TORONTO, Sept. 22 /CNW/ - Toronto Stock Exchange (TSX) today provided
notice to applicants, listed issuers, securities lawyers and Participating
Organizations about a temporary suspension in TSX's listing and trading rules
relating to Normal Course Issuer Bids (NCIBs) by U.S. interlisted issuers.
On September 18, 2008, the United States Securities and Exchange
Commission issued Release No. 34-58588 announcing that issuers listed on a
U.S. national securities exchange (U.S. Exchange) are temporarily exempt from
the application of certain share repurchase rules under the Exchange Act Rule
10b-18. TSX is granting similar temporary relief to TSX listed issuers that
are also listed on a U.S. Exchange. The relief is being provided on the basis
that the NCIB rules in the TSX Company Manual are similar to those in Rule
10b-18 and because most U.S. Interlisted Issuers make NCIB purchases both on
U.S. Exchanges and on TSX.
The relief suspends restrictions for NCIB purchases in the opening and
closing of a trading session and modifies the daily NCIB purchase restriction
from 25% to 100% of ADTV. The full text of the TSX Staff Notice is available
on www.tsx.com under TSX Issuer Resources/Staff Notices.
The relief will take effect as of 12:01 a.m. EST on September 23, 2008,
and will remain in effect until 11:59 p.m. EST on October 2, 2008, unless
About TMX Group (TSX-X)
TMX Group's key subsidiaries operate cash and derivative markets for
multiple asset classes including equities, fixed income and energy. Toronto
Stock Exchange, TSX Venture Exchange, Montreal Exchange, Natural Gas Exchange,
Shorcan, Equicom and other TMX Group companies provide trading markets,
clearing facilities, data products and other services to the global financial
community who access Canada's capital markets. TMX Group is headquartered in
Toronto with offices in Montreal, Calgary and Vancouver. For more information
about TMX Group, visit our website at www.tsx.com.
For further information:
For further information: Jean Charles Robillard, Director, Corporate
Communications, TMX Group, (416) 947-4682 or (514) 871-3551,