Why not the CDN market? Business plan?
Someone else not likely going there either:
Thursday, July 16, 1998
CDN listing unlikely for Camberly
By PETER KUITENBROUWER
The Financial Post
Problem-plagued Camberly Energy Ltd., suspended three weeks ago from the Toronto Stock Exchange, is unlikely to trade on the Canadian Dealing Network, CDN director John Griffith said yesterday.
"I don't care how much money they have in the bank. If they don't have a business plan I don't see how they are going to get a listing."
Announcing the suspension on June 25, the TSE said it "doesn't list inactive companies."
Camberly, founded in 1993 to produce oil and gas from Alberta wells, has sold or written off all drilling assets, including failed ventures in China and Israel, leaving it with about $7 million in cash and receivables.
Kevin Oriold, director of investor relations, said this week the company had applied for a CDN listing. "The ball is in [CDN]'s court."
But Griffith hasn't heard from it. "We don't have one bit of information to do the due diligence to ascertain whether we should list them."
Listing requirements for the CDN are less stringent than the TSE's. Still, firms must submit an application with a full business case and demonstrate they have financing available to move forward.
Griffith said a brokerage firm that is a TSE member, which he would not name, has applied to the CDN to be market-maker for Camberly.
Camberly stock can trade over the counter, provided the trades are reported, Griffith said.
Oriold said 15 to 20 shareholders attended the firm's annual meeting on June 30, voting to slash the strike price of president Michael Duggan's 949,442 options to 50›.
Camberly shares (CEL/TSE) last traded on June 24, closing at 40›.
Duggan had complained that, because of a stock price slide, his options, at $1.25 to $1.90, were "not much of an incentive because [they are] too far out of the money."
Shareholders also voted to reprice the options of other directors, including Duggan's son, Richard, named to the Camberly board in April after three of four board members resigned.
Also appointed to the board in April was Pierre Sevigny, the Diefenbaker-era associate minister of defence investigated for his affair with German spy and prostitute Gerda Munsinger.
Sevigny, reached yesterday in Montreal, refused to comment on Camberly, accused a reporter of "yellow journalism," and hung up. |
