDNX and the TSE as exchanges for issuers seeking new listings.
TSE
The TSE is the leading provider of market services for Canada. The TSE consistently ranks among the world's top exchanges by market capitalization and liquidity. The TSE provides issuers and investors with a well-regulated, fair and accessible marketplace.
CDNX
The Canadian Venture Exchange (CDNX) is Canada's public venture capital marketplace providing emerging companies with access to capital while offering investors a well-regulated market in which to make venture investments. CDNX listed companies are active in mining, oil and gas, manufacturing, technology, financial services and other sectors. The exchange has offices in Calgary, Vancouver, Winnipeg and Toronto.
