FSNA Receives Management Cease Trade Order

Franchise Services of North America (FSNA) has announced that it received a management cease trade order from the Alberta Securities Commission, FSNA’s principal regulator. This is in accordance with National Policy 12-203 — Cease Trade Orders for Continuous Disclosure Defaults.

FSNA applied for the MCTO once it was determined that it would be unable to file its audited annual financial statements, its related management's discussion and analysis and certification of annual filings for the year ended (Sep. 30, 2013) by the prescribed filing deadline of Jan. 28, 2014.

The MCTO imposes trading restrictions on securities of the company — whether direct or indirect — by certain members of the company’s management and remains in effect until the required filings are filed. All other parties are permitted to trade freely in the company's securities.

FSNA is currently working with its auditors to prepare and finalize the required filings. It currently anticipates that it will be in a position to complete the required filings by March 3, says FSNA.

FSNA intends to comply with the provisions of the alternative information guidelines (AIG) set out in section 4.4 of NP 12-203 for as long as it remains in default, including the issuance of bi-weekly default status reports, says the company.

Comment On This Story

Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.


Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

Trends Moving the Truck Market

Storylines that emerged from the 2018 Work Truck Show include the increasing need for on-site productivity, inclusion of active safety systems in trucks, DPF frustrations affecting product decisions, data management, and the growing link between fleet management and company revenue.

MIT Study Reinforces the Newfound Importance of Fleet

Uber and Lyft drivers make far less when factoring vehicle expenses, though the actual numbers are now in dispute. A proper lifecycle cost analysis would’ve helped, and shows the benefit of collaboration with fleet professionals.

What a Connected Fleet Means to Avis (and Car Rental)

Counter bypass is just the beginning. The promise of a “data-driven ecosystem” that connects renters with the rental agency, retail services, and even the city is a better managed fleet, an improved user experience, and new revenue opportunities during the rental itself.

Job Finder: Access Top Talent. Fill Key Positions.