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

Name:  
Email:  
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

Understanding The Fleetification of Everything

As fleet miles increase exponentially, and as new stratum of fleet enter both consumer and business use cases, the "founding fathers" who gathered at Fleet Forward in Miami last week have some work to do.

The Problem with Valuing Safety Technology

As advanced safety technologies have migrated to mainstream vehicles, retaining value for these options at resale remains an issue.

ELD Mandate: Is Your Head Still in the Sand?

If you think you have 11 weeks to implement an Electronic Logging Device system to meet the Dec. 18 compliance deadline, you really don’t — for a few reasons.

Job Finder: Access Top Talent. Fill Key Positions.

>