Sounds like it's a done deal (listing on the TSE). It certainly will improve the liquidity for all OTEXF (and now OTC) investors as there is always confusion for the average Canadian individual investor for Canadian content restrictions on RRSP's (Canada's version of the 401K).
Here's the relevant part of the company press release:
Open Text receives conditional approval for Toronto Stock Exchange listing.
WATERLOO, ONTARIO - May 8, 1998 - Open Text Corporation (NASDAQ: OTEXF), the developer of Livelink, the leading intranet-based collaborative knowledge management application software, today announced that it has received conditional approval of The Toronto Stock Exchange (TSE) to list its common shares under the symbol "OTC". Final approval of the TSE and commencement of trading are conditional on the Company filing its prospectus qualifying the common shares issuable upon exercise of the special warrants privately placed in Canada for gross proceeds of US$36,487,500 on March 25, 1998. The Company expects to finalize and file its final prospectus with the applicable Canadian provincial securities commissions in approximately four to six weeks.
The listing will provide Canadian residents and financial institutions with greater access to the Company's shares, which have traded in the United States on the Nasdaq National Market System under the symbol "OTEXF" since 1996.
"We are extremely pleased to be listing Open Text shares on The Toronto Stock Exchange," said Tom Jenkins, Chief Executive Officer, Open Text Corporation.
"This listing provides increased Canadian exposure for the Company and we look forward to increased liquidity for our shareholders."
The Company will now produce Canadian financial statements in accordance with Canadian regulatory requirements, but will continue to employ U.S. Generally Accepted Accounting Principles (U.S. GAAP) as its primary method of communicating financial information.
Rob
EOM |
