TSX Takes Remedial Measures In Difficult Market Conditions

The staff of the TSX issued a notice on November 3, 2008 providing temporary relief from certain requirements of the TSX Company Manual and reminding issuers of certain provisions that may be helpful in the current difficult market conditions.

Normal Course Issuer Bids

The TSX is granting temporary relief to listed issuers engaged in normal course issuer bids (NCIBs). Effective now until 11:59 p.m. on March 31, 2009, the limit on the volume of purchases under the NCIB rules will be 50% of the security's average daily trading volume instead of 25%. All other NCIB rules remain the same.

This relief applies to all TSX-listed issuers, in contrast to similar relief that expired last month and that applied only to issuers interlisted on a U.S. stock exchange.