As absurd as it may seem, your analysis, when combined with the import of the following OSC notice, is correct. (Of course, the stock is still TSE-listed, just not trading at present.) These are clunky, procedural, announcements:
Hearing adjourned
YBM Magnex International Inc YBM
Shares issued 44,222,901 May 13 close $14.35
Thu 28 May 98 News Release
Mr. Dan Iggers of the Ontario Securities Commission reports
The Ontario Securities Commission commenced a hearing today in respect of matters relating to the temporary cease trading order made by the commission on May 13, 1998, ordering that trading in any securities of YBM Magnex International cease for a period of 15 days, unless extended by the order of the commission.
The commission adjourned the hearing to June 12, 1998, at which time it will consider the schedule for the hearing. The commission also made an order extending the temporary cease trading order, on consent of YBM, until the conclusion of the hearing.
Whereas on May 13, 1998, the commission issued a temporary order pursuant to sections 127(1) and (5) of the Securities Act R.S.O. 1990 c.S.5, as amended ordering that trading in any securities of YBM immediately cease for a period of 15 days from the date of the temporary cease trading order, unless extended by order of the commission;
And whereas on May 26, 1998, the commission issued a notice of hearing and related statement of allegations of staff in connection with the temporary cease trading order, giving notice that the commission will hold a hearing pursuant to section 127 of the Act at its offices on the 8th Floor, 20 Queen Street West, Toronto, Ontario commencing on May 28, 1998 at 9:30 a.m. or so soon thereafter as the hearing can be held;
And upon being advised at the commencement of the YBM hearing by counsel for YBM Magnex International that YBM is consenting to an order by the commission today to extend the temporary cease trading order until the conclusion of the YBM hearing;
And upon being advised by counsel for YBM that the report of the independent committee of YBM is expected to be completed by the end of this week or by early next week and reviewed by June 12, 1998;
And upon being advised by staff that it wishes to proceed as expeditiously as possible, but given the submissions made by counsel for YBM, staff is prepared to consent to a limited duration adjournment of the YBM hearing;
And whereas it appears to the commission that it is in the public interest that these orders be made;
It is hereby ordered pursuant to section 127(7) of the Act that the
temporary cease trading order be extended and that trading in any securities of YBM continue to cease until the YBM hearing is concluded.
It is hereby further ordered that the YBM hearing is adjourned to June 12, 1998 at 9:30 a.m. in the hearing room on the 8th floor, 20 Queen Street West, Toronto, Ontario or so thereafter as the hearing can be held.
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