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ARTICLE · 02 FEBRUARY 2009

OSC Orders HudBay Shareholder Vote In Lundin Merger

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In view of the above considerations, the OSC concluded that permitting the transaction to proceed without the approval of the HudBay shareholders would significantly undermine the quality of the marketplace.

CanadaFinance and Banking
David Surat
David Surat
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On January 23, 2009, the Ontario Securities Commission prohibited HudBay Minerals Inc. (HudBay) from issuing shares in connection with its proposed merger with Lundin Mining Corporation (Lundin) without first obtaining HudBay shareholder approval for the transaction. The order was made on an application by Jaguar Financial Corporation requesting a review of the TSX decision to allow the listing of the HudBay shares to be issued in connection with the transaction. The order also sets aside the TSX's decision and makes the listing of these shares conditional on HudBay shareholder approval of the transaction.

Decision Of The OSC

The reasons for the OSC's order will be released at a later date. However, given that Lundin shareholder vote on the transaction is scheduled for January 26, 2009, the panel issued a brief decision on an expedited basis explaining its approach.

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