Cash Store Financial Services Inc., The -- s. 144
Headnote
Application by an issuer for a revocation of a cease trade order -- Issuer subject to cease trade order as a result of an error in its annual financial statements for the fifteen months ended September 30, 2010, and the years ended September 30, 2011 and September 30, 2012 and the first, second and third quarter interim financial reports for the periods ended December 31, 2011, March 31, 2012, June 30, 2012, and December 31, 2012, as well as the corresponding Management's Discussion & Analysis -- Issuer has brought its filings up-to-date -- Issuer is otherwise not in default of applicable securities legislation.
Applicable Legislative Provisions
Securities Act, R.S.O. 1990, c. S.5, as am., ss. 127(1), 127(5), 127(8), 144.
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, CHAPTER S.5, AS AMENDED
(THE ACT)
AND
IN THE MATTER OF
THE CASH STORE FINANCIAL SERVICES INC.
(THE FILER)
ORDER
(Section 144)
WHEREAS the securities of the Filer have been subject to a cease trade order (the Ontario CTO) of the Ontario Securities Commission (the Commission) pursuant to section 127(5) of the Act, issued on May 21, 2013, which directed that all trading in securities of the Filer, whether direct or indirect, cease for a period of 15 days from the date of the Ontario CTO;
AND WHEREAS the Filer has applied to the Commission pursuant to section 144 of the Act (the "Application") for an order revoking of the Ontario CTO;
AND WHEREAS the Filer has represented to the Commission that:
1. The Filer is a corporation existing under the laws of Ontario. The head office of the Filer is located at 15511-123 Avenue, Edmonton, Alberta T5V 0C3.
2. The Filer is a reporting issuer in each of British Columbia, Alberta and Ontario.
3. The Filer is authorized to issue an unlimited number of common shares (Shares) of which 17,571,813 Shares were issued and outstanding as of March 31, 2013.
4. The Shares are listed and posted for trading on the Toronto Stock Exchange under the symbol "CSF" and on the New York Stock Exchange under the symbol "CSFS".
5. The Ontario CTO was issued as a result of the Filer's decision to restate the following previously filed financial statements:
(i) consolidated financial statements for the years ended September 30, 2012, September 30, 2011 and the fifteen month period ended September 30, 2010, and
(ii) unaudited interim consolidated financial statements for the periods ending December 31, 2011, March 31, 2012, June 30, 2012 and December 31, 2012 (collectively, the Financial Statements).
6. In connection with this restatement decision, the Filer issued a press release dated May 13, 2013 which indicated that the Financial Statements and associated management discussion and analysis (Related MD&A) should not be relied upon until such time as the Filer files its restated versions of the Financial Statements and Related MD&A.
7. On May 24, 2013, the Filer filed restated versions of the Financial Statements and Related MD&A, together with revised certificates. As a result, the Filer is no longer in default of Alberta securities legislation.
8. The Filer is also subject to cease trade orders issued by the Alberta Securities Commission dated May 14, 2013 (the Alberta CTO) and the British Columbia Securities Commission dated May 16, 2013 (the BC CTO) as a result of its decision to restate the Financial Statements and Related MD&A. The Filer has concurrently applied for a revocation of the Alberta CTO and the BC CTO.
9. The Filer confirms that its SEDAR and SEDI profiles are up to date.
10. Upon issuance of a revocation order as requested hereunder, the Filer intends to issue a press release.
AND UPON considering the application and the recommendation of staff of the Commission;
AND UPON the Commission being satisfied that to do so would not be prejudicial to the public interest;
IT IS ORDERED, pursuant to section 144 of the Act, that the Ontario CTO be revoked.
DATED on this 31st day of May, 2013.