Allen-Vanguard Rescue Board Message Board

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Technology Stocks : Allen-Vanguard Rescue Board

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From: iaden	11/4/2009 7:14:01 PM
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I received a reply back from Mr Krystie, OSC, dated Nov 3/09. I would say he was a bit curt. However, he did give us a reply and it appears they are doing "a review". Your comments/recommendations everyone. Dear (iaden): Thank you for your follow-up e-mail inquiry sent to the Ontario Securities Commission (OSC) regarding the Allen-Vanguard Corporation (AVC) going private transaction. I understand that you have requested a criminal investigation against AVC and David Luxton. As I previously advised you, the OSC is responsible for administering and enforcing Ontario securities law. You should provide your allegations of criminal matters to the police force in your jurisdiction with authority to conduct such a criminal investigation. Your allegations of improper disclosure of material events however, have been forwarded to Corporate Finance Branch of the OSC for further review. Our reviews of complaints are undertaken from a regulatory perspective, to consider whether the issuer may have failed to comply with the securities requirements that apply to it. Note that OSC staff reviews of shareholder concerns should not be considered to be investigations. Generally, OSC staff do not comment upon the existence or progress of either reviews or investigations. As I also explained, provisions in the corporate law that affect the rights of shareholders may be more appropriate for addressing some of your concerns. I suggest again that you consult with a lawyer with corporate and Ontario securities law expertise for advice about options available to you, which may include remedies that can be pursued in legal proceedings through the courts or in a regulatory application. We are aware from an internet search that one or more class actions may have been brought that you may be eligible to join. You can obtain further information by searching the terms "class action Allen-Vanguard" on an internet search engine such as Google. According to the disclosure filed by AVC, the proposed transaction requires court approval and your lawyer will also be able to provide guidance regarding these approvals. Sincerely, Allan Krystie Senior Inquiries Officer Ontario Securities Commission inquiries@osc.gov.on.ca 416-593-8314 or toll free at 1-877-785-1555

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