Synergy Asset Management Inc. et al.
Headnote
Extension of lapse date
Statutes Cited
Securities Act, R.S.O. 1990, c.S.5, as am., ss.62(1) and ss. 62(5).
R.S.O. 1990, c. S.5, AS AMENDED (the "Act")
AND
IN THE MATTER OF
SYNERGY ASSET MANAGEMENT INC.
AND
IN THE MATTER OF THE
MUTUAL FUND SECURITIES OF SYNERGY CANADIAN FUND INC. COMPRISED OF SYNERGY CANADIAN VALUECLASS, SYNERGY CANADIAN GROWTH CLASS, SYNERGY CANADIANMOMENTUM CLASS, SYNERGY CANADIAN SMALL CAP CLASS, SYNERGYCANADIAN STYLE MANAGEMENT CLASS AND SYNERGY CANADIAN SHORT-TERM INCOME CLASS; SYNERGY GLOBAL FUND INC. COMPRISED OFSYNERGY GLOBAL MOMENTUM CLASS AND SYNERGY GLOBAL STYLEMANAGEMENT CLASS, SYNERGY GLOBAL MOMENTUM RSP FUND, SYNERGYGLOBAL STYLE MANAGEMENT RSP FUND AND SYNERGY TACTICAL ASSETALLOCATION FUND (collectively, the "Funds")
ORDER
UPON an application (the "Application") from Synergy Asset Management Inc.
(the "Manager") on behalf of the Funds for an order pursuant to subsection 62(5) of theAct that the time limits pertaining to the distribution of Mutual Fund securities under thecurrent simplified prospectus and annual information form (the "Prospectus") of the Fundsbe extended to those time limits that would be applicable if the lapse date of theProspectus was November 12, 2000;
AND UPON considering the Application and the recommendation of the Ontario
Securities Commission;
AND UPON the Manager having represented as follows:
(1) The Manager is a corporation governed under the laws of Ontario. The Manageris the manager and promoter of the Funds and Trustee of all of the Funds, otherthan the classes of shares of Synergy Canadian Funds Inc. and Synergy GlobalFund Inc. (collectively, the "Corporate Funds").
(2) The Funds, other than the Corporate Funds, are open-ended mutual fund trustsestablished by the Manager under the laws of Ontario. The Corporate Funds areclasses of shares of mutual fund corporations incorporated under the laws ofOntario.
(3) The Funds are reporting issuers under the Act and are not in default of anyrequirements of the Act or the Regulations made thereunder.
(4) Pursuant to subsection 62(5) of the Act, the lapse date (the "Lapse Date") fordistribution of the Mutual Fund securities of the Funds is October 6, 2000.
(5) Since the date of the Prospectus, no material change has occurred and noamendments to the Prospectus have been made save and except for AmendmentNo. 1 dated June 13, 2000 in connection with Synergy Canadian Growth Class andSynergy Canadian Momentum Class of Synergy Canadian Fund Inc. and SynergyGlobal Style Management Class of Synergy Global Fund Inc.. Accordingly, theProspectus, as amended, represents up to date information regarding each of theFunds offered therein. The extension requested will not affect the currency oraccuracy of the information contained in the Prospectus of the Funds andaccordingly will not be prejudicial to the public interest.
(6) A preliminary and pro forma prospectus for the Mutual Fund securities of the Funds,including certain other Synergy Funds, was filed in Ontario on August 2, 2000. TheManager has received extensive comments from the Ontario Securities Commissionand, despite diligent efforts to meet the timelines based on the current Lapse Date,the Manager needs additional time to consider certain comments and revise thedisclosure documents accordingly.
AND UPON the undersigned being satisfied that to do so would not be prejudicialto the public interest;
IT IS ORDERED pursuant to subsection 62(5) of the Act that the time limits provided
by the Act as they apply to the distribution of Mutual Fund securities pursuant to theProspectus are hereby extended to the time limits that would be applicable if the LapseDate for the distribution of securities under the Prospectus of the Funds was November12, 2000.
October 6th, 2000.
"Rebecca Cowdery"