Supreme Court of Canada Denies Leave to Appeal from TSXV Suitability Decisions

    TSX Venture Exchange pleased with decision

    CALGARY, March 2 /CNW/ - 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
    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
inter-dealer broker. TSX are the initials attached to the core equity
operations of TSX Group ( 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.

For further information:

For further information: Steve Kee, Director, Media & Marketing, TSX
Group Inc., Toronto Office (416) 947-4682, Toll Free 1-888-873-8392, Cellular
(416) 358-3714; Vancouver Office (604) 602-6902; Calgary Office (403)
218-2892,; Sylvin Gauthier, Information Coordinator,
Montreal Office (514) 788-2414,

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890