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ARTICLE · 13 DECEMBER 2013

Proposed Amendments To TSX Company Manual Relating To Security-Based Compensation And Reverse Takeovers

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On November 28, the Toronto Stock Exchange published two proposed amendments to Part VI – Changes in Capital Structure of Listed Issuers of its Company Manual.

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On November 28, the Toronto Stock Exchange (TSX) published two proposed amendments to Part VI – Changes in Capital Structure of Listed Issuers of its Company Manual (the Manual), specifically in relation to:

  • exemptions from security holder approval for newly implemented security-based compensation arrangements in the context of acquisitions under Section 611 of the Manual (the 611 Amendments); and
  • circumstances in which the TSX will consider a transaction to constitute a backdoor listing (also known as a reverse takeover) under Section 626 of the Manual (the 626 Amendments).

The TSX is seeking public comment on the proposed amendments and has provided a 45 day comment period.

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