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ARTICLE · 01 DECEMBER 2008

Toronto Stock Exchange Issues Guidance On Securityholder Rights Plans

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The TSX expects most securityholder rights plans to have a triggering threshold of 20%, consistent with takeover bid requirements under Canadian securities legislation.

CanadaFinance and Banking
Leslie McCallum
Leslie McCallum
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The TSX expects most securityholder rights plans to have a triggering threshold of 20%, consistent with takeover bid requirements under Canadian securities legislation. The stock exchange requirements for securityholder rights plans generally are set forth in

  • Sections 634 to 637 of the TSX Company Manual,1 and

  • Staff Notice 2006-00022 (regarding the public announcement of a plan).

The TSX has recently received applications by issuers seeking to adopt securityholder rights plans with triggering thresholds of less than 20%. Consequently, the TSX has issued Staff Notice 2008-00063 to specify the following additional requirements that will apply in such situations:

  • The issuer will have to explain, in detail, to the TSX why a triggering threshold of less than 20% is necessary.

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