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ARTICLE · 16 SEPTEMBER 2009

OSC Confirms High Standard For Reviewing A TSX Decision

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On August 26, 2009, the Ontario Securities Commission dismissed a request by a significant unitholder of InterRent Real Estate Investment Trust to reverse a decision of Toronto Stock Exchange and intervene to stop a private placement of InterRent units from proceeding.

CanadaLitigation, Mediation & Arbitration
Linda Plumpton
Linda Plumpton
Andrew Gray
Andrew Gray
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On August 26, 2009, the Ontario Securities Commission dismissed a request by a significant unitholder of InterRent Real Estate Investment Trust to reverse a decision of Toronto Stock Exchange and intervene to stop a private placement of InterRent units from proceeding. The OSC's decision confirms that only in rare circumstances will it exercise its power to review a TSX decision.

InterRent applied to TSX for approval of a private placement of up to 9.3 million units, representing 49% of InterRent's issued and outstanding units. The private placement was one of several transactions proposed by InterRent that also included entering into an agreement that would result in externalization of all of the REIT's property management services. TSX's listings committee permitted the private placement without requiring a vote of InterRent's unitholders, but required that the proposed property management agreement (which could be viewed as a "transformative" transaction) be

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