Court Orders Appointment of Receiver of @rgentum
For Immediate Release Before the Court OSC
News Release |
||
Ontario Securities Commission 20 Queen St. W. Box 55, Suite 1900 Toronto, ON M5H 3S8 |
Commission des valeurs mobilières de l'Ontario |
FOR IMMEDIATE RELEASE November 16, 2005 |
Court Orders Appointment of Receiver of @rgentum
TORONTO – At the request of the Ontario Securities Commission (OSC) and supported by the Autorité des marchés financiers (AMF), A. John Page and Associate Inc. has been appointed by the Court as Receiver/Manager for @rgentum Management and Research Corporation (@rgentum) and the mutual funds for which it acts as Fund Manager (the Funds). This appointment authorizes the Receiver to take control of all assets and to preserve any documents belonging to @rgentum and the Funds. An application is expected to be filed for recognition of the Ontario order in Quebec as soon as possible.
Two of the @rgentum Funds have been out of distribution since March, 2004 with the remaining Funds ceasing distribution in March, 2005. At present, material assets of the Funds are located in Ontario, as are a significant number of investors in the Funds.
On September 19, 2005, at the request of the AMF, the Bureau de décision et de révision en valeurs mobilières (BDRVM) issued an Order preventing @rgentum and the Funds from dealing with assets and securities held by a number of financial institutions. In addition, the BDRVM issued an Order requiring @rgentum and its Funds to cease trading in securities.
On September 21 and 28, 2005, in order to assist the AMF, the OSC issued Directions under Section 126(1)(b) of the Securities Act, freezing all funds and securities held in the accounts of @rgentum at various financial institutions. On consent, those Directions were extended by the Ontario Court.
The appointment of the Receiver protects the interests of unitholders by ensuring an orderly and transparent process for the collection, preservation, interim management and distribution of assets.
- 30 -
For Media Inquiries: | Wendy Dey Director, Communications and Public Affairs 416-593-8120 |
Eric Pelletier Manager, Media Relations 416-595-8913 |
|
For Investor Inquiries: | OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free) |