OSC Bulletin

Transcription

OSC Bulletin

The Ontario Securities Commission
OSC Bulletin
March 23, 2012
Volume 35, Issue 12
(2012), 35 OSCB
The Ontario Securities Commission administers the
Securities Act of Ontario (R.S.O. 1990, c. S.5) and the
Commodity Futures Act of Ontario (R.S.O. 1990, c. C.20)
The Ontario Securities Commission
Cadillac Fairview Tower
Suite 1903, Box 55
20 Queen Street West
Toronto, Ontario
M5H 3S8
Carswell, a Thomson Reuters business
One Corporate Plaza
2075 Kennedy Road
Toronto, Ontario
M1T 3V4
416-593-8314 or Toll Free 1-877-785-1555
416-609-3800 or 1-800-387-5164
Contact Centre - Inquiries, Complaints:
Market Regulation Branch:
Compliance and Registrant Regulation Branch
- Compliance:
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- Team 1:
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- Team 3:
- Insider Reporting:
- Mergers and Acquisitions:
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© Copyright 2012 Ontario Securities Commission
ISSN 0226-9325
Except Chapter 7 ©CDS INC.
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Table of Contents
Chapter 1 Notices / News Releases ...................... 2755
1.1
Notices ..........................................................2755
1.1.1
Current Proceedings before the
Ontario Securities Commission ...................... 2755
1.1.2
Repeal of OSC Rule 21-501 – Deferral of
Information Transparency Requirements
for Government Debt Securities in
National Instrument 21-101
– Marketplace Operation ............................... 2764
1.1.3
Maitland Capital Ltd. et al. ..............................2764
1.2
Notices of Hearing......................................... (nil)
1.3
News Releases ............................................. 2765
1.3.1
OSC Findings Against Rene Pardo
Set Aside by Divisional Court .........................2765
1.4
Notices from the Office
of the Secretary ............................................ 2765
1.4.1
Shane Suman and Monie Rahman ................ 2765
1.4.2
HEIR Home Equity et al..................................2766
1.4.3
Majestic Supply Co. Inc. et al. ........................2766
1.4.4
Maitland Capital Ltd. et al. ..............................2767
1.4.5
Eda Marie Agueci et al. .................................. 2767
Chapter 2 Decisions, Orders and Rulings ............ 2769
2.1
Decisions ...................................................... 2769
2.1.1
Claymore Investments, Inc. and
BlackRock Inc.................................................2769
2.1.2
Aston Hill Asset Management
Inc. et al..........................................................2773
2.1.3
Canadian Tire Corporation, Limited................ 2778
2.1.4
St. Eugene Mining Corporation Ltd. ............... 2781
2.1.5
Dividend 15 Split Corp. II (DF) and
Quadravest Capital Management Inc. ............ 2782
2.1.6
NB Split Corp. – s. 1(10)................................. 2784
2.1.7
Dividend 15 Split Corp. and
Quadravest Capital Management Inc. ............ 2785
2.1.8
Liquor Stores N.A. Ltd. ................................... 2787
2.1.9
CERF Incorporated ........................................ 2793
2.2
Orders............................................................ 2802
2.2.1
Tim Hortons Inc. – s. 104(2)(c)....................... 2802
2.2.2
HEIR Home Equity Investment
Rewards Inc. et al........................................... 2804
2.2.3
Majestic Supply Co. Inc. et al.
– ss. 127 of the Act and Rule 3 of
the OSC Rules of Procedure .......................... 2806
2.2.4
Eda Marie Agueci et al. – s. 127..................... 2808
2.3
Rulings ........................................................... (nil)
Chapter 4 Cease Trading Orders .......................... 2861
4.1.1
Temporary, Permanent & Rescinding
Issuer Cease Trading Orders......................... 2861
4.2.1
Temporary, Permanent & Rescinding
Management Cease Trading Orders ............. 2861
4.2.2
Outstanding Management & Insider
Cease Trading Orders ................................... 2861
Chapter 5
Rules and Policies ..................................(nil)
Chapter 6
Request for Comments ..........................(nil)
Chapter 7
Insider Reporting .................................. 2863
Chapter 8
Notice of Exempt Financings............... 2965
Reports of Trades Submitted on
Forms 45-106F1 and 45-501F1.............. 2965
Chapter 9
Legislation...............................................(nil)
Chapter 11 IPOs, New Issues and Secondary
Financings............................................. 2973
Chapter 12 Registrations......................................... 2981
12.1.1 Registrants..................................................... 2981
Chapter 13 SROs, Marketplaces and
Clearing Agencies ................................ 2983
13.1
SROs ............................................................. 2983
13.1.1 IIROC Rules Notice – Request for
Comment – Proposed Amendments to
Dealer Member Rules and Universal
Market Integrity Rules (UMIR) –
Consolidation of IIROC Enforcement,
Procedural, Examination and
Approval Rules .............................................. 2983
13.2
Marketplaces ..................................................(nil)
13.3
Clearing Agencies ....................................... 2984
13.3.1 CDS – Notice and Request for
Comment – Material Amendments to
CDS Procedures – GIC Funds-Only
Trade Service in CDSX.................................. 2984
Chapter 25 Other Information ...................................(nil)
Index............................................................................ 2991
Chapter 3
3.1
3.1.1
3.2
Reasons: Decisions, Orders and
Rulings ................................................... 2809
OSC Decisions, Orders and Rulings .......... 2809
Shane Suman and Monie Rahman ................ 2809
Court Decisions, Order and Rulings............ (nil)
March 23, 2012
(2012) 35 OSCB
Chapter 1
Notices / News Releases
1.1
Notices
1.1.1
Current Proceedings Before
Securities Commission
SCHEDULED OSC HEARINGS
The
Ontario
March 23, 2012
March 26,
2012
Shaun Gerard McErlean,
Securus Capital Inc., and
Acquiesce Investments
11:00 a.m.
s. 127
CURRENT PROCEEDINGS
March 28 and
March 30 –
April 3, 2012
BEFORE
M. Britton in attendance for Staff
Panel: VK/JDC
ONTARIO SECURITIES COMMISSION
10:00 a.m.
---------------------Unless otherwise indicated in the date column, all hearings
will take place at the following location:
March 27,
2012
9:00 a.m.
The Harry S. Bray Hearing Room
Ontario Securities Commission
Cadillac Fairview Tower
Suite 1700, Box 55
Toronto, Ontario
M5H 3S8
June 18 and
June 20-22,
2012
H. Craig in attendance for Staff
Panel: PLK
TDX 76
th
Late Mail depository on the 19 Floor until 6:00 p.m.
March 28,
2012
Lyndz Pharmaceuticals Inc.,
James Marketing Ltd., Michael
Eatch and Rickey McKenzie
10:00 a.m.
s. 127(1) and (5)
M. - - - - - - - - - - - - - - - - - - - - - -
J. Feasby in attendance for Staff
THE COMMISSIONERS
Howard I. Wetston, Chair
s. 127(7) and 127(8)
10:00 a.m.
Telephone: 416-597-0681 Telecopier: 416-593-8348
CDS
Shallow Oil & Gas Inc., Eric
O’Brien, Abel Da Silva, Gurdip
Singh Gahunia aka Michael
Gahunia and Abraham Herbert
Grossman aka Allen Grossman
Panel: MGC/SOA
—
HIW
James E. A. Turner, Vice Chair
—
JEAT
Lawrence E. Ritchie, Vice Chair
—
LER
March 29,
2012
Mary G. Condon, Vice Chair
—
MGC
11:00 a.m.
North American Financial Group
Inc., North American Capital Inc.,
Alexander Flavio Arconti, and
Luigino Arconti
Sinan O. Akdeniz
—
SOA
James D. Carnwath
—
JDC
April 10, 2012
s. 127
Margot C. Howard
—
MCH
2:30 p.m.
Sarah B. Kavanagh
—
SBK
M. Vaillancourt in attendance for
Staff
Kevin J. Kelly
—
KJK
Paulette L. Kennedy
—
PLK
Edward P. Kerwin
—
EPK
Vern Krishna
__
VK
Christopher Portner
—
CP
Judith N. Robertson
—
JNR
Charles Wesley Moore (Wes) Scott
—
CWMS
March 23, 2012
Panel: MGC
(2012) 35 OSCB 2755
April 3, 2012
10:00 a.m.
International Strategic
Investments, International
Strategic Investments
Inc., Somin Holdings Inc., Nazim
Gillani and Ryan J. Driscoll.
C. Watson in attendance for Staff
Global Energy Group, Ltd., New
Gold Limited Partnerships,
Christina Harper, Vadim Tsatskin,
Michael Schaumer, Elliot Feder,
Oded Pasternak, Alan Silverstein,
Herbert Groberman, Allan Walker,
Peter Robinson, Vyacheslav
Brikman, Nikola Bajovski, Bruce
Cohen and Andrew Shiff
Panel: MGC
s. 37, 127 and 127.1
April 17, 2012
10:00 a.m.
s. 127
April 4, 2012
Moncasa Capital Corporation
and John Frederick Collins
Panel: PLK/JNR
10:00 a.m.
s. 127
April 18, 2012
T. Center in attendance for Staff
10:00 a.m.
Panel: JEAT
s. 127
10:00 a.m.
Juniper Fund Management
Corporation, Juniper Income
Fund, Juniper Equity Growth
Fund and Roy Brown (a.k.a. Roy
Brown-Rodrigues)
April 12, 2012
s. 127 and 127.1
April 23, 2012
9:00 a.m.
D. Ferris in attendance for Staff
10:00 a.m.
April 4-5, April
11 and April
13-16, 2012
Sextant Capital Management Inc.,
Sextant Capital GP Inc., Otto
Spork, Robert Levack and Natalie
Spork
Panel: JDC
Lehman Brothers & Associates
Corp., Greg Marks, Kent Emerson
Lounds and Gregory William
Higgins
Panel: VK/MCH
s. 127
April 11, 2012
10:00 a.m.
Global Consulting and Financial
Services, Crown Capital
Management Corporation,
Canadian Private Audit Service,
Executive Asset Management,
Michael Chomica, Peter Siklos
(Also Known As Peter Kuti), Jan
Chomica, and Lorne Banks
C. Rossi in attendance for Staff
Panel: CP/CWMS
s. 127
H. Craig/C. Rossi in attendance for
Staff
Panel: CP
April 11, 2012
11:00 a.m.
Energy Syndications Inc., Green
Syndications Inc., Syndications
Canada Inc., Land Syndications
Inc. and Douglas Chaddock
s. 127
C. Johnson in attendance for Staff
Panel: CP
March 23, 2012
(2012) 35 OSCB 2756
April 25, April
27, May 3-7,
May 11, May
17-18, June 4
and June 7,
2012
10:00 a.m.
Irwin Boock, Stanton Defreitas,
Jason Wong, Saudia Allie, Alena
Dubinsky, Alex Khodjaiants
Select American Transfer Co.,
Leasesmart, Inc., Advanced
Growing Systems, Inc.,
International Energy Ltd.,
Nutrione Corporation, Pocketop
Corporation, Asia Telecom Ltd.,
Pharm Control Ltd., Cambridge
Resources Corporation,
Compushare Transfer
Corporation, Federated
Purchaser, Inc., TCC Industries,
Inc., First National Entertainment
Corporation, WGI Holdings, Inc.
and Enerbrite Technologies
Group
s. 127 and 127.1
D. Campbell in attendance for Staff
May 3, 2012
10:00 a.m.
Ciccone Group, Medra Corp.
(a.k.a. Medra Corporation),
990509 Ontario Inc., Tadd
Financial Inc., Cachet Wealth
Management Inc., Vincent
Ciccone (a.k.a. Vince Ciccone),
Darryl Brubacher, Andrew J
Martin, Steve Haney, Klaudiusz
Malinowski, and Ben Giangrosso
s. 127
Staff
Panel: JEAT
May 9-18 and
May 23-25,
2012
Crown Hill Capital Corporation
and Wayne Lawrence Pushka
s. 127
10:00 a.m.
A. Perschy in attendance for Staff
Panel: VK
Panel: EPK
May 1-7, May
9-18 and May
23-25, 2012
Rezwealth Financial Services Inc.,
Pamela Ramoutar, Justin
Ramoutar, Tiffin Financial
Corporation, Daniel Tiffin,
2150129 Ontario Inc., Sylvan
Blackett, 1778445 Ontario Inc. and
Willoughby Smith
10:00 a.m.
s. 127(1) and (5)
s. 37, 127 and 127.1
A. Heydon in attendance for Staff
C. Price in attendance for Staff
Panel: CP
Panel: JDC/MCH
April 30, 2012
11:00 a.m.
May 1, 2012
10:00 a.m.
Merax Resource Management Ltd.
carrying on business as Crown
Capital Partners, Richard Mellon
and Alex Elin
May 16-18, May
23-25, June 4
and June 6,
2012
Nest Acquisitions and Mergers,
IMG International Inc., Caroline
Myriam Frayssignes, David
Pelcowitz, Michael Smith, and
Robert Patrick Zuk
10:00 a.m.
May 29 – June
1, 2012
10:00 a.m.
s. 127
Peter Beck, Swift Trade Inc.
(continued as 7722656 Canada
Inc.), Biremis, Corp., Opal Stone
Financial Services S.A., Barka Co.
Limited, Trieme Corporation and
a limited partnership referred to
as “Anguilla LP”
s. 127
Panel: MGC/SOA
B. Shulman in attendance for Staff
Panel: JEAT
June 4, June 618, and June
20-26, 2012
Peter Sbaraglia
10:00 a.m.
J. Lynch in attendance for Staff
s. 127
Panel: TBA
March 23, 2012
(2012) 35 OSCB 2757
June 7, 2012
Systematech Solutions Inc.,
April Vuong and Hao Quach
September 21,
2012
s. 127
10:00 a.m.
11:30 a.m.
June 21, 2012
Oversea Chinese Fund Limited
Partnership, Weizhen Tang and
Associates Inc., Weizhen Tang
Corp., and Weizhen Tang
s. 127 and 127.1
Panel: JEAT
Panel: TBA
M P Global Financial Ltd., and
Joe Feng Deng
10:00 a.m.
s. 127 (1)
September 24,
September 26 –
October 5 and
October 10-19,
2012
New Found Freedom Financial,
Ron Deonarine Singh, Wayne
Gerard Martinez, Pauline Levy,
David Whidden, Paul Swaby and
Zompas Consulting
10:00 a.m.
s. 127
Panel: MCH
June 22, 2012
10:00 a.m.
New Hudson Television
Corporation,
New Hudson Television L.L.C. &
James Dmitry Salganov
s. 127
A. Heydon in attendance for Staff
Panel: TBA
October 19,
2012
10:00 a.m.
Panel: TBA
September
4-10,
September
12-14,
September
19-24, and
September 26 –
October 5,
2012
Portus Alternative Asset
Management Inc., Portus Asset
Management Inc., Boaz Manor,
Michael Mendelson, Michael
Labanowich and John Ogg
10:00 a.m.
Panel: TBA
s. 127
s. 127
H Craig in attendance for Staff
Panel: PLK
September
5-10,
September
12-14 and
September
19-21, 2012
Vincent Ciccone and Medra Corp.
10:00 a.m.
Panel: TBA
March 23, 2012
Global Energy Group, Ltd., New
Gold Limited Partnerships,
Christina Harper, Howard Rash,
Michael Schaumer, Elliot Feder,
Vadim Tsatskin, Oded Pasternak,
Alan Silverstein, Herbert
Groberman, Allan Walker,
Peter Robinson, Vyacheslav
Brikman, Nikola Bajovski,
Bruce Cohen and Andrew Shiff
s. 127
Staff
October 22 and
October 24 –
November 5,
2012
MBS Group (Canada) Ltd., Balbir
Ahluwalia and Mohinder
Ahluwalia
s. 37, 127 and 127.1
10:00 a.m.
C. Rossi in attendance for staff
Panel: TBA
(2012) 35 OSCB 2758
November 5,
2012
10:00 a.m.
Heir Home Equity Investment
Rewards Inc.; FFI First Fruit
Investments Inc.; Wealth Building
Mortgages Inc.; Archibald
Robertson; Eric Deschamps;
Canyon Acquisitions, LLC;
Canyon Acquisitions
International, LLC; Brent Borland;
Wayne D. Robbins; Marco
Caruso; Placencia Estates
Development, Ltd.; Copal Resort
Development Group, LLC;
Rendezvous Island, Ltd.; The
Placencia Marina, Ltd.; and The
Placencia Hotel and Residences
Ltd.
TBA
Frank Dunn, Douglas Beatty,
Michael Gollogly
s. 127
K. Daniels in attendance for Staff
Panel: TBA
TBA
MRS Sciences Inc. (formerly
Morningside Capital Corp.),
Americo DeRosa, Ronald
Sherman, Edward Emmons and
Ivan Cavric
s. 127 and 127(1)
s. 127
Panel: TBA
Panel: TBA
TBA
November 21 –
December 3
and December
5-14, 2012
10:00 a.m.
Bernard Boily
s. 127 and 127.1
M. Vaillancourt/U. Sheikh in
attendance
for Staff
Gold-Quest International, 1725587
Ontario Inc. carrying
on business as Health and
Harmoney, Harmoney Club Inc.,
Donald Iain Buchanan, Lisa
Buchanan and Sandra Gale
s. 127
Panel: TBA
Panel: TBA
January 7 –
February 5,
2013
Jowdat Waheed and Bruce Walter
10:00 a.m.
J. Lynch in attendance for Staff
s. 127 and 127(1)
Panel: TBA
s. 127
TBA
Shane Suman and Monie Rahman
Panel: TBA
TBA
Yama Abdullah Yaqeen
J. Superina in attendance for Staff
Gold-Quest International, Health
and Harmoney, Iain Buchanan
and Lisa Buchanan
Panel: TBA
s. 127
s. 8(2)
TBA
TBA
Microsourceonline Inc., Michael
Peter Anzelmo, Vito Curalli, Jaime
S. Lobo, Sumit Majumdar and
Jeffrey David Mandell
Panel: TBA
s. 127
J. Waechter in attendance for Staff
Panel: TBA
March 23, 2012
(2012) 35 OSCB 2759
TBA
Brilliante Brasilcan Resources
Corp., York Rio Resources Inc.,
Brian W. Aidelman, Jason
Georgiadis, Richard Taylor and
Victor York
TBA
s. 127
Panel: TBA
s. 127
Paul Azeff, Korin Bobrow,
Mitchell Finkelstein, Howard
Jeffrey Miller and Man Kin Cheng
(a.k.a. Francis Cheng)
Axcess Automation LLC,
Axcess Fund Management, LLC,
Axcess Fund, L.P., Gordon Alan
Driver, David Rutledge, 6845941
Canada Inc. carrying on business
as Anesis Investments, Steven M.
Taylor, Berkshire Management
Services Inc. carrying on
business as International
Communication Strategies,
1303066 Ontario Ltd. Carrying on
business as ACG Graphic
Communications, Montecassino
Management Corporation,
Reynold Mainse, World Class
Communications Inc. and Ronald
Mainse
s. 127
s. 127
T. Center/D. Campbell in attendance
for Staff
Y. Chisholm in attendance for Staff
TBA
Panel: TBA
TBA
Abel Da Silva
s. 127
Panel: TBA
TBA
Panel: TBA
Panel: TBA
TBA
TBA
Paul Donald
s. 127
Goldpoint Resources
Corporation, Pasqualino Novielli
also known as Lee or Lino
Novielli, Brian Patrick Moloney
also known as Brian Caldwell,
and Zaida Pimentel also known as
Zaida Novielli
S. Horgan in attendance for Staff
s. 127(1) and 127(5)
Panel: TBA
Uranium308 Resources Inc.,
Michael Friedman, George
Schwartz, Peter Robinson, and
Shafi Khan
Panel: TBA
Alexander Christ Doulis
(aka Alexander Christos Doulis,
aka Alexandros Christodoulidis)
and Liberty Consulting Ltd.
s. 127
H. Craig/C.Rossi in attendance for
Staff
Panel: TBA
TBA
TBA
Normand Gauthier, Gentree Asset
Management Inc., R.E.A.L. Group
Fund III (Canada) LP, and CanPro
Income Fund I, LP
s. 127
Panel: TBA
March 23, 2012
(2012) 35 OSCB 2760
TBA
FactorCorp Inc., FactorCorp
Financial Inc. and Mark Twerdun
TBA
s. 127
Marlon Gary Hibbert, Ashanti
Corporate Services Inc.,
Dominion International Resource
Management Inc., Kabash
Resource Management, Power to
Create Wealth Inc. and Power to
Create Wealth Inc. (Panama)
Panel: TBA
s. 127
TBA
2196768 Ontario Ltd carrying on
business as Rare Investments,
Ramadhar Dookhie, Adil Sunderji
and Evgueni Todorov
J. Lynch/S. Chandra in attendance
for Staff
Panel: TBA
s. 127
TBA
D. Campbell in attendance for Staff
Panel: TBA
TBA
York Rio Resources Inc.,
Brilliante Brasilcan Resources
Corp., Victor York, Robert Runic,
George Schwartz, Peter
Robinson, Adam Sherman, Ryan
Demchuk, Matthew Oliver,
Gordon Valde and Scott
Bassingdale
Richvale Resource Corp., Marvin
Winick, Howard Blumenfeld, John
Colonna, Pasquale Schiavone,
and Shafi Khan
s. 127(7) and 127(8)
Panel: TBA
TBA
s. 127
H. Craig/C. Watson in attendance
for Staff
Simply Wealth Financial Group
Inc., Naida Allarde, Bernardo
Giangrosso, K&S Global Wealth
Creative Strategies Inc., Kevin
Persaud, Maxine Lobban and
Wayne Lobban
s. 127 and 127.1
Panel: TBA
C. Johnson in attendance for Staff
TBA
Innovative Gifting Inc., Terence
Lushington, Z2A Corp., and
Christine Hewitt
Panel: TBA
TBA
s. 127
Staff
Panel: TBA
L. Jeffrey Pogachar, Paola
Lombardi, Alan S. Price, New Life
Capital Corp., New Life Capital
Investments Inc., New Life Capital
Advantage Inc., New Life Capital
Strategies Inc., 1660690 Ontario
Ltd., 2126375 Ontario Inc.,
2108375 Ontario Inc., 2126533
Ontario Inc., 2152042 Ontario Inc.,
2100228 Ontario Inc., and 2173817
Ontario Inc.
s. 127
Panel: TBA
March 23, 2012
(2012) 35 OSCB 2761
TBA
Sino-Forest Corporation, Allen
Chan, Albert Ip, Alfred C.T. Hung,
George Ho and Simon Yeung
TBA
s. 127
Sage Investment Group, C.A.D.E
Resources Group Inc.,
Greenstone Financial Group,
Fidelity Financial Group, Antonio
Carlos Neto David Oliveira, and
Anne Marie Ridley
s. 127
Panel: TBA
TBA
Firestar Capital Management
Corp., Kamposse Financial Corp.,
Firestar Investment Management
Group, Michael Ciavarella and
Michael Mitton
Panel: TBA
TBA
s. 127
Panel: TBA
TBA
Maitland Capital Ltd., Allen
Grossman, Hanoch Ulfan,
Leonard Waddingham, Ron
Garner, Gord Valde, Marianne
Hyacinthe, Dianna Cassidy, Ron
Catone, Steven Lanys, Roger
McKenzie, Tom Mezinski, William
Rouse and Jason Snow
s. 127 and 127.1
Zungui Haixi Corporation, Yanda
Cai and Fengyi Cai
s. 127
Panel: TBA
J. Superina in attendance for Staff
TBA
Panel: TBA
TBA
David M. O’Brien
s. 37, 127 and 127.1
Sandy Winick, Andrea Lee
Mccarthy, Kolt Curry, Laura
Mateyak, Gregory J. Curry,
American Heritage Stock Transfer
Inc., American Heritage Stock
Transfer, Inc., BFM Industries
Inc., Liquid Gold International
Inc., and Nanotech Industries Inc.
s. 127
Panel: TBA
TBA
Ground Wealth Inc., Armadillo
Energy Inc., Paul Schuett, Doug
DeBoer, James Linde, Susan
Lawson, Michelle Dunk, Adrion
Smith, Bianca Soto and Terry
Reichert
s. 127
S. Schumacher in attendance for
Staff
Panel: TBA
Panel: TBA
TBA
Majestic Supply Co. Inc.,
Suncastle Developments
Corporation, Herbert Adams,
Steve Bishop, Mary Kricfalusi,
Kevin Loman and CBK
Enterprises Inc.
s. 37, 127 and 127.1
Panel: TBA
March 23, 2012
(2012) 35 OSCB 2762
TBA
Eda Marie Agueci, Dennis Wing,
Santo Iacono, Josephine Raponi,
Kimberley Stephany, Henry
Fiorillo,
Giuseppe (Joseph) Fiorini, John
Serpa, Ian Telfer, Jacob Gornitzki
and Pollen Services Limited
s. 127
J, Waechter/U. Sheikh in attendance
for Staff
Panel: TBA
TBA
Empire Consulting Inc. and
Desmond Chambers
s. 127
ADJOURNED SINE DIE
Global Privacy Management Trust and Robert
Cranston
Livent Inc., Garth H. Drabinsky, Myron I.
Gottlieb, Gordon Eckstein, Robert Topol
LandBankers International MX, S.A. De C.V.;
Sierra Madre Holdings MX, S.A. De C.V.; L&B
LandBanking Trust S.A. De C.V.; Brian J. Wolf
Zacarias; Roger Fernando Ayuso Loyo, Alan
Hemingway, Kelly Friesen, Sonja A. McAdam,
Ed Moore, Kim Moore, Jason Rogers and Dave
Urrutia
Hollinger Inc., Conrad M. Black, F. David
Radler, John A. Boultbee and Peter Y. Atkinson
Panel: TBA
TBA
American Heritage Stock Transfer
Inc., American Heritage Stock
Transfer, Inc., BFM Industries
Inc.,
Denver Gardner Inc., Sandy
Winick, Andrea Lee McCarthy,
Kolt Curry
and Laura Mateyak
s. 127
Panel: TBA
March 23, 2012
(2012) 35 OSCB 2763
1.1.2
Repeal of OSC Rule 21-501 – Deferral of
Information Transparency Requirements for
Government Debt Securities In National
Instrument 21-101 – Marketplace Operation
REPEAL OF
ONTARIO SECURITIES COMMISSION RULE 21-501
– DEFERRAL OF INFORMATION TRANSPARENCY
REQUIREMENTS FOR GOVERNEMENT DEBT
SECURITIES IN NATIONAL INSTRUMENT 21-101
– MARKETPLACE OPERATION.
The Ontario Securities Commission (OSC) has repealed
OSC Rule 21-501 Information Transparency Requirements
for Government Debt Securities in National Instrument 21101 – Marketplace Operation (the Rule). Under subsection
143.3 of the Act, notice of the repeal of the Rule was
delivered to the Minister of Finance for approval on March
22, 2012. Unless the Minister rejects the repeal or returns it
to the Commission for further consideration, it will be
effective on July 1, 2012.
The Rule is repealed as it will become redundant when
amendments to National Instrument 21-101 Marketplace
Operation come into effect on July 1, 2012, also subject to
the Minister’s approval.
1.1.3
Maitland Capital Ltd. et al.
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF
MAITLAND CAPITAL LTD., ALLEN GROSSMAN,
HANOCH ULFAN, LEONARD WADDINGHAM,
RON GARNER, GORD VALDE, MARIANNE
HYACINTHE, DIANA CASSIDY, RON CATONE,
STEVEN LANYS, ROGER MCKENZIE, TOM
MEZINSKI, WILLIAM ROUSE AND JASON SNOW
NOTICE OF WITHDRAWAL
WHEREAS on January 24, 2006, the Ontario
Securities Commission (the “Commission”) issued a Notice
of Hearing to consider whether it was in the public interest
to make certain order against Maitland Capital Ltd., Allen
Grossman, Hanoch Ulfan, Leonard Waddingham, Ron
Garner, Gord Valde, Marianne Hyacinthe, Diana Cassidy,
Ron Catone, Steven Lanys, Roger Mckenzie, Tom
Mezinski, William Rouse and Jason Snow (“the
Respondents”) and Staff filed a Statement of Allegations in
respect of the Respondents, and pursuant to section 127 of
the Securities Act, R.S.O. 1990, c. S. 5, as amended;
AND WHEREAS William Rouse was served with
the Temporary Order dated January 24, 2006, the Notice of
Hearing and the Statement of Allegations in this matter;
AND WHEREAS on May 27, 2011, Staff amended
the Statement of Allegations;
AND WHEREAS Staff has been advised by two
persons that William Rouse died in 2011;
TAKE NOTICE that Staff withdraws the
allegations as against the respondent, William Rouse, as of
February 15, 2012.
February 15, 2012
Staff of the Ontario Securities Commission
20 Queen Street West, Suite 1900
Toronto, ON M5H 3S8
Derek J. Ferris
Senior Litigation Counsel
Tel: 416-593-8111
Fax: 416-593-8321
March 23, 2012
(2012) 35 OSCB 2764
1.3
News Releases
1.4
Notices from the Office of the Secretary
1.3.1
OSC Findings Against Rene Pardo Set Aside
by Divisional Court
1.4.1
FOR IMMEDIATE RELEASE
March 19, 2012
March 14, 2012
ONTARIO SECURITIES COMMISSION FINDINGS
AGAINST RENE PARDO SET ASIDE
BY DIVISIONAL COURT
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, C. S.5, AS AMENDED
AND
TORONTO – On November 10, 2011, the Ontario Superior
Court of Justice (Divisional Court) made an order
overturning the findings and sanctions of the Ontario
Securities Commission against Rene Pardo in the
September 7, 2010 and January 26, 2011 decisions and
orders of the OSC.
The Endorsement by the Court further provided that the
OSC would convene a new panel to review and consider
either the September 29, 2009 settlement agreement
between Mr. Pardo and OSC Staff, or another settlement
agreement agreed to by the parties.
A hearing to review and consider a settlement agreement
between Mr. Pardo and Staff has not yet been scheduled.
The mandate of the OSC is to provide protection to
investors from unfair, improper or fraudulent practices and
to foster fair and efficient capital markets and confidence in
capital markets. Investors are urged to check the
registration of any person or company offering an
investment opportunity and to review the OSC’s investor
materials available at www.osc.gov.on.ca.
IN THE MATTER OF
SHANE SUMAN AND MONIE RAHMAN
TORONTO – Following the hearing on the merits in the
above noted matter, the Panel released its Reasons and
Decision.
A copy of the Reasons and Decision dated March 19, 2012
is available at www.osc.gov.on.ca.
OFFICE OF THE SECRETARY
JOHN P. STEVENSON
SECRETARY
For media inquiries:
[email protected]
Wendy Dey
Director, Communications & Public Affairs
416-593-8120
Carolyn Shaw-Rimmington
Manager, Public Affairs
416-593-2361
For Media Inquiries:
416-593-2361
Dylan Rae
Media Relations Specialist
416-595-8934
For investor inquiries:
Dylan Rae
416-595-8934
OSC Contact Centre
416-593-8314
1-877-785-1555 (Toll Free)
For Investor Inquiries:
OSC Contact Centre
416-593-8314
1-877-785-1555 (Toll Free)
March 23, 2012
(2012) 35 OSCB 2765
1.4.2
Heir Home Equity et al.
1.4.3
Majestic Supply Co. Inc. et al.
March 20, 2012
March 19, 2012
IN THE MATTER OF
THE SECURITIES ACT,
IN THE MATTER OF
THE SECURITIES ACT,
AND
AND
IN THE MATTER OF
HEIR HOME EQUITY INVESTMENT REWARDS INC.;
FFI FIRST FRUIT INVESTMENTS INC.; WEALTH
BUILDING MORTGAGES INC.; ARCHIBALD
ROBERTSON; ERIC DESCHAMPS; CANYON
ACQUISITIONS, LLC; CANYON ACQUISITIONS
INTERNATIONAL, LLC; BRENT BORLAND;
WAYNE D. ROBBINS; MARCO CARUSO; PLACENCIA
ESTATES DEVELOPMENT, LTD.; COPAL RESORT
DEVELOPMENT GROUP, LLC; RENDEZVOUS ISLAND,
LTD.; THE PLACENCIA MARINA, LTD.; AND THE
PLACENCIA HOTEL AND RESIDENCES LTD.
IN THE MATTER OF
MAJESTIC SUPPLY CO. INC.,
SUNCASTLE DEVELOPMENTS CORPORATION,
HERBERT ADAMS, STEVE BISHOP,
MARY KRICFALUSI, KEVIN LOMAN AND
CBK ENTERPRISES INC.
TORONTO – The Commission issued an Order in the
above named matter which provides that (i) the hearing on
the merits in this matter shall commence on November 5,
2012, and continue for four weeks thereafter, or on such
further or other dates as agreed to by the parties and set by
the Office of the Secretary; and (ii) a further pre-hearing
conference is scheduled for April 20, 2012 at 10:00 a.m.
A copy of the Order dated March 14, 2012 is available at
www.osc.gov.on.ca.
JOHN P. STEVENSON
SECRETARY
[email protected]
Wendy Dey
416-593-8120
416-593-2361
Dylan Rae
416-595-8934
above named matter which provides that (i) the Motion is
dismissed, with reasons for this order to be provided with
the reasons and decision on the merits in this matter; and
(ii) the parties contact the Office of the Secretary within 10
days to schedule a date for oral closing submissions in
respect of the Merits Hearing.
www.osc.gov.on.ca.
JOHN P. STEVENSON
SECRETARY
[email protected]
Wendy Dey
416-593-8120
416-593-2361
Dylan Rae
416-595-8934
OSC Contact Centre
416-593-8314
1-877-785-1555 (Toll Free)
OSC Contact Centre
416-593-8314
1-877-785-1555 (Toll Free)
March 23, 2012
(2012) 35 OSCB 2766
1.4.4
Maitland Capital Ltd. et al.
1.4.5
Eda Marie Agueci et al.
March 21, 2012
March 21, 2012
IN THE MATTER OF
THE SECURITIES ACT,
IN THE MATTER OF
THE SECURITIES ACT,
AND
AND
IN THE MATTER OF
MAITLAND CAPITAL LTD., ALLEN GROSSMAN,
HANOCH ULFAN, LEONARD WADDINGHAM,
RON GARNER, GORD VALDE, MARIANNE
HYACINTHE, DIANA CASSIDY, RON CATONE,
STEVEN LANYS, ROGER MCKENZIE, TOM
MEZINSKI, WILLIAM ROUSE AND JASON SNOW
IN THE MATTER OF
EDA MARIE AGUECI, DENNIS WING, SANTO
IACONO, JOSEPHINE RAPONI, KIMBERLEY
STEPHANY, HENRY FIORILLO, GIUSEPPE
(JOSEPH) FIORINI, JOHN SERPA, IAN TELFER,
JACOB GORNITZKI AND
POLLEN SERVICES LIMITED
TORONTO – Staff of the Ontario Securities Commission
filed a Notice of Withdrawal against the respondent, William
Rouse, as of February 15, 2012.
above noted matter which provides that this matter is
adjourned to a confidential pre-hearing conference which
shall take place on April 9, 2012 at 10:00 a.m.
A copy of the Notice of Withdrawal dated February 15,
2012 is available at www.osc.gov.on.ca.
JOHN P. STEVENSON
SECRETARY
[email protected]
Wendy Dey
416-593-8120
416-593-2361
Dylan Rae
416-595-8934
www.osc.gov.on.ca.
JOHN P. STEVENSON
SECRETARY
[email protected]
Wendy Dey
416-593-8120
416-593-2361
Dylan Rae
416-595-8934
OSC Contact Centre
416-593-8314
1-877-785-1555 (Toll Free)
March 23, 2012
OSC Contact Centre
416-593-8314
1-877-785-1555 (Toll Free)
(2012) 35 OSCB 2767
This page intentionally left blank
March 23, 2012
(2012) 35 OSCB 2768
Chapter 2
Decisions, Orders and Rulings
2.1
Decisions
2.1.1
Claymore Investments, Inc. and BlackRock,
Inc.
Claymore ETFs, the “Claymore Funds”) managed by the
Filer and listed in Schedule A (the “Approval Sought”).
Under the Process for Exemptive Relief Applications in
Multiple Jurisdictions (for a passport application):
Headnote
National Policy 11-203 Process for Exemptive Relief
Applications in Multiple Jurisdictions – Approval granted for
change of manager of a mutual fund for the purpose of
5.5(1)(a) – unitholders have received timely and adequate
disclosure regarding the change of manager – change of
manager is not detrimental to unitholders or the public
interest.
(a)
the Ontario Securities Commission is the principal
regulator for this application; and
(b)
the Filer has provided notice that section 4.7(1) of
Multilateral Instrument 11-102 Passport System
(“MI 11-102”) is intended to be relied upon in
British
Columbia,
Alberta,
Saskatchewan,
Manitoba, Quebec, New Brunswick, Nova Scotia,
Prince Edward Island, Newfoundland and
Labrador, Yukon, Northwest Territories and
Nunavut.
Applicable Legislative Provisions
National Instrument 81-102 Mutual Funds, ss. 5.5(1)(a),
5.7, 19.1.
March 6, 2012
IN THE MATTER OF
THE SECURITIES LEGISLATION OF
ONTARIO
(the “Jurisdiction”)
Interpretation
Terms defined in National Instrument 14-101 Definitions
and MI 11-102 have the same meaning if used in this
decision, unless otherwise defined. Except as otherwise
stated, all dollar amounts herein are expressed in
Canadian dollars.
Representations
AND
IN THE MATTER OF
THE PROCESS FOR EXEMPTIVE RELIEF
APPLICATIONS IN MULTIPLE JURISDICTIONS
AND
IN THE MATTER OF
CLAYMORE INVESTMENTS, INC.
(the “Filer”)
AND
IN THE MATTER OF
BLACKROCK, INC.
(“BlackRock”)
DECISION
Background
The principal regulator in the Jurisdiction has received an
application from the Filer for a decision under the securities
legislation of the Jurisdiction of the principal regulator (the
“Legislation”) for approval pursuant to section 5.5(1)(a) of
National Instrument 81-102 Mutual Funds (“NI 81-102”) of a
change in the manager of the exchange-traded funds (the
“Claymore ETFs”) and closed-end funds (together with the
March 23, 2012
This decision is based on the following facts represented
by the Filer and BlackRock:
1.
Certain direct and indirect shareholders of the
Filer, BlackRock, BlackRock Holdco 7, Inc.
(“Holdco 7”) and the Filer have entered into an
agreement and plan of merger dated as of
January 11, 2012 (the “Merger Agreement”).
Pursuant to the Merger Agreement, Holdco 7, an
indirect wholly-owned subsidiary of BlackRock,
has agreed to be merged with and into
Guggenheim Funds Services Group, Inc. (the
“Company”), the sole shareholder of the Filer (the
“Merger”). The Company shall continue as the
surviving entity of the Merger (the “Surviving
Corporation”). By virtue of the Merger, BlackRock
will become the sole indirect shareholder of all of
the common stock of the Surviving Corporation,
such that the Filer will become an indirect whollyowned subsidiary of BlackRock. While the Merger
Agreement contemplates the Merger, depending
on the circumstances, the parties may ultimately
determine to restructure the transaction (e.g., as a
sale of all of the outstanding stock of the
Company to BlackRock). Regardless of the legal
steps taken to effect the acquisition (the
“Acquisition”), as a result thereof, BlackRock will
obtain control of all of the Filer’s shares. The
completion of the Acquisition is subject to the
(2012) 35 OSCB 2769
satisfaction of closing conditions, which include
obtaining all required regulatory approvals and
approval of securityholders of the Claymore
Funds.
2.
Because BlackRock may wish to integrate the
Filer’s operations into its own following the
completion of the Acquisition or at some point in
the future, for the purposes of section 5.5 of NI 81102, the Acquisition will result in a change in the
manager of the Claymore Funds.
3.
As required by section 11.2 of National Instrument
81-106 Investment Fund Continuous Disclosure, a
press release dated January 11, 2012 disclosing
the Acquisition has been issued and filed on
SEDAR, a material change report of all of the
Claymore Funds describing the Acquisition was
filed on SEDAR on January 13, 2012, and
amendments to the prospectuses of the Claymore
ETFs disclosing the Acquisition were filed on
SEDAR on January 13, 2012.
4.
The Filer is a corporation incorporated under the
Canada Business Corporations Act and is the
manager, principal portfolio manager and
promoter of the Claymore Funds. The Filer is also
the trustee of the Claymore Funds that are
organized as investment trusts. The head office of
the Filer is located at 200 University Avenue, 13th
Floor, Toronto, Ontario. The Filer employs
approximately 23 staff in its head office in Toronto.
The Filer is registered as (a) an investment fund
manager in Ontario; (b) a portfolio manager in
Ontario; and (c) a dealer in the category of exempt
market dealer in Ontario. As at the date hereof,
100 common shares of the Filer were issued and
outstanding, all of which were held by the
Company.
5.
The Filer is not in default of securities legislation in
any jurisdiction of Canada.
6.
The Claymore Funds, which include 34 exchangetraded mutual funds and two closed-end mutual
funds, are reporting issuers in the Jurisdictions.
The securities of each of the Claymore Funds are
qualified for distribution in the Jurisdictions by way
of a long-form prospectus.
7.
The securities of each of the Claymore ETFs are
currently offered as follows: (a) the securities of
Claymore Gold Bullion ETF are offered under a
long-form prospectus dated January 31, 2012; (b)
the securities of Claymore Advantaged Convertible Bond ETF are offered under a long-form
prospectus dated June 7, 2011, as amended by
Amendment No. 1 dated January 13, 2012; (c) the
securities of Claymore Premium Money Market
ETF, Claymore Natural Gas Commodity ETF,
Claymore Broad Commodity ETF, Claymore
Managed Futures ETF, Claymore Canadian
Financial Monthly Income ETF and Claymore
March 23, 2012
Equal Weight Banc & Lifeco ETF are offered
under a long-form prospectus dated November
28, 2011, as amended by Amendment No. 1
dated January 13, 2012; and (d) the securities of
the remaining Claymore ETFs listed on Schedule
A are offered under a long-form prospectus dated
May 12, 2011, as amended by Amendment No. 1
dated January 13, 2012 (collectively, the “Claymore ETF Prospectuses”). The Claymore ETFs
are subject to NI 81-102 and the Claymore ETF
Prospectuses are prepared and filed in
accordance with Form 41-101F2 Information
Required in an Investment Fund Prospectus.
8.
The securities of each of the Claymore Funds that
are closed-end funds (as identified in Schedule A)
were offered as follows: (a) the securities of Big
Bank Big Oil Split Corp. were initially offered under
a prospectus dated May 26, 2006; and (b) the
securities of Claymore Silver Bullion Trust were
initially offered under a prospectus dated June 29,
2009.
9.
The Claymore Funds are not in default of
securities legislation in any jurisdiction of Canada,
except that, through inadvertence, each of
Claymore Advantaged Canadian Bond ETF, Claymore Advantaged Convertible Bond ETF,
Claymore Advantaged High Yield Bond ETF,
Claymore Advantaged Short Duration High
Income ETF, Claymore Managed Futures ETF
and Claymore Broad Commodity ETF is a party to
one or more forward purchase and sale
agreements providing the Claymore Fund with
exposure to the portfolio of another mutual fund
(each, a “Reference Fund”), the securities of
which are not qualified for distribution in the local
jurisdiction, and which is not subject to NI 81-102
or National Instrument 81-101 Mutual Fund
Prospectus Disclosure, contrary to the Legislation.
10.
Claymore Advantaged Canadian Bond ETF, Claymore Advantaged Convertible Bond ETF,
Claymore Advantaged High Yield Bond ETF,
Income ETF, Claymore Managed Futures ETF
and Claymore Broad Commodity ETF have filed
an application dated March 1, 2012 for a decision
granting exemptive relief from sections 2.5(2)(a)
and 2.5(2)(c) of NI 81-102 that would remedy such
default (the Exemption Sought). The Exemption
Sought provides that each such Claymore Fund
may, through one or more forward purchase and
sale agreements, obtain exposure to the portfolio
of a Reference Fund that has filed a non-offering
prospectus prepared in accordance with National
Instrument 41-101 General Prospectus Requirements and is a reporting issuer in the Province of
Quebec.
11.
Holdco 7 was incorporated as an indirect, whollyowned subsidiary of BlackRock under Delaware
General Corporation Law on January 6, 2012, for
(2012) 35 OSCB 2770
the purpose of completing the Acquisition. To
date, Holdco 7 has not engaged in any activities
other than those incidental to its organization, the
entering into of the Merger Agreement and the
performance of its obligations thereunder. The
registered office of Holdco 7 is c/o The Corporation Service Company, 2711 Centerville Road,
Suite 400, City of Wilmington, County of New
Castle, State of Delaware, 19808.
12.
BlackRock is a Delaware corporation that is a
leader in investment management, risk management and advisory services for institutional and
retail clients worldwide. As at December 31, 2011,
BlackRock had U.S.$3.513 trillion in assets under
management. BlackRock offers products that
span the risk spectrum to meet clients’ needs,
including active, enhanced and index strategies
across markets and asset classes. Products are
offered in a variety of structures including
separate accounts, mutual funds, iShares®
(exchange-traded funds), and other pooled
investment vehicles. BlackRock also offers risk
management, advisory and enterprise investment
system services to a broad base of institutional
investors
through
BlackRock
Solutions®.
Headquartered in New York City, as of December
31, 2011, the firm has approximately 10,100
employees in 27 countries and a major presence
in key global markets, including North and South
America, Europe, Asia, Australia and the Middle
East and Africa.
13.
BlackRock’s principal executive offices are located
at 55 East 52nd Street, New York, New York,
10055.
14.
The common stock of BlackRock is listed on the
New York Stock Exchange. BlackRock has no
single majority stockholder and has a majority of
independent directors. The PNC Financial
Services Group, Inc. and Barclays PLC own
economic interests in BlackRock approximating
21.0% and 19.7%, respectively, with the
remainder owned by institutional and individual
investors, as well as BlackRock’s employees.
Other than PNC Financial Services Group, Inc., no
other entity beneficially owns, directly or indirectly,
controls or directs shares of BlackRock’s common
stock carrying more than 10% of the voting rights
attached to such common stock.
15.
The iShares business is a global leader in
exchange-traded funds with over 460 funds
globally across equities, fixed income and
commodities, which trade on 19 exchanges
worldwide. The iShares funds are bought and sold
like common stocks on securities exchanges. The
iShares funds are attractive to many individual
and
institutional
investors
and
financial
intermediaries because of their relative low cost,
tax efficiency and trading flexibility. Investors can
purchase and sell securities through any
March 23, 2012
brokerage firm, financial advisor or online broker
and hold the funds in any type of brokerage
account. The iShares customer base consists of
the institutional segment of pension plans and
fund managers, as well as the retail segment of
financial advisors and individual investors.
16.
BlackRock is the ultimate parent of BlackRock
Asset Management Canada Limited (“BlackRock
Canada”), which is the trustee, manager and
portfolio adviser of the iShares exchange-traded
funds in Canada (the “iShares Funds”). BlackRock Canada is the leading exchange-traded
funds provider in Canada. As at December 31,
2011, BlackRock Canada offered 48 exchangetraded funds, representing approximately $29
billion in assets under management. The units of
the Canadian iShares Funds are listed on the
Toronto Stock Exchange and offer investors the
opportunity to diversify their portfolios, implement
tactical asset allocation strategies and quickly and
cost-effectively adjust their exposures.
17.
The principal office of BlackRock Canada is
located at 161 Bay Street, Suite 2500, Toronto,
Ontario, M5J 2S1.
18.
BlackRock Canada is registered as a portfolio
manager, exempt market dealer and investment
fund manager in each of the provinces and
territories of Canada and as a commodity trading
manager in Ontario.
19.
BlackRock Canada is not in default of securities
legislation in any jurisdiction of Canada.
20.
Following the completion of the Acquisition, the
Filer will become part of the organization comprising BlackRock’s asset management business.
The directors and officers of each of the Filer and
Big Bank Big Oil Split Corp. (the “Corporate
Fund”) are expected to be individuals who are
currently officers or employees of the Filer and/or
BlackRock Canada and/or its affiliates. The
proposed directors and officers of the Filer and the
Corporate Fund have the integrity and experience
required under sub-paragraph 5.7(1)(a)(v) of NI
81-102.
21.
BlackRock is a leader in investment management,
risk management and advisory services for
institutional and retail clients worldwide. As the
provider of the Canadian iShares Funds, which
are also subject to NI 81-102, BlackRock and its
affiliates have a solid record of experience in the
Canadian investment fund industry.
22.
Immediately following the change in control of the
Filer, the Filer will continue to act as the manager
of the Claymore Funds, although BlackRock
expects to change the Filer’s name to reflect
BlackRock’s ownership. In addition, BlackRock
Institutional Trust Company, N.A. (“BTC”), a
(2012) 35 OSCB 2771
national banking association organized under the
laws of the United States, and/or other BlackRock
affiliates, are expected to be appointed as subadviser of the Claymore Funds. In the short-term,
it is possible that certain services will continue to
be provided by Guggenheim Partners, LLC for a
period following the change in control of the Filer.
BlackRock expects that the shares of the Filer will
be transferred within the BlackRock group of
companies and that the Filer will be amalgamated
or otherwise consolidated with one or more
wholly-owned subsidiaries of BlackRock that do
not have active business operations (i.e., not
BlackRock Canada). In the longer term, the
management of the Claymore Funds may be
transferred from the Filer to BlackRock Canada
and/or the Filer may be amalgamated or otherwise
consolidated with BlackRock Canada.
23.
Both the Filer and BlackRock have accumulated a
great deal of investment management and
operational expertise. The Filer and BlackRock do
not foresee that the Acquisition will give rise to
material conflicts of interest.
24.
BlackRock does not expect the acquisition of
control of the Filer to have negative consequences
on the ability of the Filer to satisfy its obligations to
the Claymore Funds or to adversely affect the
operation and administration of the Claymore
Funds.
25.
At special meetings of securityholders of the
Claymore Funds held on February 24, 2012 and
March 6, 2012, securityholders of the Claymore
Funds approved the Acquisition.
26.
BlackRock has no current intention to change the
fundamental investment objectives of the Claymore Funds following closing of the Acquisition.
Following the completion of the Acquisition, the
Filer may implement changes to certain Claymore
Funds. Any changes will be implemented in
accordance with the prospectus disclosure of the
Claymore Funds and applicable securities laws.
For example, to the extent that any changes made
to the Claymore Funds following the Acquisition
would constitute “material changes” within the
meaning
of
National
Instrument
81-106
Investment Fund Continuous Disclosure, press
releases will be issued, material change reports
filed and amendments made to the prospectuses
of the applicable Claymore Funds.
27.
Securityholders will continue to be able to sell or
buy securities of the Claymore Funds on the
Toronto Stock Exchange or other applicable public
exchanges in the normal course.
March 23, 2012
Decision
The principal regulator is satisfied that the decision meets
the test set out in the Legislation for the principal regulator
to make the decision.
The decision of the principal regulator under the Legislation
is that the Approval Sought is granted.
“Raymond Chan”
Manager, Investment Funds Branch
(2012) 35 OSCB 2772
SCHEDULE A
CLAYMORE FUNDS
Exchange-Traded Funds
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
Claymore 1-10 Yr Laddered Corporate Bond ETF
Claymore 1-10 Yr Laddered Government Bond
ETF
Claymore 1-5 Yr Laddered Corporate Bond ETF
Claymore 1-5 Yr Laddered Government Bond ETF
Claymore Advantaged Canadian Bond ETF
Claymore Advantaged Convertible Bond ETF
Claymore Advantaged High Yield Bond ETF
Income ETF
Claymore Balanced Growth CorePortfolio™ ETF
Claymore Balanced Income CorePortfolio™ ETF
Claymore BRIC ETF
Claymore Broad Commodity ETF
Claymore Broad Emerging Markets ETF
Claymore Canadian Financial Monthly Income
ETF
Claymore Canadian Fundamental Index ETF
Claymore China ETF
Claymore Equal Weight Banc & Lifeco ETF
Claymore Global Agriculture ETF
Claymore Global Infrastructure ETF
Claymore Global Monthly Advantaged Dividend
ETF
Claymore Global Real Estate ETF
Claymore Gold Bullion ETF
Claymore International Fundamental Index ETF
Claymore Inverse 10 Yr Government Bond ETF
Claymore Japan Fundamental Index ETF C$
hedged
Claymore Natural Gas Commodity ETF
Claymore Oil Sands Sector ETF
Claymore Premium Money Market ETF
Claymore S&P Global Water ETF
Claymore S&P US Dividend Growers ETF
Claymore S&P/TSX Canadian Dividend ETF
Claymore S&P/TSX CDN Preferred Share ETF
Claymore S&P/TSX Global Mining ETF
Claymore US Fundamental Index ETF
Claymore Canadian Balanced Income
CorePortfolio™ ETF
Claymore Conservative CorePortfolio™ ETF
Claymore Managed Futures ETF
Claymore Small-Mid Cap BRIC ETF
Closed-End Funds
1.
2.
Big Bank Big Oil Split Corp.
Claymore Silver Bullion Trust
2.1.2
Aston Hill Asset Management Inc. et al.
Headnote
National Policy 11-203 – Process for Exemptive Relief in
Multiple Jurisdictions – One time transfer of assets of a
non-redeemable investment fund to a mutual fund subject
to NI 81-102, both advised by the same portfolio manager,
to implement a merger – Costs of the merger borne by the
manager – Sale of securities exempt from the self-dealing
prohibition in paragraph s.13.5(2)(b)(iii), National Instrument 31-103 – Registration Requirements and Exemptions.
National Instrument 31-103 Registration Requirements and
Exemptions, ss. 13.5(2)(b)(iii), 15.1.
March 16, 2012
IN THE MATTER OF
ONTARIO
(the Jurisdiction)
AND
IN THE MATTER OF
AND
IN THE MATTER OF
ASTON HILL ASSET MANAGEMENT INC.
(the Filer)
AND
IA CLARINGTON ASTON HILL TACTICAL YIELD FUND
(The Terminating Fund) AND
IA CLARINGTON TACTICAL INCOME FUND
(the Continuing Fund, and together with
the Terminating Fund, the Funds)
DECISION
Background
The securities regulatory authority or regulator in the
Jurisdiction (Decision Maker) has received an application
from the Filer for a decision under the securities legislation
of the Jurisdiction for exemptive relief from Section
13.5(2)(b)(iii) of National Instrument 31-103 – Registration
Requirements and Exemptions (NI 31-103) in connection
with the transfer of the investment portfolio of the
Terminating Fund to the Continuing Fund in order to
implement the merger (the Merger) of the Terminating
Fund into the Continuing Fund (the Exemption Sought).
Multiple Jurisdictions (for a dual application):
March 23, 2012
(2012) 35 OSCB 2773
(a)
regulator (the Principal Regulator) for this
application; and
(b)
the Filer has provided notice that section 4.7(1) of
Multilateral Instrument 11-102 Passport System
(MI 11-102) is intended to be relied upon in each
of the provinces and territories of Canada
(collectively with Ontario, the Jurisdictions).
units of the Terminating Fund (the Units) are
listed on the Toronto Stock Exchange (TSX).
10.
The Terminating Fund was established under the
laws of the Province of Ontario pursuant to a
declaration of trust dated March 29, 2010 (the
Terminating Fund Declaration) and completed
its initial public offering on April 19, 2010.
11.
The Continuing Fund is a “mutual fund” as defined
in the Legislation and currently offers series A, E,
E6, F, F6, F8, I, L, L6, L8, O, T6 and T8 units
pursuant to a simplified prospectus dated July 12,
2011, as amended on July 29, 2011, September
19, 2011 and on November 28, 2011 (collectively,
the Prospectus).
12.
The Continuing Fund has filed amendments dated
February 15, 2012, to its simplified prospectus
and annual information form to qualify the Series
X Units to be used in the Merger. These amendments were receipted on February 27, 2012.
13.
Series X Units of the Continuing Fund have a
distribution policy which seeks to provide
unitholders with monthly distributions.
14.
The investment objectives of the Terminating
Fund are “(i) to provide unitholders with monthly
cash distributions, initially targeted to be 6.0% per
trust unit per annum on the original offering price
of $10.00 per unit ($0.05 per trust unit per month
or $0.60 per trust unit per annum); and (ii) to
maximize total returns for unitholders, consisting
of both cash distributions and capital appreciation,
while reducing risk and preserving capital”. As of
March 15, 2012, the Terminating Fund’s holdings
of illiquid securities meet the requirements of s.
2.4 of NI 81-102.
15.
The investment objective of the Continuing Fund
is “to seek to achieve a steady flow of monthly
income by investing primarily in trust units, equity
securities and fixed income securities of Canadian
issuers”.
16.
The Merger will not be a material change for the
Continuing Fund, as the net asset value (NAV) of
the Continuing Fund is larger than the NAV of the
Terminating Fund. The NAV for units of each
Fund is calculated on a daily basis on each day
that the TSX is open for trading.
17.
The Merger will be effected in accordance with the
“conversion” provision set out in the Terminating
Fund Declaration. This provision provides that the
Manager may merge the Terminating Fund with
an open-ended mutual fund managed by the
Manager or an affiliate thereof, provided that:
Interpretation
Terms defined in MI 11-102 and National Instrument 14101 – Definitions have the same meaning if used in this
decision, unless otherwise defined.
Representations
by the Filer:
1.
2.
The Filer is a corporation amalgamated under the
laws of Ontario. The Filer’s head office is located
in Toronto, Ontario.
The Filer is registered as an investment fund
manager in Ontario and as a portfolio manager
under the securities legislation of each of Ontario,
Alberta, British Columbia, Manitoba, New
Brunswick, Newfoundland and Labrador, Nova
Scotia and Quebec (the Legislation).
3.
The Filer is not in default of securities legislation in
any Canadian jurisdiction.
4.
IA Clarington Investments Inc. (the Manager) is
the manager and trustee of the Funds and the
Filer is the portfolio advisor of the Funds.
5.
The Manager proposes to effect the Merger of the
Terminating Fund into the Continuing Fund,
subject to obtaining this approval, on or about
April 30, 2012 (the Merger Date).
6.
Each Fund was established pursuant to a
declaration of trust under the laws of the Province
of Ontario.
7.
The Funds are reporting issuers under the
securities legislation of each province and territory
of Canada and are not on the list of defaulting
reporting issuers maintained under such
legislation.
8.
Unless an exemption has been obtained, each of
the Funds follows the standard investment
restrictions and practices established under the
applicable securities legislation of each province
and territory of Canada.
9.
The Terminating Fund is a “non-redeemable
investment fund” as defined in the Legislation and
March 23, 2012
(a)
the open-ended mutual fund must have
similar investment objectives as set forth
in its governing instrument, as deter-
(2012) 35 OSCB 2774
mined by the Manager in its sole
discretion;
(b)
the Manager must have determined that
there likely will be a percentage reduction
in the general, administrative and operating expenses attributed to the combined
fund as a result of the merger as
compared to those of the Terminating
Fund prior to the merger;
(c)
the merger is completed on a relative net
asset value per security basis; and
(d)
the merger is accomplished on a taxdeferred rollover basis under the Income
Tax Act (Canada) (the Tax Act) for
unitholders of the Terminating Fund pursuant to section 132.2 of the Tax Act (as
may be amended).
Although the Terminating Fund is a nonredeemable investment fund and not a mutual
fund, the Terminating Fund Declaration also
provides that the approval of unitholders of the
Terminating Fund is not required if the merger is
approved by the independent review committee
(IRC) of the Terminating Fund under s. 5.2(2) of
NI 81-107 and if the Terminating Fund is being
reorganized with, or its assets are being
transferred to, a mutual fund to which National
Instrument 81-102 – Mutual Funds and National
Instrument 81-107 – Independent Review Committee for Investment Funds (NI 81-107) apply and
that is managed by the Manager, or an affiliate of
the Manager.
18.
The Manager has determined that the investment
objectives of the Funds are similar and that there
will likely be a percentage reduction in the
general, administrative and operating expenses
attributed to the combined fund as a result of the
merger as compared to those of the Terminating
Fund prior to the merger. In addition, the Merger
will be completed on a relative net asset value per
security basis and on a tax-deferred rollover basis
under the Tax Act.
19.
The board of directors of the Manager has
approved the Merger.
20.
The Manager has sent written notice of the
Merger to the unitholders of the Terminating Fund
on February 15, 2012, which is at least 75 days
prior to the Merger Date.
21.
As required by NI 81-107, an IRC has been
appointed for each of the Funds. The Manager
presented the terms of the Merger to the IRC and
the IRC approved the Merger in accordance with
the requirements of s. 5.2(2) of NI 81-107 on the
basis that the Merger would achieve a fair and
reasonable result for each of the Funds.
March 23, 2012
22.
A press release and material change report
announcing the conversion of the Terminating
Fund by way of merger into the Continuing Fund
was filed on SEDAR under the profile of the
Terminating Fund on February 17, 2012. A press
release and material change report in respect of
the Merger will be filed on SEDAR under the
profile of each of the Funds upon completion of
the Merger.
23.
At the present time, no TSX approval is required
for the Merger. However, the Terminating Fund
will need to comply with the requirements of the
TSX to delist.
24.
All costs and expenses associated with the
Merger will be borne by the Manager. No sales
charges, redemption fees or other fees or
commissions will be payable by unitholders of the
Funds in connection with the Merger.
25.
Following the Merger, the Continuing Fund will
continue as a publicly offered open-end mutual
fund and the Terminating Fund will be wound up
and terminated.
26.
The Filer is a “responsible person” as defined in
the Legislation as a result of being the portfolio
advisor of the Funds.
27.
The transfer of the investment portfolio of the
Terminating Fund to the Continuing Fund (and the
corresponding purchase of such investment
portfolio by the Continuing Fund) as a step in the
Merger may be considered a purchase or sale of
securities, knowingly caused by a registered
adviser that manages the investment portfolio of
the Funds, from or to the investment portfolio of
an investment fund for which a “responsible
person” acts as an adviser, contrary to NI 31-103.
28.
The Merger is expected to take place using the
following steps:
(a)
Prior to the Merger Date, the Terminating
Fund will sell any securities in its portfolio
that do not meet the investment objective
and investment strategies of the Continuing Fund. As a result, the Terminating
Fund may temporarily hold cash or
money market instruments and may not
be fully invested in accordance with its
investment objectives for a brief period of
time prior to the Merger.
(b)
Effective as of close of business on or
about April 25, 2012, which is approximately three business days prior to the
Merger Date, the Units of the Terminating
Fund will be de-listed from the TSX.
(c)
The value of the Terminating Fund’s
portfolio and other assets will be deter-
(2012) 35 OSCB 2775
mined at the close of business on the
Merger Date in accordance with the
Terminating Fund Declaration.
(d)
The Continuing Fund will acquire the
investment portfolio and other assets of
the Terminating Fund in exchange for
Series X Units of the Continuing Fund.
(e)
The Continuing Fund will not assume
liabilities of the Terminating Fund and the
Terminating Fund will retain sufficient
assets to satisfy its estimated liabilities, if
any, as of the Merger Date.
(f)
The Series X Units of the Continuing
Fund received by the Terminating Fund
will have an aggregate NAV equal to the
value of the Terminating Fund’s portfolio
assets and other assets that the
Continuing Fund is acquiring, and the
Series X Units will be issued at their
applicable series NAV per unit as of the
close of business on the Merger Date.
(g)
(h)
29.
30.
The Terminating Fund will distribute to its
unitholders a sufficient amount of its net
income and net realized capital gains so
that it will not be subject to tax under Part
I of the Tax Act for its taxation year ending on the Merger Date.
Immediately thereafter, the Terminating
Fund will be terminated and the Series X
Units of the Continuing Fund received by
the Terminating Fund will be distributed
to unitholders of the Terminating Fund on
a dollar for dollar basis in exchange for
their Units in the Terminating Fund.
(i)
As soon as reasonably possible following
the Merger, the Terminating Fund will be
wound up.
(j)
The Manager will issue a press release
forthwith after the Merger is completed
announcing the completion of the Merger
and the ratio by which Units of the
Terminating Fund were exchanged for
Series X Units.
Each Fund is a mutual fund trust under the Tax
Act and, accordingly, Units of the Funds are
“qualified investments” under the Tax Act for
registered retirement savings plans, registered
retirement income funds, deferred profit sharing
plans, registered disability savings plans,
registered education savings plans and tax-free
savings accounts.
In the absence of this order, the Filer would be
prohibited from purchasing and selling the
securities of the Terminating Fund (and thereby
March 23, 2012
transferring the investment portfolio of the
Terminating Fund to the Continuing Fund) in
connection with the Merger.
31.
The Merger would comply with the exemption from
section 13.5(2)(b) of NI 31-103 provided in
subsection 6.1(4) of NI 81-107 but for subsection
6.1(2)(f). It is not possible to effect the transfer of
assets from the Terminating Fund to the
Continuing Fund in accordance with the “market
integrity requirements”, as such term is defined in
Section 6.1(1) of NI 81-107, because the purchase and sale of such assets will be effected
directly between the Terminating Fund and the
Continuing Fund and accordingly will not be
printed on the TSX.
32.
In the opinion of the Filer and the Manager, the
Merger will not adversely affect unitholders of the
Terminating Fund or the Continuing Fund and will
in fact be in the best interests of Unitholders of the
Terminating Fund. The Filer believes that the
Merger will be beneficial to Unitholders for the
following reasons:
(a)
The Continuing Fund has a larger
portfolio and better opportunity for
diversification than the Terminating Fund;
(b)
Series X Units of the Continuing Fund will
have greater liquidity through daily
purchases and redemptions than Units of
the Terminating Fund and the Merger will
eliminate the discount to NAV for the
Terminating Fund;
(c)
The Terminating Fund pays a trailer fee
directly rather than embedding it in its
management fee. The management fee
plus trailer fee for the Terminating Fund
will be the same as the management fee
for the Series X Units of the Continuing
Fund; and
(d)
The Continuing Fund allows greater
unitholder flexibility with respect to
switches, reclassifications and conversions.
Decision
The Decision Maker is satisfied that the decision meets the
test set out in the Legislation for the Decision Maker to
make the decision.
The decision of the Decision Maker is that the Exemption
Sought is granted provided that:
(a)
upon a request by a Unitholder for
financial statements, the Filer will make
best efforts to provide the unitholder with
financial statements of the Continuing
Fund; and
(2012) 35 OSCB 2776
(b)
the Terminating Fund and the Continuing
Fund with respect to a Merger have an
unqualified audit report in respect of their
last completed financial period.
“Raymond Chan”
March 23, 2012
(2012) 35 OSCB 2777
2.1.3
Canadian Tire Corporation, Limited
Headnote
National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Filer granted exemption from the
prospectus requirement in connection with trades of commercial paper/short term debt instruments that may not meet the
“approved credit rating” requirement for the purpose of the short-term debt exemption in section 2.35 of National Instrument 45106 Prospectus and Registration Exemptions – Commercial paper/short-term debt instruments only required to obtain one
prescribed credit rating from an approved credit rating organization – Relief granted subject to conditions.
Securities Act, R.S.O. 1990, c. S.5, as am., ss. 53, 74(1).
March 16, 2012
IN THE MATTER OF
ONTARIO
(the Jurisdiction)
AND
IN THE MATTER OF
AND
IN THE MATTER OF
CANADIAN TIRE CORPORATION, LIMITED
(the Filer)
DECISION
Background
The principal regulator in the Jurisdiction (the Decision Maker) has received an application from the Filer for a decision under
the securities legislation of the Jurisdiction of the principal regulator (the Legislation) that trades of negotiable promissory notes
or commercial paper, maturing not more than one year from the date of issue, of the Filer (Commercial Paper) be exempt from
the prospectus requirements of the Legislation (the Exemption Sought).
Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):
(a)
the Ontario Securities Commission is the principal regulator for this application; and
(b)
the Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is
intended to be relied upon in each of British Columbia, Alberta, Saskatchewan, Manitoba, Québec, New Brunswick,
Prince Edward Island, Nova Scotia, Newfoundland & Labrador, Yukon, Northwest Territories and Nunavut (the
Passport Jurisdictions).
Interpretation
Terms defined in National Instrument 14-101 Definitions or MI 11-102 have the same meanings in this decision, unless
otherwise defined herein.
In this decision:
“Asset-backed Short-term Debt” means short-term debt that is backed, secured or serviced by or from a discrete pool of
mortgages, receivables or other financial assets or interests designed to ensure the servicing or timely distribution of proceeds
to holders of that short-term debt;
“NI 31-103” means National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Relationships;
March 23, 2012
(2012) 35 OSCB 2778
“NI 45-106” means National Instrument 45-106 Prospectus and Registration Exemptions; and
“NI 81-102” means National Instrument 81-102 Mutual Funds.
Representations
This decision is based on the following facts represented by the Filer:
1.
The Filer is a corporation governed by the Business Corporations Act (Ontario) with its registered and principal offices
located in Toronto, Ontario.
2.
The Filer is a reporting issuer in the Jurisdiction and the Passport Jurisdictions. The Filer is not in default of its reporting
issuer obligations under the Legislation or the securities legislation of the Jurisdiction and the Passport Jurisdictions.
3.
Subsection 2.35(b) of NI 45-106 provides that the exemption from the prospectus requirement of the Legislation for
short-term debt (the Commercial Paper Exemption) is available only where such short-term debt “has an approved
credit rating from an approved credit rating organization”. NI 45-106 incorporates by reference the definitions for
“approved credit rating” and “approved credit rating organization” in NI 81-102.
4.
The definition of “approved credit rating” in NI 81-102 requires, among other things, that (a) the rating assigned to
particular debt must be “at or above” certain prescribed short-term ratings, and (b) such debt must not have been
assigned a rating by any “approved credit rating organization” that is not an “approved credit rating”.
5.
The Commercial Paper has a rating of “A-1(Low)(Can)” rating from Standard & Poor’s Rating Services, which qualifies
as a rating of A-2 on Standard & Poor’s global short term debt rating scale. The Commercial Paper also has a rating of
“R-2(high)” from DBRS Limited. As a result, the Commercial Paper does not meet the “approved credit rating” definition
in NI 81-102.
Decision
The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make
the decision.
The decision of the Decision Maker is that the Exemption Sought is granted provided that:
(a)
(b)
the Commercial Paper:
i.
matures not more than one year from the date of issue;
ii.
is not convertible or exchangeable into or accompanied by a right to purchase another security other
than Commercial Paper;
iii.
is not Asset-backed Short-term Debt; and
iv.
has a rating issued by one of the following rating organizations, or any of their successors, at or
above one of the following rating categories or a rating category that replaces a category listed
below:
Rating
DBRS Limited
R-1 (low)
Fitch Ratings Ltd.
F2
Moody’s Investors Service
P-2
Standard & Poor’s
A-2
each trade of Commercial Paper to a resident in a jurisdiction in Canada by the Filer in reliance on this
exemption is made:
i.
March 23, 2012
Rating Organization
through an agent who is a registered dealer, registered in a category that permits the trade;
(2012) 35 OSCB 2779
(c)
ii.
through a bank listed in Schedule I, II or III to the Bank Act (Canada) trading in reliance on an
exemption from registration available in the circumstances in the jurisdiction or jurisdictions in which
the trade occurs; or
iii.
through a dealer permitted to rely on the “international dealer exemption” under section 8.18 of NI 31103; and
for each jurisdiction of Canada, the Exemption Sought will terminate on the earlier of:
i.
90 days after the coming into force of any rule, other regulation or blanket order or ruling under the
securities legislation of that jurisdiction of Canada that amends the conditions of the prospectus
exemption under section 2.35 of NI 45-106 or provides an alternate exemption; and
ii.
June 30, 2017.
“Edward P. Kerwin”
“Christopher Portner”
March 23, 2012
(2012) 35 OSCB 2780
2.1.4
St. Eugene Mining Corporation Ltd.
“Jo-Anne Matear”
Manager, Corporate Finance
Headnote
Applications in Multiple Jurisdictions – Issuer deemed to no
longer be a reporting issuer under securities legislation.
Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(10).
March 19, 2012
Gianfranco Matrangolo
Stikeman Elliott LLP
4300 Bankers Hall West
888 – 3rd St. S.W.,
Calgary, AB T2P 5C5
Dear Sirs/Mesdames:
Re:
St. Eugene Mining Corporation Limited (the
Applicant) – application for a decision under
the securities legislation of Ontario and
Alberta (collectively, the Jurisdictions) that the
Applicant is not a reporting issuer
The Applicant has applied to the local securities regulatory
authority or regulator (the Decision Maker) in each of the
Jurisdictions for a decision under the securities legislation
(the Legislation) of the Jurisdictions that the Applicant is not
a reporting issuer.
As the Applicant has represented to the Decision Makers
that:
(a)
the outstanding securities of the Applicant,
including debt securities, are beneficially
owned, directly or indirectly, by fewer than 15
security holders in each of the jurisdictions in
Canada and fewer than 51 security holders in
total in Canada;
(b)
no securities of the Applicant are traded on a
marketplace as defined in National Instrument
21-101 Marketplace Operation;
(c)
the Applicant is applying for a decision that it
is not a reporting issuer in all of the
jurisdictions in Canada in which it is currently
a reporting issuer; and
(d)
the Applicant is not in default of any of its
obligations under the Legislation as a
reporting issuer,
each of the Decision Makers is satisfied that
test contained in the Legislation that provides
Decision Maker with the jurisdiction to make
decision has been met and orders that
Applicant is not a reporting issuer.
March 23, 2012
the
the
the
the
(2012) 35 OSCB 2781
2.1.5
Dividend 15 Split Corp. II (DF) and Quadravest
Capital Management Inc.
Headnote
National Policy 11-203 – Process for Exemptive Relief
Applications in Multiple Jurisdictions – Mutual fund corporation and its investment fund manager exempted from the
dealer registration requirement for certain limited trading
activities to be carried out by these parties in connection
with rights offering by the mutual fund corporation – The
limited trading activities involve: i) the forwarding of a rights
offering circular, and the distribution of rights to acquire
securities of the mutual fund corporation, to existing holders of securities of the mutual fund corporation, and ii) the
subsequent distribution of securities to holders of these
rights, upon the holders’ exercise of the rights, through an
appropriately registered dealer.
preferred share of DF (collectively the Preferred Shares
and, together with the Class A Shares, the Units), to be
made in the Jurisdiction and each of the Passport
Jurisdictions (as defined below) pursuant to a rights
offering circular (the Rights Offering Circular).
1.
2.
each Filer has provided notice that section 4.7(1)
of Multilateral Instrument 11-102 – Passport
System (MI 11-102) is intended to be relied upon
by the Filers in British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick,
Nova Scotia, Prince Edward Island and
Newfoundland and Labrador (collectively, the
Pass-port Jurisdictions).
Securities Act, R.S.O., c. S.5, as am., ss. 25(1), 74(1).
Multilateral Instrument 11-102 Passport System, s. 4.7(1).
National Instrument 31-103 Registration Requirements,
Exemptions and Ongoing Registrant Obligations,
s. 8.5.
National Instrument 45-106 Prospectus and Registration
Exemptions, ss. 3.1, 3.42.
March 2, 2012
IN THE MATTER OF
ONTARIO
(the Jurisdiction)
Interpretation
Terms defined in National Instrument 14-101 – Definitions
Representations
by the Filers:
1.
DF is a mutual fund corporation incorporated
under the laws of the Jurisdiction by articles of
incorporation dated September 28, 2006, as
amended November 3, 2006. DF is a reporting
issuer in the Jurisdiction and in each of the
Passport Jurisdictions. DF is not in default of the
securities legislation of any jurisdiction.
2.
The Manager acts as the investment fund
manager for DF. The Manager is registered as an
investment fund manager under the Legislation.
3.
The head office of each of the Filers is located in
Toronto, Ontario.
4.
The authorized capital of DF consists of an
unlimited number of Preferred Shares and Class A
Shares and 1,000 class B shares. The Preferred
Shares and Class A Shares are listed for trading
on the Toronto Stock Exchange (the TSX).
5.
DF is subject to certain investment restrictions
that, among other things, limit the equity securities
and other securities that may be acquired for its
investment portfolio.
6.
The investment objectives of DF are: (i) to provide
holders of Preferred Shares with fixed cumulative
preferential monthly cash dividends in the amount
of $0.04375 per Preferred Share; (ii) to provide
holders of Class A Shares with regular monthly
AND
IN THE MATTER OF
AND
IN THE MATTER OF
DIVIDEND 15 SPLIT CORP. II (DF) AND
QUADRAVEST CAPITAL MANAGEMENT INC.
(the Manager, together with DF, the Filers)
DECISION
Background
application from the Filers for a decision under the
securities legislation of the Jurisdiction of the principal
regulator (the Legislation) exempting the Filers from the
dealer registration requirement in the Legislation in respect
of certain trades (the Rights Offering Activities) to be
carried out by the Manager, on behalf of DF, in connection
with a proposed distribution (the Rights Offering) of rights
(the Rights) to acquire units, each consisting of one class
A share of DF (collectively the Class A Shares) and one
March 23, 2012
(2012) 35 OSCB 2782
cash distributions targeted to be $0.10 per Class
A Share; and (iii) to return the original issue price
of $10.00 and $15.00 to holders of Preferred
Shares and Class A Shares, respectively, at the
time of the redemption of such shares on
December 1, 2014 or such other date as DF may
terminate.
7.
On November 16, 2006 and December 7, 2006,
DF completed its initial public offering of Preferred
Shares and Class A Shares pursuant to a
prospectus dated October 25, 2006. Preferred
Shares and Class A Shares are issued only on the
basis that an equal number of Preferred Shares
and Class A Shares will be issued and
outstanding at all times.
8.
DF does not engage in a continuous distribution of
its securities.
9.
Under the Rights Offering, each holder of Class A
Shares, as at a specified record date, will be
entitled to receive, for no consideration, one Right
for each Class A Share held by the holder. Four
Rights entitle the holder to subscribe for one Unit
upon payment to DF of a subscription price, to be
specified in the Rights Offering Circular, prior to
the expiry of the Rights. Holders of Rights in
Canada are permitted to sell or transfer their
Rights instead of exercising their Rights to
subscribe for Units.
Holders of Rights who
exercise their Rights may subscribe pro rata for
additional Units pursuant to an additional
subscription privilege. The term of the Rights is
expected to be three months or less.
10.
DF has applied to list on the TSX the Rights to be
distributed under the Rights Offering and the
Class A Shares and the Preferred Shares issuable
upon the exercise thereof.
11.
The Rights Offering Activities will consist of:
12.
(a)
the distribution of the Rights Offering
Circular and the issuance of Rights to
holders of Class A Shares (as at the
record date specified in the Rights
Offering Circular), after the Rights
Offering Circular has been sent and
accepted under the Legislation and the
securities legislation of each of the
Passport Jurisdictions; and
(b)
the distribution of Units to holders of the
Rights, upon the exercise of the Rights
by the holders, through a registered
dealer that is registered in a category that
permits the registered dealer to make
such a distribution.
the Rights Offering Activities, would require each
of the Filers to register as a dealer in the absence
of this decision (or another available exemption
from the dealer registration requirement).
13.
Section 8.5 of National Instrument 45-106 –
Prospectus and Registration Exemptions (NI 45106) provides that, after March 26, 2010, the
exemptions
from
the
dealer
registration
requirements set out in sections 3.1 [Rights
offering] and section 3.42 [Conversion, exchange,
or exercise] of NI 45-106 no longer apply.
Decision
is that DF, and the Manager acting on behalf of DF, are not
subject to the dealer registration requirement in respect of
the Rights Offering Activities.
“Margot C. Howard”
Commissioner
“Mary Condon”
Vice-Chair
DF is in the business of trading by virtue of its
portfolio investing and trading activities. As a
result, the capital raising activities of DF, including
March 23, 2012
(2012) 35 OSCB 2783
2.1.6
NB Split Corp. – s. 1(10)
Headnote
Applications in Multiple Jurisdictions – Fund deemed to
have ceased to be a reporting issuer – Fund meets
requirements set out in CSA Staff Notice 12-307.
each of the Decision Makers is satisfied that the test
contained in the Legislation that provides the Decision
Maker with the jurisdiction to make the decision has been
met and orders that the Applicant is not a reporting issuer.
“Darren McKall”
Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(10).
CSA Staff Notice 12-307 – Applications for a Decision that
an Issuer is not a Reporting Issuer.
March 20, 2012
NB Split Corp.
c/o Blake, Cassels & Graydon LLP
199 Bay Street
Suite 4000, Commerce Court West
Toronto, ON
M5L 1A9
Dear Sirs/Mesdames:
Re:
NB Split Corp. (the Applicant) – Application for
a decision under the securities legislation of
all the provinces and territories of Canada
(other than British Columbia) (the Jurisdictions) that the Applicant is not a reporting
issuer
The Applicant has applied to the local securities regulatory
authority or regulator (the Decision Maker) in each of the
Jurisdictions for a decision under the securities legislation
(the Legislation) of the Jurisdictions that the Applicant is
not a reporting issuer.
As the Applicant has represented to the Decision Makers
that:
(a)
the outstanding securities of the Applicant,
including debt securities, are beneficially
owned, directly or indirectly, by fewer than 15
security holders in each of the jurisdictions in
Canada and fewer than 51 security holders in
total in Canada;
(b)
no securities of the Applicant are traded on a
marketplace as defined in National Instrument
21-101 Marketplace Operation;
(c)
the Applicant is applying for a decision that it
is not a reporting issuer in all of the
jurisdictions in Canada in which it is currently
a reporting issuer; and
(d)
the Applicant is not in default of any of its
obligations under the Legislation as a
reporting issuer,
March 23, 2012
(2012) 35 OSCB 2784
2.1.7
Dividend 15 Split Corp. and Quadravest Capital
Management Inc.
Headnote
National Policy 11-203 – Process for Exemptive Relief
Applications in Multiple Jurisdictions – Mutual fund corporation and its investment fund manager exempted from the
dealer registration requirement for certain limited trading
activities to be carried out by these parties in connection
with rights offering by the mutual fund corporation – The
limited trading activities involve: i) the forwarding of a rights
offering circular, and the distribution of rights to acquire
securities of the mutual fund corporation, to existing holders of securities of the mutual fund corporation, and ii) the
subsequent distribution of securities to holders of these
rights, upon the holders’ exercise of the rights, through an
appropriately registered dealer.
Class A Shares) and one preferred share of DFN
(collectively the Preferred Shares and, together with the
Class A Shares, the Units), to be made in the Jurisdiction
and each of the Passport Jurisdictions (as defined below)
pursuant to a rights offering circular (the Rights Offering
Circular).
1.
2.
each Filer has provided notice that section 4.7(1)
of Multilateral Instrument 11-102 – Passport
System (MI 11-102) is intended to be relied upon
by the Filers in British Columbia, Alberta,
Saskatchewan,
Manitoba,
Quebec,
New
Brunswick, Nova Scotia, Prince Edward Island
and Newfoundland and Labrador (collectively, the
Passport Jurisdictions).
Securities Act, R.S.O., c. S.5, as am., ss. 25(1), 74(1).
Multilateral Instrument 11-102 Passport System, s. 4.7(1).
National Instrument 31-103 Registration Requirements,
Exemptions and Ongoing Registrant Obligations,
s. 8.5.
National Instrument 45-106 Prospectus and Registration
Exemptions, ss. 3.1, 3.42.
Interpretation
Terms defined in National Instrument 14-101 – Definitions
Representations
March 2, 2012
IN THE MATTER OF
ONTARIO
(the Jurisdiction)
by the Filers:
1.
DFN is a mutual fund corporation incorporated
under the laws of the Jurisdiction by articles of
incorporation dated January 9, 2004, as amended
February 25, 2004 and May 23, 2007. DFN is a
reporting issuer in the Jurisdiction and in each of
the Passport Jurisdictions. DFN is not in default of
the securities legislation of any jurisdiction.
2.
The Manager acts as the investment fund
manager for DFN. The Manager is registered as
an investment fund manager under the
Legislation.
3.
The head office of each of the Filers is located in
Toronto, Ontario.
4.
The authorized capital of DFN consists of an
unlimited number of Preferred Shares and Class A
Shares and 1,000 class B shares. The Preferred
Shares and Class A Shares are listed for trading
on the Toronto Stock Exchange (the TSX).
5.
DFN is subject to certain investment restrictions
that, among other things, limit the equity securities
and other securities that may be acquired for its
investment portfolio.
6.
The investment objectives of DFN are: (i) to
provide holders of Preferred Shares with fixed
cumulative preferential monthly cash dividends in
AND
IN THE MATTER OF
AND
IN THE MATTER OF
DIVIDEND 15 SPLIT CORP. (DFN) AND
QUADRAVEST CAPITAL MANAGEMENT INC.
(the Manager, together with DFN, the Filers)
DECISION
Background
application from the Filers for a decision under the
securities legislation of the Jurisdiction of the principal
regulator (the Legislation) exempting the Filers from the
dealer registration requirement in the Legislation in respect
of certain trades (the Rights Offering Activities) to be
carried out by the Manager, on behalf of DFN, in
connection with a proposed distribution (the Rights
Offering) of rights (the Rights) to acquire units, each
consisting of one class A share of DFN (collectively the
March 23, 2012
(2012) 35 OSCB 2785
the amount of $0.04375 per Preferred Share; (ii)
to provide holders of Class A Shares with regular
monthly cash distributions targeted to be $0.10
per Class A Share; and (iii) to return the original
issue price of $10.00 and $15.00 to holders of
Preferred Shares and Class A Shares,
respectively, at the time of the redemption of such
shares on December 1, 2014 or such other date
as DFN may terminate.
7.
On March 16, 2004 and April 6, 2004, DFN
completed its initial public offering of Preferred
Shares and Class A Shares pursuant to a
prospectus dated February 25, 2004. Preferred
Shares and Class A Shares are issued only on the
basis that an equal number of Preferred Shares
and Class A Shares will be issued and
outstanding at all times.
8.
DFN does not engage in a continuous distribution
of its securities.
9.
Under the Rights Offering, each holder of Class A
Shares, as at a specified record date, will be
entitled to receive, for no consideration, one Right
for each Class A Share held by the holder. Four
Rights entitle the holder to subscribe for one Unit
upon payment to DFN of a subscription price, to
be specified in the Rights Offering Circular, prior to
the expiry of the Rights. Holders of Rights in
Canada are permitted to sell or transfer their
Rights instead of exercising their Rights to
subscribe for Units.
Holders of Rights who
exercise their Rights may subscribe pro rata for
additional Units pursuant to an additional
subscription privilege. The term of the Rights is
expected to be between one month and two
months.
10.
DFN has applied to list on the TSX the Rights to
be distributed under the Rights Offering and the
Class A Shares and the Preferred Shares issuable
upon the exercise thereof.
11.
The Rights Offering Activities will consist of:
(a)
the distribution of the Rights Offering
Circular and the issuance of Rights to
holders of Class A Shares (as at the
record date specified in the Rights
Offering Circular), after the Rights
Offering Circular has been sent and
accepted under the Legislation and the
securities legislation of each of the
Passport Jurisdictions; and
(b)
the distribution of Units to holders of the
Rights, upon the exercise of the Rights
by the holders, through a registered
dealer that is registered in a category that
permits the registered dealer to make
such a distribution.
March 23, 2012
12.
DFN is in the business of trading by virtue of its
portfolio investing and trading activities. As a
result, the capital raising activities of DFN,
including the Rights Offering Activities, would
require each of the Filers to register as a dealer in
the absence of this decision (or another available
exemption
from
the
dealer
registration
requirement).
13.
Section 8.5 of National Instrument 45-106 –
Prospectus and Registration Exemptions (NI 45106) provides that, after March 26, 2010, the
exemptions
from
the
dealer
registration
requirements set out in sections 3.1 [Rights
offering] and section 3.42 [Conversion, exchange,
or exercise] of NI 45-106 no longer apply.
Decision
is that DFN, and the Manager acting on behalf of DFN, are
not subject to the dealer registration requirement in respect
of the Rights Offering Activities.
Commissioner
“Mary Condon”
Vice-Chair
(2012) 35 OSCB 2786
2.1.8
Liquor Stores N.A. Ltd.
Headnote
Multilateral Instrument 11-102 Passport System and National Policy 11-203 Process for Exemptive Relief Applications in
Multiple Jurisdictions – exemption granted to a successor issuer from the requirement to deliver personal information forms for
individuals for whom its predecessor issuer previously delivered personal information forms.
National Instrument 44-101 Short Form Prospectus Distributions.
Citation: Liquor Stores N.A. Ltd., Re, 2012 ABASC 114
March 20, 2012
IN THE MATTER OF
ALBERTA AND ONTARIO
(the Jurisdictions)
AND
IN THE MATTER OF
AND
IN THE MATTER OF
LIQUOR STORES N.A. LTD.
(the Filer)
DECISION
Background
The securities regulatory authority or regulator in each of the Jurisdictions (the Decision Maker) has received an application
from the Filer for a decision under the securities legislation of the Jurisdictions (the Legislation) exempting the Filer from the
requirement under subsection 4.1(b) of National Instrument 44-101 Short Form Prospectus Distributions (NI 44-101) for the Filer
to deliver a Personal Information Form and Authorization to Collect, Use and Disclose Personal Information (in the form
attached as Appendix A to National Instrument 41-101 General Prospectus Requirements (NI 41-101)) for each director and
executive officer of the Filer at the time of filing a preliminary short form prospectus, for whom Liquor Stores Income Fund (the
Fund) has previously delivered any of the documents described in clauses 4.1(b)(i)(E) through (G) of NI 44-101 at the time of
filing such preliminary short form prospectus (the Exemption Sought).
Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a dual application):
(a)
the Alberta Securities Commission is the principal regulator for the Application;
(b)
the Filer has provided notice that subsection 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is
intended to be relied upon in British Columbia, Saskatchewan, Manitoba, Québec, New Brunswick, Nova Scotia, Prince
Edward Island, and Newfoundland and Labrador; and
(c)
this decision is the decision of the principal regulator and evidences the decision of the securities regulatory authority or
regulator in Ontario.
Interpretation
Terms defined in National Instrument 14-101 Definitions or MI 11-102 have the same meaning if used in this decision, unless
March 23, 2012
(2012) 35 OSCB 2787
Representations
The Fund and the Arrangement
1.
The Fund was a trust established under the laws of the Province of Alberta pursuant to an amended and restated
declaration of trust.
2.
A Plan of Arrangement completed on 31 December 2010 under Section 192 of the Canada Business Corporations Act
resulted in the reorganization of the Fund (an income trust) into the Filer (a corporation) (the Arrangement).
3.
The Fund was a reporting issuer or the equivalent under the securities legislation of each of the Provinces of Canada.
In connection with the Arrangement the Fund ceased to be a reporting issuer in each of the Provinces of Canada.
4.
The trust units and the convertible debentures of the Fund were listed on the Toronto Stock Exchange (the TSX) and
were delisted from the TSX prior to the opening of markets on 7 January 2011.
5.
Prior to completion of the Arrangement, the Fund was not in default of applicable securities legislation in any of the
Provinces of Canada.
The Filer
6.
The Filer is a corporation incorporated under the laws of Canada. The head office of the Filer is located in Edmonton,
Alberta.
7.
The Filer is a reporting issuer or the equivalent under the securities legislation of each of the Provinces of Canada and
is not in default of applicable securities legislation in any of the Provinces of Canada.
8.
The Filer is a “successor issuer”, as defined in NI 44-101, of the Fund as the Filer exists as a result of the Arrangement,
which was a “restructuring transaction”, as defined in NI 41-101, and such restructuring transaction did not involve a
divestiture of a portion of the Fund’s business.
9.
The common shares and the convertible debentures of the Filer are listed and posted for trading on the TSX.
10.
The Fund has previously delivered the documents described in clauses 4.1(b)(i)(E) through (G) of NI 44-101 (the Fund
PIFs) for each individual acting in the capacity of director or executive officer of Liquor Stores GP Inc. (administrator of
the Fund) on 7 December 2007, being the time of the last filing of a preliminary short form prospectus by the Fund.
Decision
Each of the Decision Makers is satisfied that the decision meets the test set out in the Legislation for the Decision Maker to
make the decision.
The decision of the Decision Makers under the Legislation is that the Exemption Sought is granted, provided that:
(a)
each individual:
(i)
for whom the Fund has previously delivered a Fund PIF; and
(ii)
who is a director or executive officer of the Filer at the time of a prospectus filing by the Filer;
authorizes the Decision Makers, in respect of the prospectus filing by the Filer, to collect, use and disclose the personal
information that was previously provided in the Fund PIF;
(b)
at the time of the Filer's first prospectus filing, the Filer delivers to the Decision Makers an authorization of
indirect collection, use and disclosure of personal information, substantially in the form of the authorization
attached as Appendix A hereto;
(c)
the Filer will, if requested by a Decision Maker, promptly deliver such further information from each individual
referred to in clause (a) above as the Decision Maker may require; and
March 23, 2012
(2012) 35 OSCB 2788
(d)
this decision will terminate in any jurisdiction in which the decision is in effect on the effective date of any
change to subparagraph 4.1(b)(i) of NI 44-101.
“Blaine Young”
Associate Director, Corporate Finance
March 23, 2012
(2012) 35 OSCB 2789
APPENDIX A
AUTHORIZATION OF INDIRECT COLLECTION, USE AND DISCLOSURE OF PERSONAL INFORMATION
The Personal Information Forms in respect of the individuals listed in the attached Schedule 1, which were filed by Liquor Stores
Income Fund (the Fund) with provincial securities regulators in Canada on [insert date(s)] (the Fund Filings), contain personal
information concerning each individual acting in the capacity of director or executive officer of the Fund (the Personal
Information), as required by securities legislation in respect of a prospectus filing by the Fund.
Liquor Stores N.A. Ltd. (the Issuer) hereby confirms that each individual listed on Schedule 1:
(a)
is a director or executive officer of the Issuer;
(b)
has consented to the use of the Personal Information (previously provided in the Fund Filings) pertaining to
that individual, in respect of an anticipated prospectus filing by the Issuer;
(c)
has been notified by the Issuer:
(d)
(i)
that the Personal Information is being collected indirectly by the regulator under the authority granted
to it by provincial securities legislation or provincial legislation relating to documents held by public
bodies and the protection of personal information;
(ii)
that the Personal Information is being collected and used for the purpose of enabling the regulator to
administer and enforce provincial securities legislation, including those obligations that require or
permit the regulator to refuse to issue a receipt for a prospectus if it appears to the regulator that the
past conduct of management or promoters of the Issuer affords reasonable grounds for belief that
the business of the Issuer will not be conducted with integrity and in the best interests of its security
holders; and
(iii)
of the contact, business address and business telephone number of the regulator in the local
jurisdiction as set out in the attached Schedule 2, who can answer questions about the regulator’s
indirect collection of the Personal Information; and
has authorized the indirect collection, use and disclosure of the Personal Information by the regulators as
described in Schedule 2, in respect of a prospectus filing by the Issuer.
Date: ______________
Per: ____________________________
Name:
Official Capacity:
(Please print the name of the person signing on behalf of the Issuer)
March 23, 2012
(2012) 35 OSCB 2790
Schedule 2
Regulators
Local Jurisdiction
Regulator
Alberta
Securities Review Officer
Alberta Securities Commission
Suite 600
250 – 5th Street S.W
Calgary, Alberta T2P 0R4
Telephone: (403) 297-6454
E-mail: [email protected]
www.albertasecurities.com
British Columbia
Review Officer
British Columbia Securities Commission
P.O. Box 10142 Pacific Centre
701 West Georgia Street
Vancouver, British Columbia V7Y 1L2
Telephone: (604) 899-6854
Toll Free within British Columbia and Alberta: (800) 373-6393
www.bcsc.bc.ca
Manitoba
Director, Corporate Finance
The Manitoba Securities Commission
500-400 St. Mary Avenue
Winnipeg, Manitoba R3C 4K5
Telephone: (204) 945-2548
www.msc.gov.mb.ca
New Brunswick
Director Corporate Finance and Chief Financial Officer
New Brunswick Securities Commission
85 Charlotte Street, Suite 300
Saint John, New Brunswick E2L 2J2
Telephone: (506) 658-3060
Fax: (506) 658-3059
Newfoundland and Labrador
Director of Securities
Department of Government Services and Lands
P.O. Box 8700
West Block, 2nd Floor, Confederation Building
St. John’s, Newfoundland A1B 4J6
Telephone: (709) 729-4189
www.gov.nf.ca/gsl/cca/s
Northwest Territories
Superintendent of Securities
Department of Justice
Government of the Northwest Territories
P.O. Box 1320
Yellowknife, Northwest Territories X1A 2L9
Telephone: (867) 873-7490
www.justice.gov.nt.ca/SecuritiesRegistry
Nova Scotia
Deputy Director, Compliance and Enforcement
Nova Scotia Securities Commission
P.O. Box 458
Halifax, Nova Scotia B3J 2P8
Telephone: (902) 424-5354
www.gov.ns.ca/nssc
March 23, 2012
(2012) 35 OSCB 2791
Nunavut
Government of Nunavut
Legal Registries Division
P.O. Box 1000 – Station 570
Iqaluit, Nunavut X0A 0H0
Telephone: (867) 975-6590
Ontario
Administrative Assistant to the Director of Corporate Finance
19th Floor, 20 Queen Street West
Toronto, Ontario M5H 2S8
Telephone: (416) 597-0681
www.osc.gov.on.ca
Prince Edward Island
Government of Prince Edward Island
Shaw Building
95 Rochford Street, P.O. Box 2000, 4th Floor
Charlottetown, Prince Edward Island C1A 7N8
Telephone: (902) 368-4550
www.gov.pe.ca/securities
Québec
Autorité des marchés financiers
Stock Exchange Tower
P.O. Box 246, 22nd Floor
800 Victoria Square
Montréal, Québec H4Z 1G3
Attention: Responsable de l’accès à l’information
Telephone: (514) 395-0337
Toll Free in Québec: (877) 525-0337
www.lautorite.qc.ca
Saskatchewan
Director
Saskatchewan Financial Services Commission
Suite 601, 1919 Saskatchewan Drive
Regina, Saskatchewan S4P 4H2
Telephone: (306) 787-5842
www.sfsc.gov.sk.ca
Yukon
Andrew A. Philipsen Law Centre
2130 – 2nd Avenue, 3rd Floor
Whitehorse, Yukon Territory Y1A 5H6
Telephone: (867) 667-5225
www.community.gov.yk.ca/corp/secureinvest.html
March 23, 2012
(2012) 35 OSCB 2792
2.1.9
CERF Incorporated
Headnote
National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – exemption granted to the successor
issuer from the requirement to file a notice declaring its intention to be qualified to file a short form prospectus at least 10
business days prior to the filing of a preliminary short form prospectus – the filer became the successor issuer to a limited
partnership reporting issuer in an internal reorganization pursuant to which business operations of the limited partnership would
be conducted through a corporate entity on a go-forward basis, being the successor issuer – the arrangement did not involve the
acquisition of any additional interest in any operating assets or the disposition of any of the limited partnership's existing interest
in operating assets.
Exemption granted to a successor issuer from the requirement to deliver personal information forms for individuals for whom the
limited partnership previously delivered personal information forms.
National Instrument 44-101 Short Form Prospectus Distributions, s. 8.1.
Citation: CERF Incorporated, Re, 2012 ABASC 103
March 15, 2012
IN THE MATTER OF
ALBERTA AND ONTARIO
(the Jurisdictions)
AND
IN THE MATTER OF
AND
IN THE MATTER OF
CERF INCORPORATED
(the Filer or CERF Inc.)
DECISION
Background
The securities regulatory authority or regulator in each of the Jurisdictions (the Decision Maker) has received an application
from the Filer for a decision under the securities legislation of the Jurisdictions (the Legislation) exempting CERF Inc. (the
corporate entity resulting from the plan of arrangement (the Arrangement) under the Business Corporations Act (Alberta)
involving Canadian Equipment Rental Fund Limited Partnership (CERF LP), CERF GP Corp. (the General Partner), which was
the general partner of CERF LP, and CERF Inc.), from:
(a)
the requirement under section 2.8 of National Instrument 44-101 Short Form Prospectus Distributions (NI 44-101) to file
a notice declaring its intention to be qualified to file a short form prospectus at least 10 business days prior to the filing
of its first preliminary short form prospectus after the notice (the Prospectus Relief); and
(b)
the requirement under subsection 4.1(b) of NI 44-101 for CERF Inc. to file a Personal Information Form and
Authorization to Collect, Use and Disclose Personal Information in the form attached as Appendix A to National
Instrument 41-101 General Prospectus Requirements (NI 41-101) for each director and executive officers of CERF Inc.
at the time of filing a preliminary short form prospectus for whom CERF LP has previously delivered any of the
documents described in subsections 4.1(b)(i)(E) through (G) of NI 44-101 at the time of filing such preliminary shortform prospectus (the PIF Relief).
March 23, 2012
(2012) 35 OSCB 2793
Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a dual application):
(a)
the Alberta Securities Commission is the principal regulator for this Application;
(b)
the Filer has provided notice that subsection 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is
intended to be relied upon in British Columbia, Saskatchewan and Manitoba; and
(c)
this decision is the decision of the principal regulator and evidences the decision of the securities regulatory authority or
regulator in Ontario.
Interpretation
Terms defined in National Instrument 14-101 Definitions or MI 11-102 have the same meaning if used in this decision, unless
Representations
CERF LP, THE GENERAL PARTNER AND CERF INC.
CERF LP AND THE GENERAL PARTNER
1.
Prior to the Arrangement, the General Partner was a corporation incorporated on January 11, 2005 pursuant to the
provisions of the ABCA. The principal office of the General Partner were located in Calgary, Alberta. The General
Partner was the general partner of CERF LP since CERF LP was formed in 2005 and did not carry on any business or
conduct any operations since its incorporation other than as the general partner of CERF LP. The General Partner was
not a “reporting issuer”, as that term is defined in applicable securities legislation, in any province or territory of
Canada.
2.
Prior to the Arrangement, CERF LP was a limited partnership formed under the Partnership Act, R.S.A. 2000, c. P-3,
as amended, by a limited partnership agreement dated January 21, 2005, as amended on November 29, 2007 and
September 21, 2010, among the General Partner, Wayne S. Wadley, as initial limited partner, and the holders of the
limited partnership units (Unitholders) of CERF LP (collectively, the Partnership Agreement). The principal office of
CERF LP were located in Edmonton, Alberta.
3.
Prior to the Arrangement, CERF LP was a “reporting issuer”, as that term is defined in applicable securities legislation,
in the provinces of Alberta, British Columbia, Saskatchewan, Manitoba and Ontario. Prior to the Arrangement, the
CERF LP limited partnership units (LP Units) were listed and posted for trading on the TSXV under the symbol
“CFL.UN”. The LP Units have not been listed or posted for trading on any exchange or quotation and trade reporting
systems since the Arrangement.
4.
CERF LP filed an “AIF” and had “current annual financial statements” (as such terms are defined in NI 44-101) for the
financial year ended December 31, 2010.
5.
CERF LP and CERF GP were dissolved on October 1, 2011 pursuant to the Arrangement.
CERF INC.
6.
CERF Inc. is a corporation incorporated under the laws of the Province of Alberta. The principal office of CERF Inc. is
located in Calgary, Alberta.
7.
CERF Inc. was incorporated solely to participate in the Arrangement, including to issue common shares in the capital of
CERF Inc. (the Shares) to former Unitholders, as a result of which the former Unitholders now hold Shares.
8.
CERF Inc. is a “successor issuer” to CERF LP, as that term is defined in NI 44-101.
9.
The authorized capital of CERF Inc. includes an unlimited number of common shares in the capital of CERF Inc. As at
January 31, 2012, there were 9,665,256 Shares outstanding.
10.
CERF Inc. is a “reporting issuer”, as that term is defined in applicable securities legislation, in the provinces of Alberta,
British Columbia, Saskatchewan, Manitoba and Ontario. CERF Inc. is not in default of securities legislation in any
jurisdiction of Canada.
March 23, 2012
(2012) 35 OSCB 2794
11. The Shares are listed and posted for trading on the TSX Venture Exchange (TSXV) under the symbol “CFL”.
ARRANGEMENT
12.
Pursuant to the Arrangement: (i) Shares have been distributed to Unitholders on a one-for-one basis; (ii) CERF Inc.
owns, directly or indirectly, all of the previously-existing assets and has assumed all of the previously-existing liabilities
of CERF LP, effectively resulting in the internal reorganization of CERF LP’s limited partnership structure into a
corporate structure; (iii) the LP Units have been cancelled; and (iv) CERF LP has been dissolved.
13.
The Arrangement was completed on October 1, 2011 and therefore currently: (i) the sole business of CERF Inc. is the
previous business of CERF LP; (ii) CERF Inc. is a reporting issuer or the equivalent under the securities legislation in
Alberta, British Columbia, Saskatchewan, Manitoba and Ontario; and (iii) the Shares are listed on the TSXV.
14.
The Arrangement did not involve the acquisition of any additional operating assets or the disposition of any existing
operating assets and did not result in a change in the ultimate beneficial ownership of the assets and liabilities of CERF
LP. The Arrangement was an internal reorganization undertaken without dilution to the Unitholders or additional debt
or interest expense.
15.
Pursuant to CERF LP’s constating documents and applicable securities laws, Unitholders were required to approve the
Arrangement at a special meeting (the CERF LP Meeting) of Unitholders. The CERF LP Meeting was held on
September 29, 2011 at 3:00pm (Calgary time) to consider the Arrangement. The Arrangement was approved by
99.86% of the votes cast by Unitholders at the CERF LP Meeting.
16.
The Arrangement was a “restructuring transaction” under National Instrument 51-102 Continuous Disclosure
Obligations (NI 51-102) in respect of CERF LP and therefore required compliance with section 14.2 of Form 51-102F5
Information Circular (the Circular Form).
17.
The Arrangement was being undertaken to reorganize CERF LP following the enactment by the federal government of
rules in respect of the tax treatment of specified investment flow-through partnerships. Pursuant to the Arrangement,
CERF LP has been reorganized into a public growth oriented equipment rental and waste management corporation
that will retain the name “CERF Incorporated” and owns, directly or indirectly, all of the existing assets and has
assumed all of the existing liabilities of CERF LP.
18.
The rights of Unitholders in respect of CERF Inc. following the Arrangement are substantively equivalent to the rights
that the Unitholders had in respect of CERF LP, and their relative interest in and to the business carried on by CERF
Inc. was not affected by the Arrangement.
19.
The only securities that were distributed to Unitholders pursuant to the Arrangement were the Shares.
20.
The financial statements of the Filer following completion of the Arrangement are substantially and materially the same
as the consolidated financial statements of CERF LP filed in accordance with Part 4 of NI 51-102 prior to completion of
the Arrangement because the financial position of the entity that exists both before and after the Arrangement is
substantially the same.
EXEMPTIVE RELIEF SOUGHT
Prospectus Relief
21.
Subsection 2.7(2) of NI 44-101 contains an exemption for successor issuers from the qualification criteria for short form
prospectus eligibility contained in subsection 2.2(d) of NI 44-101 if an information circular relating to the restructuring
transaction that resulted in the successor issuer was filed by the successor issuer or an issuer that was a party to the
restructuring transaction, and such information circular (i) complied with applicable securities legislation and, (ii)
included disclosure in accordance with item 14.2 or 14.5 of the Circular Form of the successor issuer.
22.
CERF Inc. is a “successor issuer” (as such term is defined in NI 44-101) as a result of the Arrangement (which, as
represented above, was a restructuring transaction). An information circular relating to the Arrangement (the Circular)
was filed by CERF LP on September 2, 2011. The Circular complies with applicable securities legislation and the
Circular includes the disclosure required by item 14.2 of the Circular Form.
23.
CERF LP was previously qualified to file a prospectus in the form of a short form prospectus pursuant to section 2.2 of
NI 44-101 and is deemed to have filed a notice of intention to be qualified to file a short form prospectus under section
2.8(4) of NI 44-101.
March 23, 2012
(2012) 35 OSCB 2795
24.
CERF Inc. anticipates that it may wish to file a preliminary short form prospectus, relating to the offering or potential
offering of securities (including common shares, debt securities or subscription receipts) of CERF Inc.
25.
Pursuant to the qualification criteria set forth in section 2.2 of NI 44-101 and the exemption provided in subsection
2.7(2) of NI 44-101, CERF Inc. is qualified to file a short form prospectus pursuant to NI 44-101.
26.
Notwithstanding section 2.2 of NI 44-101, section 2.8(1) of NI 44-101 provides that an issuer is not qualified to file a
short form prospectus unless it has filed a notice declaring its intention to be qualified to file a short form prospectus at
least 10 business days prior to the issuer filing its first preliminary short form prospectus.
27.
In anticipation of the filing of a preliminary short form prospectus, CERF Inc. intends to file a notice of intention to be
qualified to file a short form prospectus (the Notice of Intention). In the absence of the Prospectus Relief, CERF Inc.
will not be qualified to file a preliminary short form prospectus until 10 business days from the date upon which the
Notice of Intention is filed.
28.
The short form prospectus of CERF Inc. will incorporate by reference the documents that would be required to be
incorporated by reference under item 11 of Form 44-101F1 in a short form prospectus of CERF LP.
PIF Relief
29.
Prior to November 26, 2010, the date of the most recently filed preliminary short form prospectus by CERF LP, CERF
LP had previously delivered the documents described in subsections 4.1(b)(i)(E) through (G) of NI 44-101 for each
individual acting in the capacity of director or executive officer of the General Partner at such time (the CERF LP PIFS).
Decision
Each of the Decision Makers is satisfied that the decision meets the test set out in the Legislation for the Decision Maker to
make the decision.
The decision of the Decision Makers under the Legislation is that:
(a)
(b)
the Prospectus Relief is granted, provided that:
(i)
at the time CERF Inc. files its Notice of Intention, CERF Inc. meets the requirements of section 2.2 of
NI 44-101, as modified by subsection 2.7(2) of NI 44-101 if subparagraph (a)(ii) applies; and
(ii)
if any short form prospectus is filed by CERF Inc. before the earlier of the following two dates, such
prospectus incorporates by reference the unaudited comparative interim financial statements of
CERF LP for the three and nine months ended September 30, 2011, together with the accompanying
management’s discussion and analysis of CERF LP:
A.
the date of filing by CERF Inc. of its audited annual comparative financial statements and
the accompanying management’s discussion and analysis and for the year ended
December 31, 2011, and its AIF for the year ended December 31, 2011; and
B.
the date that is 90 days following December 31, 2011; and
the PIF Relief is granted, provided that:
(i)
each individual:
A.
for whom the Filer has previously delivered a CERF LP PIF; and
B.
who is a director or executive officer of CERF Inc. at the time of a prospectus filing by CERF
Inc.:
authorizes the Decision Makers, in respect of a prospectus filing by CERF Inc., to collect, use and
disclose the personal information that was previously provided in the CERF LP PIF;
(ii)
March 23, 2012
at any time of CERF Inc.’s prospectus filing, the Filer delivers to the Decision Makers an
authorization of indirect collection, use and disclosure of personal information, substantially in the
form of authorization attached as Appendix A;
(2012) 35 OSCB 2796
(iii)
CERF Inc., if requested by a Decision Maker, promptly delivers such further information from each
individual referred to in clause (A) above as the Decision Maker may require; and
(iv)
the PIF Relief will terminate in any jurisdiction in which the decision is in effect on the effective date
of any change to subsection 4.1(b)(i) of NI 44-101.
“Blaine Young”
Associate Director, Corporate Finance
March 23, 2012
(2012) 35 OSCB 2797
APPENDIX A
AUTHORIZATION OF INDIRECT COLLECTION, USE AND DISCLOSURE OF PERSONAL INFORMATION
The Personal Information Forms in respect of the individuals listed in attached Schedule 1, which were filed by Canadian
Equipment Rental Fund Limited Partnership (the LP) with provincial securities regulators in Canada on November 26, 2010 (the
LP Filings), contain personal information concerning each individual acting in the capacity of director or executive officer of the
LP (the Personal Information), as required by securities legislation in respect of a prospectus filing by the LP.
CERF Incorporated (the Issuer) hereby confirms that each individual listed on Schedule 1:
(a)
is a director or executive officer of the Issuer;
(b)
has consented to the use of the Personal Information (previously provided in the LP Filing) pertaining to that individual,
in respect of an anticipated prospectus filing by the Issuer;
(c)
has been notified by the Issuer:
(d)
(i)
that the Personal Information is being collected indirectly by the regulator under the authority granted to it by
provincial securities legislation or provincial legislation relating to documents held by public bodies and the
protection of personal information;
(ii)
that the Personal Information is being collected and used for the purpose of enabling the regulator to
administer and enforce provincial securities legislation, including those obligations that require or permit the
regulator to refuse to issue a receipt for a prospectus if it appears to the regulator that the past conduct of
management or promoters of the Issuer affords reasonable grounds for belief that the business of the Issuer
will not be conducted with integrity and in the best interests of its security holders; and
(iii)
of the contact, business address and business telephone number of the regulator in the local jurisdiction as
set out in the attached Schedule 2, who can answer questions about the regulator’s indirect collection of the
Personal Information; and
has authorized the indirect collection, use and disclosure of the Personal Information by the regulators as described in
Schedule 2, in respect of a prospectus filing by the Issuer.
March 23, 2012
(2012) 35 OSCB 2798
SCHEDULE 1
LIST OF DIRECTORS AND OFFICERS OF CERF INCORPORATED
WHO FILED PERSONAL INFORMATION FORMS ON NOVEMBER 26, 2010
Mr. Wayne Wadley;
Mr. Ken Stephens;
Mr. William C. Guinan;
Mr. John Koop;
Mr. Gary Layden; and
Mr. Marc Mandin.
March 23, 2012
(2012) 35 OSCB 2799
SCHEDULE 2
LIST OF REGULATORS
Local Jurisdiction
Regulator
Alberta
Securities Review Officer
Suite 400
300 – 5th Avenue S.W
Calgary, Alberta T2P 3C4
Telephone: (403) 297-6454
www.albertasecurities.com
British Columbia
Review Officer
British Columbia Securities Commission
P.O. Box 10142 Pacific Centre
701 West Georgia Street
Vancouver, British Columbia V7Y 1L2
Telephone: (604) 899-6854
Toll Free within British Columbia and Alberta: (800) 373- 6393
www.bcsc.bc.ca
Manitoba
Director, Corporate Finance
The Manitoba Securities Commission
500 – 400 St. Mary Avenue
Winnipeg, Manitoba R3C 4K5
Telephone: (204) 945-2548
www.msc.gov.mb.ca
New Brunswick
Director Corporate Finance and Chief Financial Officer
New Brunswick Securities Commission
85 Charlotte Street, Suite 300
Saint John, New Brunswick E2L 2J2
Telephone: (506) 658-3060
Fax: (506) 658-3059
Newfoundland and Labrador
Director of Securities
Department of Government Services and Lands
P.O. Box 8700
West Block, 2nd Floor, Confederation Building
St. John’s, Newfoundland A1B 4J6
Telephone: (709) 729-4189
www.gov.nf.ca/gsl/cca/s
Northwest Territories
Securities Registries
Government of the Northwest Territories
P.O. Box 1320,
Yellowknife, Northwest Territories X1A 2L9
Telephone: (867) 873- 7490
www.justice.gov.nt.ca/SecuritiesRegistry/SecuritiesRegistry.html
Nova Scotia
Deputy Director, Compliance and Enforcement
Nova Scotia Securities Commission
P.O. Box 458
Halifax, Nova Scotia B3J 2P8
Telephone: (902) 424-5354
www.gov.ns.ca/nssc
March 23, 2012
(2012) 35 OSCB 2800
Nunavut
Government of Nunavut
Legal Registries Division
P.O. Box 1000 – Station 570
Iqaluit, Nunavut X0A 0H0
Telephone: (867) 975-6590
Ontario
Administrative Assistant to the Director of Corporate Finance
19th Floor, 20 Queen Street West
Toronto, Ontario M5H 2S8
Telephone: (416) 597-0681
www.osc.gov.on.ca
Prince Edward Island
Deputy Registrar, Securities Division
Shaw Building
95 Rochford Street, P.O. Box 2000, 4th Floor
Charlottetown, Prince Edward Island C1A 7N8
Telephone: (902) 368-4550
www.gov.pe.ca/securities
Québec
Stock Exchange Tower
P.O. Box 246, 22nd Floor
800 Victoria Square
Montréal, Québec H4Z 1G3
Attention: Responsable de l’accès à l’information
Telephone: (514) 395-0337
Toll Free in Québec: (877) 525-0337
www.lautorite.qc.ca
Saskatchewan
Director
Saskatchewan Financial Services Commission
Suite 601, 1919 Saskatchewan Drive
Regina, Saskatchewan S4P 4H2
Telephone: (306) 787-5842
www.sfsc.gov.sk.ca
Yukon
Registrar of Securities
Andrew A. Philipsen Law Centre
2130 – 2nd Avenue, 3rd Floor
Whitehorse, Yukon Territory Y1A 5H6
Telephone: (867) 667-5005
March 23, 2012
(2012) 35 OSCB 2801
2.2
Orders
2.2.1
Tim Hortons Inc. – s. 104(2)(c)
23 as they relate to the Selling Shareholder) having
represented to the Commission that:
1.
The Issuer is a corporation governed by the
Canada Business Corporations Act.
2.
The registered and principal business office of the
Issuer is 874 Sinclair Road, Oakville, Ontario, L6K
2Y1.
3.
The Issuer is a reporting issuer in each of the
provinces and territories of Canada and its
common shares are listed for trading on the
Toronto Stock Exchange (the “TSX”) and the New
York Stock Exchange (the “NYSE”) under the
symbol “THI”. The Issuer is not in default of any
requirement of the securities legislation in the
jurisdictions in which it is a reporting issuer.
4.
The Issuer’s authorized share capital consists of
an unlimited number of common shares (each, a
“Common Share”) of which approximately
157,554,811 are issued and outstanding as of
February 8, 2012.
5.
The corporate headquarters of the Selling
Shareholder are located in the Province of
Ontario.
6.
The Selling Shareholder has advised the Issuer
that it does not directly or indirectly own more than
5% of the issued and outstanding Common
Shares.
7.
The Selling Shareholder has advised the Issuer
that it is the beneficial owner of at least 1,200,000
Common Shares and that the Subject Shares
were not acquired by the Selling Shareholder in
anticipation of resale pursuant to private agreements under an issuer bid exemption order by a
securities regulatory authority (“Off-Exchange
Block Purchase”).
8.
The Selling Shareholder is at arm’s length to the
Issuer and is not an “insider” of the Issuer or
“associate” of an “insider” of the Issuer, or an
“associate” or “affiliate” of the Issuer, as such
terms are defined in the Act. The Selling
Shareholder is an “accredited investor” within the
meaning of National Instrument 45-106 Prospectus and Registration Exemptions (“NI 45-106”).
9.
Pursuant to a Notice of Intention to make a
Normal Course Issuer Bid dated February 22,
2012 (the “Notice”) filed with the TSX, the Issuer
announced on February 23, 2012 a normal course
issuer bid (its “Normal Course Issuer Bid”) for up
to $200 million in Common Shares, not to exceed
a maximum of 10% of the public float as of the
date specified in the Notice, in accordance with
sections 628 to 629.3 of Part VI of the TSX
Company Manual (the “TSX NCIB Rules”).
Headnote
Clause 104(2)(c) – Issuer bid – relief from issuer bid
requirements in sections 94 to 94.8 and 97 to 98.7 of the
Act – Issuer proposes to purchase, at a discounted
purchase price, up to 1,200,000 of its common shares from
one of its shareholders and/or such shareholder's affiliates
– due to discounted purchase price, proposed purchases
cannot be made through TSX trading system – but for the
fact that the proposed purchases cannot be made through
the TSX trading system, the Issuer could otherwise acquire
the subject shares in reliance upon the issuer bid
exemption available under section 101.2 of the Securities
Act and in accordance with the TSX rules governing normal
course issuer bid purchases – no adverse economic impact
on or prejudice to issuer or public shareholders - proposed
purchases exempt from issuer bid requirements in sections
94 to 94.8 and 97 to 98.7 of the Act, subject to conditions,
including that the issuer not purchase more than one-third
of the maximum number of shares to be purchased under
its normal course issuer bid by way of off-exchange block
purchases.
Securities Act, R.S.O. 1990, c. S.5, as am., ss. 94 to 94.8,
97 to 98.7 and 104(2)(c).
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, c.S.5, AS AMENDED
AND
IN THE MATTER OF
TIM HORTONS INC.
ORDER
(Clause 104(2)(c))
UPON the application (the “Application”) of Tim
Hortons Inc. (the “Issuer”) to the Ontario Securities
Commission (the “Commission”) for an order pursuant to
clause 104(2)(c) of the Securities Act (Ontario) (the “Act”)
exempting the Issuer from the requirements of sections 94
to 94.8, inclusive, and 97 to 98.7, inclusive, of the Act (the
“Issuer Bid Requirements”) in connection with the
proposed purchases (the “Proposed Purchases”) by the
Issuer of up to 1,200,000 common shares of the Issuer (the
“Subject Shares”) in one or more tranches, from The
Toronto-Dominion Bank and/or its affiliates (collectively, the
“Selling Shareholder”);
AND UPON considering the Application and the
recommendation of staff of the Commission;
AND UPON the Issuer (and the Selling
Shareholder in respect of paragraphs 5, 6, 7, 8, 11, 22 and
March 23, 2012
(2012) 35 OSCB 2802
10.
11.
In accordance with the Notice, the Normal Course
Issuer Bid will be conducted through the facilities
of the TSX and purchases may also be made on
the NYSE or alternative trading systems, if
eligible, or by such other means as may be
permitted by the TSX and/or the NYSE, including
pre-arranged crosses, exempt offers, private
agreements under an issuer bid exemption order
issued by a securities regulatory authority and/or
block purchases in accordance with section
629(1)7 of the TSX NCIB Rules.
The Issuer and the Selling Shareholder intend to
enter into one or more agreements of purchase
and sale (each, an “Agreement”), pursuant to
which the Issuer will agree to acquire the Subject
Shares from the Selling Shareholder by one or
more purchases, each occurring prior to March 31,
2012 (each such purchase, a “Proposed Purchase”) for a purchase price (each, a “Purchase
Price”) that will be negotiated at arm’s length
between the Issuer and the Selling Shareholder.
The Purchase Price will be at a discount to the
prevailing market price on the TSX and below the
prevailing bid-ask price for the Issuer’s Common
Shares at the time of each Proposed Purchase.
12.
The Subject Shares acquired under each
Proposed Purchase will constitute a “block”, as
that term is defined in section 628 of the TSX
NCIB Rules.
13.
The purchase of the Subject Shares by the Issuer
pursuant to each Agreement will constitute an
“issuer bid” for purposes of the Act, to which the
Issuer Bid Requirements would apply.
14.
15.
Because the Purchase Price will be at a discount
to the prevailing market price on the TSX and
below the prevailing bid-ask price for the Issuer’s
Common Shares, at the time of each Proposed
Purchase, each Proposed Purchase cannot be
made through the TSX trading system and,
therefore, will not occur “through the facilities” of
the TSX. As a result, the Issuer will be unable to
acquire the Subject Shares from the Selling
Shareholder in reliance upon the exemption from
the Issuer Bid Requirements that is available
pursuant to section 101.2(1) of the Act.
But for the fact that the Purchase Price will be at a
discount to the prevailing market price on the TSX
and below the prevailing bid-ask price for the
Issuer’s Common Shares, at the time of each
Proposed Purchase, the Issuer could otherwise
acquire the Subject Shares as a “block purchase”
(a “Block Purchase”) in accordance with the block
purchase exception in section 629(1)(7) of the
TSX NCIB Rules and the exemption from the
Issuer Bid Requirements available pursuant to
section 101.2(1) of the Act.
March 23, 2012
16.
The sale of any of the Subject Shares to the
Issuer will not be a “distribution” (as defined in the
Act).
17.
For each Proposed Purchase, the Issuer will be
able to acquire the Subject Shares from the
Selling Shareholder in reliance upon the exemption from the dealer registration requirements of
the Act that is available as a result of the
combined effect of section 2.16 of NI 45-106 and
section 4.1(a) of Commission Rule 45-501 Ontario
Prospectus and Registration Exemptions.
18.
Management of the Issuer is of the view that the
Issuer will be able to purchase the Subject Shares
at a lower price than the price at which it would be
able to purchase the Subject Shares under the
Normal Course Issuer Bid, through the facilities of
the TSX, and management is of the view that this
is an appropriate use of funds to increase
shareholder value.
19.
The purchase of the Subject Shares will not
adversely affect the Issuer or the rights of any of
the Issuer’s security holders and it will not
materially affect control of the Issuer. To the
knowledge of the Issuer, the Proposed Purchases
will not prejudice the ability of other
securityholders of the Issuer to otherwise sell
Common Shares in the open market at the
prevailing market price. The Proposed Purchases
will be carried out with a minimum of cost to the
Issuer.
20.
To the best of the Issuer’s knowledge, as of
February 8, 2012, the “public float” for the Issuer’s
Common Shares represented approximately 88%
of all issued and outstanding Common Shares for
purposes of the TSX NCIB Rules.
21.
The market for the Common Shares is a “liquid
market” within the meaning of section 1.2 of
Multilateral Instrument 61-101 Protection of
Minority Security Holders in Special Transactions.
22.
Other than the Purchase Price, no additional fee
or other consideration will be paid in connection
with the Proposed Purchases.
23.
At the time that each Agreement is entered into by
the Issuer and the Selling Shareholder neither the
Issuer nor the Selling Shareholder will be aware of
any undisclosed “material change” or any
undisclosed “material fact” (each as defined in the
Act) in respect of the Issuer that has not been
generally disclosed.
AND UPON the Commission being satisfied to do
so would not be prejudicial to the public interest;
IT IS ORDERED pursuant to clause 104(2)(c) of
the Act that the Issuer be exempt from the Issuer Bid
Requirements in connection with the Proposed Purchases,
provided that:
(2012) 35 OSCB 2803
(a)
(b)
(c)
the Proposed Purchases will be taken
into account by the Issuer when
calculating
the
maximum
annual
aggregate limit that is imposed upon the
Issuer’s Normal Course Issuer Bid in
accordance with the TSX NCIB Rules;
the Issuer will refrain from conducting a
Block Purchase in accordance with the
TSX NCIB Rules during the calendar
week that it completes each Proposed
Purchase and may not make any further
purchases under its Normal Course
Issuer Bid for the remainder of the
calendar day on which it completes each
Proposed Purchase;
the Purchase Price for each Proposed
Purchase is not higher than the last
“independent trade” (as that term is used
in paragraph 629(l)1 of the TSX NCIB
Rules) of a board lot of Common Shares
immediately prior to the execution of
each Proposed Purchase;
(d)
the Issuer will otherwise acquire any
additional Common Shares pursuant to
the Issuer’s Normal Course Issuer Bid in
accordance with the Notice and TSX
NCIB Rules, as applicable;
(e)
immediately following each Proposed
Purchase of the Subject Shares from the
Selling Shareholder, the Issuer will report
the purchase of the Subject Shares to
the TSX;
(f)
the Issuer will issue a press release in
connection with the Proposed Purchases;
(g)
at the time that the Agreement is entered
into by the Issuer and the Selling
Shareholder and at the time of each
Proposed Purchase, neither the Issuer
nor the Selling Shareholder will be aware
of any “material change” or “material fact”
(each as defined in the Act) in respect of
the Issuer that has not been generally
disclosed; and
(h)
the Issuer does not purchase, pursuant
to Off-Exchange Block Purchases, more
than one-third of the maximum number of
Common Shares that the Issuer can
purchase under its Normal Course Issuer
Bid.
2.2.2
HEIR Home Equity Investment Rewards Inc. et
al. – ss. 127(1), 127.1
IN THE MATTER OF
THE SECURITIES ACT,
AND
IN THE MATTER OF
HEIR HOME EQUITY INVESTMENT REWARDS INC.;
FFI FIRST FRUIT INVESTMENTS INC.; WEALTH
BUILDING MORTGAGES INC.; ARCHIBALD
ROBERTSON; ERIC DESCHAMPS; CANYON
ACQUISITIONS, LLC; CANYON ACQUISITIONS
INTERNATIONAL, LLC; BRENT BORLAND; WAYNE D.
ROBBINS; MARCO CARUSO; PLACENCIA ESTATES
DEVELOPMENT, LTD.; COPAL RESORT
DEVELOPMENT GROUP, LLC; RENDEZVOUS ISLAND,
LTD.; THE PLACENCIA MARINA, LTD.; AND THE
PLACENCIA HOTEL AND RESIDENCES LTD.
ORDER
(Sections 127(1) and 127.1)
WHEREAS on March 29, 2011, the Ontario
of Hearing pursuant to sections 127 and 127.1 of the
Securities Act, R.S.O. 1990, c. S.5, as amended in
connection with a Statement of Allegations filed by Staff of
the Commission (“Staff”) on March 29, 2011 in respect of
HEIR Home Equity Investment Rewards Inc., FFI First Fruit
Investments Inc., Wealth Building Mortgages Inc.,
Archibald Robertson, Eric Deschamps (collectively, the
“HEIR Respondents”) and Canyon Acquisitions, LLC,
Canyon Acquisitions International, LLC, Brent Borland,
Wayne D. Robbins, Marco Caruso, Placencia Estates
Development, Ltd., Copal Resort Development Group,
LLC, Rendezvous Island, Ltd., The Placencia Marina, Ltd.
and The Placencia Hotel and Residences Ltd. (collectively,
the “Canyon Respondents”);
AND WHEREAS the HEIR Respondents and the
Canyon Respondents were served with the Notice of
Hearing and Statement of Allegations on March 29 and 30,
2011 and April 5, 2011;
AND WHEREAS counsel for the Canyon
Respondents wished to attend the hearing but was not
available on April 27, 2011;
AND WHEREAS on consent of all the parties, on
April 20, 2011, the Commission ordered that the hearing
scheduled to commence on April 27, 2011 be rescheduled
to commence on May 17, 2011 at 11:00 a.m. or as soon
thereafter as the hearing could be held;
DATED at Toronto this 2nd day of March, 2012.
Commissioner
“Mary Condon”
Vice-Chair
March 23, 2012
AND WHEREAS on May 17, 2011, a first
appearance on this matter was held before the
Commission, at which Staff attended, counsel from Borden
Ladner Gervais LLP attended on behalf of all of the HEIR
Respondents, and counsel from Cassels Brock & Blackwell
LLP attended on behalf of all of the Canyon Respondents,
(2012) 35 OSCB 2804
and at that first attendance, Staff submitted that the hearing
on the merits should be scheduled at a future pre-hearing
conference or at a subsequent attendance;
AND WHEREAS on May 17, 2011, the
Commission ordered that the hearing be adjourned to June
28, 2011 at 10:00 a.m., or to such other date as may be
agreed to by the parties and fixed by the Office of the
Secretary, for the purpose of addressing scheduling and
any other procedural matters or for such other purposes as
may be requested;
AND WHEREAS on June 28, 2011, Staff and
counsel for the HEIR Respondents attended, and Staff
advised the Commission that counsel for the Canyon
Respondents, while not in attendance, had recently
indicated that the Canyon Respondents would likely retain
new counsel in the near future to represent them before the
Commission;
AND WHEREAS on June 28, 2011, the
Commission ordered that the hearing be adjourned to July
19, 2011 at 2:30 p.m., for the purpose of addressing
scheduling and any other procedural matters or for such
other purposes as may be requested;
AND WHEREAS on December 2, 2011, Norton
Rose LLP served notice that it had been retained on behalf
of Eric Deschamps (“Deschamps”), and as of that date,
Deschamps is no longer included in the defined term “HEIR
Respondents” used herein;
AND WHEREAS on December 20, 2011 Staff and
counsel for each of the HEIR Respondents, the Canyon
Respondents and Deschamps appeared before the
Commission for a confidential pre-hearing conference, and
the Commission ordered that a further pre-hearing
conference be held on February 1, 2012 at 9:00 a.m. for
the purpose of confirming September 10, 2012 as the
target date for the commencement of the hearing on the
merits and the schedule for such hearing;
AND WHEREAS on February 1, 2012 Staff and
counsel for each of the HEIR Respondents, the Canyon
Respondents and Deschamps appeared before the
Commission for a confidential pre-hearing conference, and
made submissions regarding the scheduling of the hearing
on the merits and further pre-hearing conferences, and the
Commission ordered that:
(a)
a further pre-hearing conference shall be
held on Wednesday, March 14, 2012 at
9:30 a.m. for the purpose of confirming
November 5, 2012 as the date for the
commencement of the hearing on the
merits, and the schedule for such
hearing, currently expected to last
approximately four weeks; and
(b)
a further pre-hearing conference shall be
held on Friday, September 14, 2012 at
10:00 a.m. to address any pre-hearing
issues;
AND WHEREAS on July 19, 2011, McCarthy
Tétrault LLP served notice that it had been engaged to
represent the Canyon Respondents as of that date;
AND WHEREAS at the attendance before the
Commission on July 19, 2011, counsel from McCarthy
Tétrault LLP attended on behalf of the Canyon
Respondents and confirmed the firm’s engagement;
AND WHEREAS at the attendance before the
Commission on July 19, 2011, counsel made submissions
regarding the scheduling of a further status conference or a
pre-hearing conference in light of McCarthy Tétrault LLP
having been retained that day and the on-going
investigation by the Commission;
AND WHEREAS on July 19, 2011, the
Commission ordered that the hearing be adjourned to
August 22, 2011 at 10:00 a.m. for the purpose of
discussing scheduling and any other procedural matters or
for such other purposes as may be appropriate;
AND WHEREAS on August 22, 2011, Staff and
counsel for each of the HEIR Respondents and the Canyon
Respondents appeared and made submissions regarding
the scheduling of a pre-hearing conference, and the
Commission ordered that a pre-hearing conference be held
on Tuesday, October 11, 2011 at 3:30 p.m.;
AND WHEREAS on October 11, 2011, Staff and
counsel for each of the HEIR Respondents and the Canyon
Respondents appeared before the Commission for a
confidential pre-hearing conference and the Commission
ordered that a further pre-hearing conference be held on
Tuesday, December 20, 2011 at 2:30 p.m.;
March 23, 2012
AND WHEREAS on February 14, 2012 Staff filed
an Amended Statement of Allegations in respect of the
HEIR Respondents and the Canyon Respondents;
AND WHEREAS the Commission ordered on
March 1, 2012 that McCarthy Tétrault LLP is granted leave
to withdraw as representative for the Canyon Respondents;
AND WHEREAS on March 14, 2012 Staff and
counsel for the HEIR Respondents and Deschamps
appeared before the Commission for a confidential prehearing conference, and Brett Borland on behalf of himself
and the Canyon Respondents participated in the prehearing conference by telephone;
AND WHEREAS the Commission is of the opinion
that it is in public interest to make this order;
IT IS ORDERED that:
(a)
the hearing on the merits in this matter
shall commence on November 5, 2012,
and continue for four weeks thereafter, or
on such further or other dates as agreed
(2012) 35 OSCB 2805
to by the parties and set by the Office of
the Secretary; and
(b)
a further pre-hearing conference is
scheduled for April 20, 2012 at 10:00
a.m.
DATED at Toronto this 14th day of March, 2012.
“Christopher Portner”
2.2.3
Majestic Supply Co. Inc. et al. – ss. 127 of the
Act and Rule 3 of the OSC Rules of Procedure
IN THE MATTER OF
THE SECURITIES ACT,
AND
IN THE MATTER OF
MAJESTIC SUPPLY CO. INC.,
SUNCASTLE DEVELOPMENTS CORPORATION,
HERBERT ADAMS, STEVE BISHOP,
MARY KRICFALUSI, KEVIN LOMAN AND
CBK ENTERPRISES INC.
ORDER
(Section 127 and Rule 3 of the
Rules of Procedure (2010), 33 O.S.C.B. 8017)
WHEREAS on October 20, 2010, the Ontario
of Hearing pursuant to sections 37, 127 and 127.1 of the
Securities Act, R.S.O. c. S.5, as amended in connection
with a Statement of Allegations dated October 20, 2010
filed by Staff of the Commission (“Staff”) with respect to
Majestic Supply Co. Inc. (“Majestic”), Suncastle
Developments Corporation (“Suncastle”), Herbert Adams
(“Adams”), Steve Bishop (“Bishop”), Mary Kricfalusi
(“Kricfalusi”), Kevin Loman (“Loman”) and CBK Enterprises
Inc. (“CBK”) (collectively, the “Respondents”);
AND WHEREAS the Notice of Hearing set a
hearing in this matter for November 23, 2010;
AND WHEREAS on November 23, 2010, counsel
for Adams and Suncastle, counsel for Kricfalusi and CBK,
counsel for Loman, Rob Biegerl as former president of
Majestic and Bishop on his own behalf and as the current
president of Majestic, all attended the hearing;
AND WHEREAS on November 23, 2010, the
Commission ordered: (i) the hearing adjourned to January
25, 2011; and (ii) limits on the use of Staff’s electronic
disclosure;
AND WHEREAS on January 25, 2011, on consent
of Staff, counsel for Adams and Suncastle, counsel for
Kricfalusi and CBK, counsel for Loman and Steve Bishop
on behalf of Majestic and himself, the Commission
adjourned the hearing to a pre-hearing conference on
March 1, 2011 to permit the parties to discuss any
preliminary issues;
AND WHEREAS on March 1, 2011, the
Commission ordered that: (i) the hearing on the merits (the
“Merits Hearing”) will start on November 7, 2011 and
continue on November 9 to 11, 14 to 18, 21, 23 to 25, 28 to
30, 2011 and December 1 and 2, 2011; and (ii) another
pre-hearing conference will be held on April 26, 2011 at
2:30 p.m.;
March 23, 2012
(2012) 35 OSCB 2806
AND WHEREAS on November 7, 2011, at the
commencement of the Merits Hearing with Staff, Adams,
Bishop, Kricfalusi, counsel for Loman and others in
attendance, the Commission ordered that: (i) counsel of
record for Adams and Suncastle was granted leave to
withdraw; (ii) counsel of record for Kricfalusi and CBK was
granted leave to withdraw; and (iii) new counsel for Adams
was permitted for the limited purpose of cross-examining
certain witnesses;
AND WHEREAS the Merits Hearing commenced
on November 7, 2011 and continued on November 9 to 11,
14 to 17, 28 and 29, 2011;
AND WHEREAS Staff and the Respondents
completed the evidence phase of the Merits Hearing on
November 29, 2011 and closing oral submissions were
scheduled for January 24, 2012;
AND WHEREAS the Commission has taken into
consideration the need to balance procedural fairness,
including the requirement to provide notice to a respondent
of the case to respond to and the right to be heard, with the
risk of substantial injustice in this matter;
that it is in the public interest to make this Order;
IT IS ORDERED that the Motion is dismissed, with
reasons for this order to be provided with the reasons and
decision on the merits in this matter; and
IT IS FURTHER ORDERED that the parties
contact the Office of the Secretary within 10 days to
schedule a date for oral closing submissions in respect of
the Merits Hearing.
DATED at Toronto, this 20th day of March, 2012.
AND WHEREAS with respect to the Merits
Hearing, Staff filed its written submissions on December
22, 2011, counsel for Loman filed written submissions on
behalf of Loman on January 13, 2012, Adams filed written
submissions on January 13, 2012, Kricfalusi responded to
Staff by fax on January 13, 2012 (“Kricfalusi’s Response”),
and Bishop served parties with written submissions on
January 16, 2012;
“Edward P. Kerwin”
“Paulette L. Kennedy”
AND WHEREAS on January 19, 2012, Staff filed
and served its Notice of Motion and other materials
seeking, among other things, orders permitting the filing of
a copy of Kricfalusi’s Response and fresh evidence, being
the affidavit of Kricfalusi with e-mails and attachments, and
if necessary, an order permitting the matter be reopened
for the purpose of introducing the aforementioned fresh
evidence;
AND WHEREAS on January 24, 2012, when
Staff, Adams, Bishop, Kricfalusi and counsel for Loman
appeared before the Commission, Staff submitted the
motion (the “Motion”) further to its Notice of Motion and
counsel for Loman filed and served written submissions on
the Motion;
AND WHEREAS the Commission conducted a
hearing of the Motion on January 24, 2012 and continued
on February 22, 2012;
AND WHEREAS at the conclusion of the hearing
of the Motion on February 22, 2012, the Commission
reserved its decision on the Motion and adjourned the
Merits Hearing pending the issuance of a decision on the
Motion;
AND WHEREAS the Commission has given
careful consideration to the written and oral submissions of
the parties on the Motion;
AND WHEREAS the Panel has taken into
consideration its discretion under the Commission’s Rules
of Procedure (2010), 33 O.S.C.B. 8017, and the Statutory
Powers Procedure Act, R.S.O. 1990, c. S.22 to admit
evidence and determine its own procedures and practices;
March 23, 2012
(2012) 35 OSCB 2807
2.2.4
Eda Marie Agueci et al. – s. 127
IN THE MATTER OF
THE SECURITIES ACT,
AND
IN THE MATTER OF
EDA MARIE AGUECI, DENNIS WING, SANTO
IACONO, JOSEPHINE RAPONI, KIMBERLEY
STEPHANY, HENRY FIORILLO, GIUSEPPE
(JOSEPH) FIORINI, JOHN SERPA, IAN TELFER,
JACOB GORNITZKI AND
POLLEN SERVICES LIMITED
ORDER
(Section 127)
WHEREAS the Ontario Securities Commission
(the “Commission”) issued a Notice of Hearing and Staff of
the Commission (“Staff”) filed a Statement of Allegations in
this matter on February 7, 2012 against Eda Marie Agueci,
Dennis Wing, Santo Iacono, Josephine Raponi, Kimberley
Stephany, Henry Fiorillo, Giuseppe (Joseph) Fiorini, John
Serpa, Ian Telfer, Jacob Gorntizki and Pollen Services
Limited (collectively, the “Respondents”);
AND WHEREAS on March 21, 2012, the
Commission heard submissions from counsel for Staff and
counsel for the Respondents;
that it is in the public interest to make this order;
IT IS ORDERED that this matter is adjourned to a
confidential pre-hearing conference which shall take place
on April 9, 2012 at 10:00 a.m..
DATED at Toronto this 21st day of March, 2012.
“James E.A. Turner”
March 23, 2012
(2012) 35 OSCB 2808
Chapter 3
Reasons: Decisions, Orders and Rulings
3.1
OSC Decisions, Orders and Rulings
3.1.1
IN THE MATTER OF
THE SECURITIES ACT,
AND
IN THE MATTER OF
SHANE SUMAN
AND MONIE RAHMAN
REASONS AND DECISION
Hearing:
July 27, 30 and 31, 2009
August 4, 5, 6, 7, 10, 12, 13 and 21, 2009
March 29, 30 and 31, 2010
April 1, 6 and 7, 2010
Decision:
July 8 and 9, 2010
March 19, 2012
Panel:
James E. A. Turner
Paulette L. Kennedy
–
–
Vice-Chair and Chair of the Panel
Commissioner
Appearances:
Cullen Price
Carlo Rossi
Matthew Britton
–
For the Ontario Securities Commission
Shane Suman
–
Representing himself
Randy Bennett
Sara Erskine
Mario Thomaidis
–
For Monie Rahman
TABLE OF CONTENTS
I.
INTRODUCTION
II.
SUBMISSIONS OF THE PARTIES
A.
Staff’s Submissions
B.
The Respondents’ Submissions
III.
RELEVANT LAW
A.
Insider Trading and Tipping
1.
Insider Trading
2.
Insider Tipping
3.
Seriousness of Insider Tipping and Trading
B.
Standard of Proof
March 23, 2012
(2012) 35 OSCB 2809
C.
The Importance of Circumstantial Evidence In This Matter
IV.
OVERVIEW OF THE EVIDENCE
A.
Purchases and Sales of the Molecular Securities
B.
Staff’s Evidence
C.
Witnesses Called by Staff
D.
Respondents’ Motions at the Completion of Staff’s Case
E.
Witnesses Appearing on Behalf of the Respondents
F.
Disagreements Between the Experts
V.
THE EVIDENCE
A.
Events leading up to the Announcement of the Acquisition
1.
The Evidence
2.
Conclusion: Events Leading up to the Announcement of the Acquisition
B.
Suman’s Skills and Responsibilities
1.
The Evidence
2.
Conclusion: Suman’s Skills and Responsibilities
C.
Suman’s Conversation with Young about Expanding E-mail Capacity
1.
The Evidence
2.
Conclusion: Suman’s Conversation with Young about Expanding E-mail Capacity
D.
Suman’s Interactions with Penner
1.
Synchronizing Penner’s BlackBerry
(a)
The Evidence
(b)
Conclusion: Synchronizing Penner’s BlackBerry
2.
Restoring Penner’s Laptop
(a)
The Evidence
(b)
Conclusion: Restoring Penner’s Laptop
E.
Suman’s Interaction with Halligan on January 23, 2007
1.
Halligan’s Evidence
2.
Racine’s Evidence
3.
Suman’s Evidence
4.
Conclusion: Suman’s Interaction with Halligan on January 23, 2007
F.
Suman’s Role as NT Filter Administrator
1.
The Parties’ Submissions
(a)
(b)
2.
Discussion
(a)
E-mail Delays in January 2007
(b)
Ability to Control the Rules in SurfControl
(c)
Ability to View E-mails Passing Through the NT Filter
3.
Conclusion: Suman’s Role as NT Filter Administrator
G.
Suman’s Internet Searches on January 23, 2007
1.
The Evidence
(a)
(b)
2.
Discussion
(a)
Reliability of the Internet History Reports
(b)
The January 14, 2007 Entry
(c)
Duplicate Entries
(d)
Analysis
3.
Conclusion: Suman’s Internet Searches on January 23, 2007
H.
The Respondents’ January 23, 2007 Phone Call
1.
The Evidence
(a)
Staff’s Evidence
(b)
The Respondents’ Evidence
2.
Conclusion: The Respondents’ January 23, 2007 Phone Call
I.
The Five Criteria
1.
The Respondents’ Testimony
2.
3.
Discussion
4.
Conclusion: The Five Criteria
J.
The Nature and Timing of the Purchases
1.
March 23, 2012
(2012) 35 OSCB 2810
2.
K.
L.
M.
N.
(a)
Rahman’s Submissions
(b)
Suman’s Submissions
3.
Discussion
(a)
Nature of the Purchases
(b)
Purchases of Options
(c)
Market Volume Represented by the Respondents’ Purchases
(d)
Freeing up Funds before Making the Purchases of the Molecular Securities
4.
Conclusion: The Nature and Timing of the Purchases
1.
The Evidence
(a)
The “Martha Stewart” Searches
(b)
The “Loudeye” Searches
2.
Project Monument Calendar Fragments
1.
(a)
(b)
2.
Discussion
(a)
When were the Calendar Fragments Written to Computer 201A?
(b)
Why were the Calendar Fragments Written to Computer 201A?
3.
Conclusion: Project Monument Calendar Fragments
Suman’s Statements during the First Staff Interview
1.
The Evidence
2.
Discussion and Conclusion
Suman’s Use of Window Washer
1.
2.
The Evidence
3.
Discussion
(a)
When was Window Washer first installed on Computer 201A?
(b)
Was Window Washer used manually to wipe files?
4.
Conclusion: Suman’s Use of Window Washer
VI.
DRAWING INFERENCES BASED ON CIRCUMSTANTIAL EVIDENCE
A.
Circumstantial Evidence
1.
2.
B.
Discussion of the Law
1.
2.
Drawing Inferences
3.
Improper Inferences
4.
Relevant U.S. and U.K. Cases
C.
Conclusion: Drawing Inferences Based on Circumstantial Evidence
VII.
FINDINGS ON CREDIBILITY AND INFERENCES MADE
A.
Credibility
1.
2.
3.
Discussion
4.
Conclusion: Credibility
B.
Inferences Made Based on the Evidence
1.
Evidence of Opportunity
2.
Fundamental Shift in the Nature of Trading
3.
Consciousness of Guilt and After-the-Fact Conduct
4.
Conclusion: Inferences Made Based on the Evidence
VIII.
CONCLUSIONS
A.
Findings
B.
Summary Conclusions
SCHEDULE A – STATEMENT OF AGREED FACTS
March 23, 2012
(2012) 35 OSCB 2811
REASONS AND DECISION
I.
INTRODUCTION
[1]
This matter arises out of a Notice of Hearing issued by the Ontario Securities Commission (the “Commission”) on July
24, 2007 in connection with a Statement of Allegations issued by Staff of the Commission (“Staff”) on the same day. An Amended
Statement of Allegations was issued on October 7, 2008 and a Further Amended Statement of Allegations was issued on January
20, 2009.
[2]
Staff alleges that Shane Suman (“Suman”), who was at the time an employee of MDS Sciex (“MDS Sciex”), a division of
MDS Inc. (“MDS”), communicated an undisclosed material fact to his wife, Monie Rahman (“Rahman”). The material fact was that
MDS was proposing to acquire Molecular Devices Corporation (“Molecular” or “MDCC”), a public company listed on NASDAQ in
the United States (the “Proposed Acquisition” or the “Acquisition”). Staff alleges that between January 24, 2007 and January 26,
2007 (the “Relevant Time”), Suman and Rahman (together, the “Respondents”) purchased securities of Molecular with
knowledge of the Proposed Acquisition. The Proposed Acquisition was publicly announced on January 29, 2007 (the
“Announcement”).
[3]
There is no dispute that the Respondents purchased 12,000 Molecular shares and 900 option contracts entitling the
holder to purchase an aggregate of 90,000 Molecular shares (the Molecular shares and options purchased by the Respondents
are referred to as the “Molecular Securities”) between January 24, 2007 and January 26, 2007, and sold them all by
March 16, 2007 for a profit of $954,938.07 (USD). Nor is there any dispute that Suman was a “person in a special relationship”
with MDS, a reporting issuer, or that the Proposed Acquisition was a material fact with respect to both MDS and Molecular that
had not been generally disclosed at the Relevant Time. The key issues in dispute are whether Suman learned of the Proposed
Acquisition through his IT role at MDS Sciex, whether he informed Rahman of it, and whether Suman and Rahman purchased the
Molecular Securities with knowledge of the Proposed Acquisition.
[4]
Staff alleges that Suman contravened subsection 76(2) of the Securities Act, R.S.O. 1990, c. S.5 (the “Act”) by informing
Rahman of the Proposed Acquisition. Staff acknowledges that subsection 76(1) of the Act does not apply to the Respondents’
purchases of the Molecular Securities because Molecular was not a “reporting issuer” as defined in the Act. However, Staff
alleges that the Respondents engaged in what would have been illegal insider trading within the meaning of subsection 76(1) of
the Act if Molecular had been a reporting issuer. Accordingly, Staff alleges that trading was contrary to the public interest.
II.
SUBMISSIONS OF THE PARTIES
A.
[5]
Staff submits that Suman, who was at the time employed in the information technology (“IT”) group at MDS Sciex,
learned of the Proposed Acquisition, which was code-named “Project Monument”, on or about January 23, 2007 through his IT
role at MDS Sciex, and that he informed Rahman of it.
[6]
Staff acknowledges that there is no direct evidence showing that Suman knew about the Proposed Acquisition at the
Relevant Time or that Suman informed Rahman of it prior to the Respondents’ purchases of the Molecular Securities.
Accordingly, in these respects, Staff’s case depends on circumstantial evidence.
[7]
Staff submits that Suman had the ability and opportunity to learn of the Proposed Acquisition through his IT role at MDS
Sciex. Staff also submits that the Respondents’ “well-timed, highly uncharacteristic, risky, substantial and highly successful”
purchases of the Molecular Securities marked a fundamental shift in their pattern of trading and give rise to the clear and
overwhelming inferences that Suman learned of the Proposed Acquisition through his IT role at MDS Sciex, informed Rahman of
it and that the Respondents purchased the Molecular Securities with knowledge of the Proposed Acquisition. Staff submits that
the Respondents’ explanation for the purchases of the Molecular Securities, that those purchases were based on financial
research conducted by the Respondents, is not credible and is not the most probable conclusion based on the combined weight
of the evidence.
B.
[8]
The Respondents deny that they knew of the Proposed Acquisition when they purchased the Molecular Securities. They
testified that they purchased the Molecular Securities based on financial research they had conducted. The Respondents note
that Staff did not call a single witness who could directly confirm that Suman learned of the Proposed Acquisition from someone
at MDS or through his role in the IT group at MDS Sciex; nor was Staff able to identify a single document showing that Suman
had actual knowledge of the Proposed Acquisition at the Relevant Time. The Respondents submit that rather than drawing
inferences that flow reasonably and logically from the established facts, Staff’s case is based on pure conjecture and speculation
that Suman “could have” or “must have” found out about the Proposed Acquisition. They submit that Staff failed to consider or
investigate alternative explanations for the Respondents’ purchases, and failed to make timely efforts to obtain backup data and
March 23, 2012
(2012) 35 OSCB 2812
information that could prove or disprove Staff’s speculation that Suman learned of the Proposed Acquisition through his IT role at
MDS Sciex.
III.
RELEVANT LAW
A.
Insider Trading and Tipping
1.
Insider Trading
[9]
Subsection 76(1) of the Act provides as follows:
No person or company in a special relationship with a reporting issuer shall purchase or sell
securities of the reporting issuer with the knowledge of a material fact or material change with
respect to the reporting issuer that has not been generally disclosed.
[10]
A “material fact” is defined in subsection 1(1) of the Act as follows:
“material fact”, where used in relation to securities issued or proposed to be issued, means a fact
that significantly affects, or would reasonably be expected to have a significant effect on, the market
price or value of such securities …
[11]
There is no doubt that the Proposed Acquisition constituted a material fact with respect to Molecular. It was a proposal
by MDS to acquire all of the Molecular shares at a significant premium to the market price of those shares. The market price of
the Molecular shares was approximately $23 per share on January 23, 2007. The offer made by MDS for those shares was at
$35.50 per share. Accordingly, MDS’s intention to make the Proposed Acquisition was a fact that would reasonably be expected
to have a significant effect on the market price or value of Molecular shares and options. It was, however, also a material fact with
respect to MDS. MDS treated the Proposed Acquisition as a material change (as defined in the Act) and issued a news release
and filed a material change report when it publicly announced the Proposed Acquisition. Counsel for Rahman acknowledged at
the hearing that knowledge of an acquisition such as the Proposed Acquisition generally constitutes a material fact.
[12]
There is no dispute that Molecular was a public company in the U.S. that was listed on NASDAQ. It was not, however, a
“reporting issuer” as defined in subsection 1(1) of the Act.
[13]
Accordingly, Staff does not allege that the Respondents breached subsection 76(1) of the Act because that section
applies only to purchases and sales of securities of a “reporting issuer”. Staff submits, however, that the purchases by the
Respondents of the Molecular Securities would have constituted illegal insider trading prohibited under subsection 76(1) of the
Act but for the fact that Molecular was not a reporting issuer.
[14]
That submission rests on the allegation that Suman and Rahman were in a “special relationship” with Molecular. There
is no question that if Molecular had been a reporting issuer under the Act, Suman would have been in a special relationship with
Molecular within the meaning of subsection 76(5)(c) of the Act. Suman was an employee of a reporting issuer (he was an
employee of MDS Sciex, a division of MDS) that was proposing to make a take-over bid for, or to become a party to a merger or
other business combination with, Molecular (within the meaning of subsections 76(5)(a)(ii) or (iii) of the Act). Accordingly, Suman
would have been in a special relationship with Molecular. Rahman would have been in a special relationship with Molecular within
the meaning of subsection 76(5)(e) of the Act if she learned of the Proposed Acquisition from Suman (i.e., she was a “tippee”). In
our view, Rahman knew or ought reasonably to have known that Suman was in a special relationship with Molecular if she
learned of the Proposed Acquisition from him. Accordingly, Rahman would have been in a special relationship with Molecular
within the meaning of subsection 76(5)(e) of the Act.
[15]
Accordingly, Staff submits that while the Respondents’ purchases of the Molecular Securities did not strictly breach
subsection 76(1) of the Act, those purchases constituted conduct that was contrary to the public interest. Staff relies in this
respect on Re Danuke (1981) OSCB 31c (“Re Danuke”) at pp. 39c-40c and Re Seto, [2003] A.S.C.D. No. 270 (“Re Seto”) at
paras. 42 and 43. Staff submits that, in both those cases, the respondents had a technical defence to an allegation of insider
trading but were found by their conduct to have acted contrary to the public interest.
2.
Insider Tipping
[16]
Staff also alleges that Suman breached subsection 76(2) of the Act by informing (“tipping”) Rahman of a material fact
with respect to MDS that had not been generally disclosed, namely MDS’s intention to make the Proposed Acquisition.
March 23, 2012
(2012) 35 OSCB 2813
[17]
Subsection 76(2) of the Act provides as follows:
No reporting issuer and no person or company in a special relationship with a reporting issuer shall
inform, other than in the necessary cause of business, another person or company of a material fact
or material change with respect to the reporting issuer that has not been generally disclosed.
[18]
There is no dispute that MDS was a reporting issuer at the Relevant Time and that Suman, as an employee of MDS
Sciex, a division of MDS, was a person in a special relationship with MDS within the meaning of subsection 76(5)(c) of the Act.
Nor is there any dispute that MDS’s intention to make the Proposed Acquisition was a material fact with respect to MDS that had
not been generally disclosed (we will refer to such a fact as an “undisclosed material fact”.).
[19]
The principal factual issues in dispute in respect of this allegation are (i) whether Suman obtained knowledge of the
Proposed Acquisition through his IT role at MDS Sciex, and (ii) whether Suman communicated that undisclosed material fact to
Rahman.
3.
Seriousness of Insider Tipping and Trading
[20]
The purposes of the Act are set out in section 1.1. That section states that those purposes are:
[21]
(a)
to provide protection to investors from unfair, improper or fraudulent practices; and
(b)
to foster fair and efficient capital markets and confidence in capital markets.
In Re Rankin, the Commission made the following comments about insider trading and tipping:
In dismissing an appeal from an insider trading conviction in R. v. Plastic Engine Technology Corp.,
[1994] 3 C.C.L.S. 1, Mr. Justice Farley held that insider trading undermines the capital markets even
where the insider did not personally profit from the trades at issue, but sold shares for the benefit of
a friend. The court recognized that section 76 is aimed at ensuring that investors have an equal
opportunity to consider material information in reaching their investment decisions (at 24). Both the
insider trading prohibition and the tipping prohibition protect equal opportunity by restricting people
who have access to material information before it is generally disclosed from trading or assisting
others in trading with knowledge of that information, to the disadvantage of investors generally.
Subsection 76(2) of the Act in effect imposes an obligation on those persons with access to
confidential material information to preserve the confidentiality of that information and not to illegally
communicate it to third parties. Doing so not only constitutes a clear breach of the Act but also puts a
tippee in a position to both illegally trade on the basis of that information and to illegally communicate
it to others. Tipping is the likely cause of many run-ups in the price of a stock in advance of the
public announcement of a merger or acquisition transaction. Such conduct and the resulting market
impact significantly undermine confidence in our capital markets and are manifestly unfair to
investors.
(Re Rankin (2008), 31 OSCB 3303 (“Re Rankin”), at paras. 28-29)
[22]
The Commission generally views insider tipping and insider trading as equally reprehensible. In Pollitt (Re), the
Commission made the following statement in approving a settlement agreement:
Tipping is just as serious as illegal insider trading. It is conduct that undermines confidence in the
marketplace. As a result, it is in the public interest to deal swiftly and firmly with violations that
constitute tipping.
(Pollitt (Re), (2004), 27 OSCB 9643, at para. 33)
[23]
Accordingly, insider tipping and insider trading are not only illegal under the Act but also significantly undermine
confidence in our capital markets and are manifestly unfair to investors. Insider tipping of an undisclosed material fact is a
fundamental misuse of non-public information that gives the tippee an informational advantage over other investors and may
result in the tippee trading in securities of the relevant reporting issuer with knowledge of the undisclosed material fact, or tipping
others. Further, trading in securities by a person with knowledge of an undisclosed material fact engages the purposes of the Act
set out in section 1.1 of the Act and is conduct contrary to the public interest, even if the trading may not technically breach
subsection 76(1) of the Act. Those participating in our capital markets are well aware of the seriousness with which Canadian
securities regulators view illegal tipping and illegal insider trading.
March 23, 2012
(2012) 35 OSCB 2814
B.
Standard of Proof
[24]
The standard of proof in an administrative proceeding before the Commission is the civil standard of the balance of
probabilities.
[25]
In F. H. v. McDougall, the Supreme Court of Canada held that there is only one standard of proof in civil proceedings,
which is the balance of probabilities, and that the requirement for evidence that is “clear, convincing and cogent” does not elevate
the civil standard of proof beyond the balance of probabilities. The Court stated that:
... I think it is time to say, once and for all in Canada, that there is only one civil standard of proof at
common law and that is proof on a balance of probabilities. Of course, context is all important and a
judge should not be unmindful, where appropriate, of inherent improbabilities or the seriousness of
the allegations or consequences. However, these considerations do not change the standard of
proof.
(F. H. v. McDougall, [2008] S.C.J. No. 54 (“McDougall”), at para. 40)
[26]
The Court in McDougall went on to comment that:
To suggest that depending upon the seriousness, the evidence in the civil case must be scrutinized
with greater care implies that in less serious cases the evidence need not be scrutinized with such
care. I think it is inappropriate to say that there are legally recognized different levels of scrutiny of
the evidence depending upon the seriousness of the case. There is only one legal rule and that is
that in all cases, evidence must be scrutinized with care by the trial judge.
(McDougall, supra, at para. 45)
[27]
The Supreme Court of Canada reaffirmed in McDougall that “the evidence must always be sufficiently clear, convincing
and cogent to satisfy the balance of probabilities test” (supra, at para. 46).
[28]
The Commission has considered and adopted the analysis in McDougall in a number of decisions (including Re Sunwide
Finance Inc. (2009), 32 OSCB 4671, at paras. 26 to 28 (“Re Sunwide”); and Re White (2010), 33 OSCB 1569, at paras. 22 to
25).
[29]
The Respondents draw our attention to the following statement in McDougall:
By contrast, in civil cases, there is no presumption of innocence. As explained by J. Sopinka, S. N.
Lederman and A. W. Bryant, The Law of Evidence in Canada (2nd ed. 1999), at p. 154:
Since society is indifferent to whether the plaintiff or the defendant wins a particular civil
suit, it is unnecessary to protect against an erroneous result by requiring a standard of
proof higher than a balance of probabilities.
It is true that there may be serious consequences to a finding of liability in a civil case that continue
past the end of the case. However, the civil case does not involve the government’s power to
penalize or take away the liberty of the individual.
[30]
We recognise that society is not indifferent to the outcome of a Commission administrative proceeding and that there
may be serious consequences to a finding of non-compliance with the Act or of conduct contrary to the public interest. However, it
is well settled that our authority to impose sanctions under subsection 127(1) of the Act is not a criminal power. Our powers under
that subsection are regulatory in nature, prospective in operation and preventative in effect (Re Mithras Management Ltd. et al
(1990), 13 OSCB 1600).
[31]
The civil standard of proof requires us to decide whether the alleged events are more likely than not to have occurred
(McDougall, supra, at para. 44, Re Sunwide, supra, at para. 28 and Re Al-Tar Energy Corp. (2010), 33 OSCB 5535 at paras. 32
to 34). That determination must be based on clear, convincing and cogent evidence.
C.
The Importance of Circumstantial Evidence In This Matter
[32]
This case turns on circumstantial evidence. There is no direct evidence that Suman learned of the Proposed Acquisition
from someone at MDS Sciex or through his IT role there. Similarly, there is no direct evidence that he communicated that fact to
March 23, 2012
(2012) 35 OSCB 2815
Rahman. Accordingly, there is no direct evidence that Suman and Rahman purchased the Molecular Securities with knowledge of
the Proposed Acquisition. The Respondents expressly deny having done so.
[33]
The question we must answer is whether there is clear, convincing and cogent evidence that, more likely than not,
Suman learned of the Proposed Acquisition through his IT role at MDS Sciex, informed Rahman of it and that the Respondents
purchased the Molecular Securities with knowledge of the Proposed Acquisition.
[34]
The parties agree that any inferences we make based on the evidence must arise reasonably and logically from the facts
established by the evidence. They disagree, however, whether that test has been met with respect to the inferences Staff invites
us to make.
[35]
Staff submits that Suman’s ability and opportunity to acquire knowledge of the Proposed Acquisition, together with the
sequence of events culminating in the Respondents’ well-timed, highly uncharacteristic, risky, substantial and highly successful
purchases of the Molecular Securities, give rise to compelling inferences that Suman learned of the Proposed Acquisition through
his IT role at MDS Sciex, informed Rahman of it and that the Respondents purchased the Molecular Securities with knowledge of
the Proposed Acquisition.
[36]
The Respondents submit that there is a complete absence of evidence from which the inferences referred to in
paragraph 35 of these reasons can reasonably and logically be made. The Respondents submit that Staff’s evidence in this
respect is mere conjecture and speculation and that Staff has wholly failed to discharge its burden of proof.
[37]
Later in these reasons, we address the law with respect to our reliance on circumstantial evidence and the making of
inferences from the facts established by the evidence (see the discussion commencing at paragraph 279 of these reasons).
IV.
OVERVIEW OF THE EVIDENCE
A.
Purchases and Sales of the Molecular Securities
[38]
Staff and the Respondents agreed to a Statement of Agreed Facts (attached as Schedule A to these reasons). The
principal agreed facts are as follows:
(a)
The value of the Respondents’ assets on January 23, 2007 was $370,227.86 (USD).
(b)
On January 24, 2007, from 9:34 a.m. to 2:42 p.m., Rahman purchased 12,000 Molecular shares for the
Respondents’ account in six transactions of 2,000 shares each at prices from $23.88 to $24.03. The total
purchase price of those shares was approximately $287,700 (USD).
(c)
On January 24, 25 and 26, 2007, the Respondents purchased 900 option contracts to purchase an aggregate
of 90,000 Molecular shares, all exercisable at $25.00, with expiry dates of February 17, 2007, March 17, 2007
or April 21, 2007. The purchases were made in 26 transactions carried out from 9:40 a.m. on January 24, 2007
to 12:53 p.m. on January 26, 2007. Suman made 22 of the purchases from an internet address at MDS and two
from his home computer, and Rahman made one of the purchases. The total purchase price of the options was
approximately $103,600 (USD).
(d)
The Respondents began selling the Molecular options at 11:14 a.m. on January 29, 2007.1 By 2:47 p.m. on
January 30, 2007,1 they had sold 350 options in ten transactions. The remaining 12,000 Molecular shares and
550 options were sold between February 1, 2007 and March 16, 2007 (or, in the case of certain options,
exercised with the shares issued then being sold).
[39]
The purchases of the Molecular Securities were made in Rahman’s trading account over which Suman also had trading
authority. Each of Suman and Rahman authorized the purchase and sale of some of the Molecular Securities in that account (see
Schedule A).
[40]
There is no dispute that the Respondents’ purchased the Molecular Securities for approximately $391,300 (USD) in total
and that the Respondents made a profit of $954,938.07 (USD) from selling the Molecular Securities.
B.
Staff’s Evidence
[41]
Staff presented evidence on the following matters:
(a)
1
Suman’s IT skills and his responsibilities in the IT group at MDS Sciex;
The Proposed Acquisition was publicly announced prior to 10:00 a.m. on January 29, 2007.
March 23, 2012
(2012) 35 OSCB 2816
C.
(b)
a conversation in December 2006 or early January 2007 about the capacity of MDS Sciex’s e-mail server to
handle double the number of e-mail users; that conversation was between Suman and two MDS Sciex
managers – Lucas Racine (“Racine”), Suman’s immediate supervisor, who was Manager of Business
Information Systems at MDS Sciex, and Paul Young (“Young”), who was Vice President of Business
Information Systems and one of the MDS Sciex employees aware of and working on the Proposed Acquisition
(those employees who were aware of the Proposed Acquisition are referred to as the “Sciex Deal Team”);
(c)
Suman’s involvement in helping Dawn Penner (“Penner”) resolve a problem with her BlackBerry on January 18
or 19, 2007; Penner was Director of Human Resources for MDS Sciex at the Relevant Time and was a member
of the Sciex Deal Team;
(d)
Suman’s interaction on January 23, 2007 with Sylvia Halligan (“Halligan”), a communications consultant at
MDS Sciex, who asked Suman to help her retrieve from her computer a lost document she was preparing for
Andrew Boorn (“Boorn”), the President of MDS Sciex. That document was referred to as “Andy’s Monument
Message”;
(e)
Suman’s internet browsing on January 23, 2007, which included searches for the terms “MDCC” and
“monument inc.”;
(f)
Suman’s ability to view or obtain Project Monument e-mails passing through the NT Filter (the server that ran
SurfControl, the spam filter program at MDS Sciex);
(g)
records of Suman’s telephone calls with Rahman, which indicate that he had a 104 minute telephone
conversation with Rahman, who was then living in Logan, Utah, as he left the office at about 7:00 p.m. on
January 23, 2007 (that telephone call is referred to in these reasons as the January 23 Call);
(h)
the timing of the purchases of the Molecular Securities, which began as soon as markets opened on January
24, 2007, the percentage of the market in Molecular shares and options represented by the Respondents’
purchases on the relevant days, the nature of the purchases and the Respondents’ previous trading history;
(i)
Suman’s internet browsing on January 24, 2007, which included searches related to possible insider trading
charges against Martha Stewart and searches relating to the August 2006 take-over of Loudeye Corp.
(“Loudeye”), a digital music company in which the Respondents had held shares;
(j)
a large number of calendar fragments found on one of Suman’s Computers relating to meetings and events
related to “Project Monument”;
(k)
Suman’s statements to Staff investigators during voluntary interviews on February 1 and 2, 2007; and
(l)
Suman’s installation and running of Window Washer, a software program to permanently wipe data and
information, on three of his Computers on February 3, 2007, the day after Suman’s second interview with Staff.
Witnesses Called by Staff
[42]
Staff called nine witnesses. Five witnesses were employees of MDS Sciex – Boorn, Young, Racine, Halligan and Penner
– who testified about MDS Sciex, the events leading up to the Proposed Acquisition, Suman’s employment history with MDS
Sciex and his responsibilities in the IT group, and the opportunities Suman had to obtain knowledge of the Proposed Acquisition.
[43]
Jordan Materna (“Materna”), an official with the Chicago Board of Options Exchange (the “CBOE”), testified about the
CBOE investigation of the Respondents’ options purchases. Through Materna, Staff introduced reports prepared by Staff that
were based on information provided by the CBOE relating to the Respondents’ purchases, as well as a chart titled “Summary of
Respondents’ Molecular Options Volume” (see Schedule A and paragraph 200 of these reasons for information with respect to
the Respondents’ purchases of Molecular options).
[44]
Two Staff investigators, George Gunn (“Gunn”), who was Manager of Surveillance with the Commission, and Colin
McCann (“McCann”), who was a senior investigator with the Commission, testified about the investigation, including Staff’s two
voluntary interviews of Suman: an unrecorded and untranscribed telephone interview on February 1, 2007 (the “First Staff
Interview”) and a transcribed interview that took place in one of the investigators’ cars in the MDS Sciex parking lot on February
2, 2007 (the “Second Staff Interview”). Through Gunn, Staff introduced the transcript of the Second Staff Interview.
[45]
Through McCann, Staff introduced the Respondents’ trading records obtained from E*Trade Canada, consisting of
Rahman’s account statements from March 2004 to June 2007 and Suman’s account statements from September 1999 to March
2004 (the “Trading Records”).
March 23, 2012
(2012) 35 OSCB 2817
[46]
Through McCann, Staff also introduced the record of phone calls made to and from Suman’s MDS Sciex BlackBerry for
the period from September 1, 2006 to February 1, 2007 (the “BlackBerry Cell Phone Records”). Staff also introduced, through
McCann, a chart titled “Suman and Rahman Prior Options Experience”, which was prepared by Staff based on the Trading
Records.
[47]
McCann also testified about his examination of the computers used by Suman. Those computers included the two drives
of Suman’s home computer (which we will refer to as “Computer Home 1A” and “Computer Home 1B”), Suman’s workstation
computer at MDS Sciex, which also had two drives (which we will refer to as “Computer 201A” and “Computer 201B”), Suman’s
laptop at MDS Sciex (which we will refer to as “Computer 204”), a computer at Suman’s workstation that Suman used to perform
account recoveries on behalf of other users (which we will refer to as “Computer 202”), and a computer used by Suman as NT
Filter administrator (which we will refer to as “Computer 206”). (Those computers are referred to collectively as “Suman’s
Computers” or the “Computers”). McCann used NetAnalysis, a forensic software program, to generate the Internet History
Reports for the Computers that Staff introduced as evidence (see paragraph 135 of these reasons).
[48]
Finally, Staff called Steve Rogers (“Rogers”), President of Digital Evidence International, Inc. at the time of the
investigation, who was qualified by us as an expert in computer forensics. Rogers testified about his analysis of the contents of
Suman’s Computers. Rogers prepared three reports which were admitted in evidence and were respectively dated September 3,
2007 (“Rogers’ First Report”), January 15, 2009 (“Rogers’ Second Report”), and March 29, 2009 (“Rogers’ Third Report”).
D.
Respondents’ Motions at the Completion of Staff’s Case
[49]
On August 13, 2009, immediately after Staff closed its case, Rahman brought two motions: a motion to exclude the
NetAnalysis evidence relating to the examination of Suman’s Computers and a non-suit motion. Suman joined in both motions.
On October 9, 2009, we released our decision denying both motions (See Reasons and Decision on a Motion to Exclude
Evidence and a Non-Suit Motion (2009), 32 OSCB 8375) (the “Motions Decision”). See paragraph 144 of these reasons for
more information with respect to the Motions Decision.
E.
Witnesses Appearing on Behalf of the Respondents
[50]
The hearing on the merits resumed on March 29, 2010. Both Suman and Rahman testified.
[51]
Suman testified that he and Rahman purchased the Molecular Securities based on their own investment research.
Suman testified that the Respondents had established five criteria that they used to determine whether to invest in an issuer and
that Molecular met all of those criteria (see the discussion commencing at paragraph 170 of these reasons). He identified in this
respect two news releases about Molecular, dated January 10 and January 17, 2007, respectively, that he said he reviewed on or
about January 23, 2007, and a print-out from Yahoo Finance reflecting a ratings upgrade of Molecular by Matrix Research on
January 24, 2007. Suman testified that he reviewed the ratings upgrade that day.
[52]
Through Rahman, the Respondents introduced a brief of documents relating to Molecular, including charts showing the
closing prices of Molecular shares for the three months and one year periods to January 23, 2007 and Rahman’s trading records
for the two years following the purchase of the Molecular Securities. That brief also included the records of incoming telephone
calls to MDS Sciex on its toll free telephone line for the period from November 16 to December 20, 2006 and December 28, 2006
to February 5, 2007 (the “Toll Free Phone Records”).
[53]
The Respondents called as an expert witness, Kevin Lo (“Lo”), who was a director in the electronic discovery practice at
LECG Canada Ltd. at the time of the investigation. Lo was qualified by us as an expert in computer forensics and testified about
his analysis of the contents of Suman’s Computers. The Respondents introduced in evidence an affidavit by Lo dated July 25,
2008, his first report dated November 19, 2008 and a second report dated March 5, 2009 (“Lo’s Second Report”).
F.
Disagreements Between the Experts
[54]
A large portion of the hearing on the merits was a “battle of the experts”. Rogers and Lo disagreed about a number of
matters related to the data and information found on Suman’s Computers. For instance, the experts disagreed about: the
reliability of the Internet History Reports, especially the timing of certain searches; whether SurfControl, the spam filter software
used by MDS Sciex, would allow Suman, as NT Filter administrator, to view or access other users’ e-mails; whether Suman used
Window Washer to manually wipe data and information from his Computers or whether Window Washer was set on an automatic
function and was used simply to maintain computer efficiency; and whether the presence of a large number of calendar fragments
on one of Suman’s Computers reflected the normal use of Microsoft Outlook Calendar or was evidence that Suman had obtained
surreptitious access to the calendars of other MDS Sciex employees.
[55]
We discuss the evidence with respect to these matters in detail below.
March 23, 2012
(2012) 35 OSCB 2818
V.
THE EVIDENCE
A.
Events leading up to the Announcement of the Acquisition
1.
The Evidence
[56]
Boorn testified that before MDS acquired Molecular, MDS’s business was focused on the technology of mass
spectrometry, but it “had been working for some time on ways to expand that footprint”. On November 10, 2006, Molecular’s
financial advisors, UBS Securities LLC (“UBS”), contacted MDS to discuss a possible strategic transaction for an acquisition by
MDS of Molecular. MDS entered into discussions with UBS and a non-disclosure agreement was signed on November 22, 2006.
Initial bids from interested acquirors were made on December 8, 2006. MDS submitted a “final” bid to Molecular on January 17,
2007, priced at $31.25 per share, and was the successful bidder. After some further negotiations, an offer of $35.50 per share
was accepted in principle on January 20, 2007, subject to the approval of both boards of directors and of Molecular’s
shareholders. The MDS board of directors gave final approval for the transaction on January 26, 2007 and the Molecular board of
directors gave final approval the next day, January 27, 2007. The merger agreement was signed on January 28, 2007.
[57]
A joint press release was issued by MDS and Molecular announcing the Proposed Acquisition on Monday, January 29,
2007 prior to 10:00 a.m. (the “Joint News Release”). The Joint News Release is titled “MDS Offers to Acquire Molecular Devices
for US$615 Million in Major Expansion of MDS Sciex Business”. The three bullet points immediately under the headline state:
•
New MDS business unit offers broader array of customer solutions by combining leadership positions in Mass
Spectrometry and Cellular Analysis
•
Outstanding potential to exploit combined R&D expertise, a strengthened distribution channel and global
manufacturing footprint
•
Transaction expected to bring US$190 million in revenue and US$45-$50 million in EBITDA in the first year of
ownership
[58]
Boorn testified that the Molecular acquisition is the largest MDS has ever done, before or since. As a result of the
transaction, MDS created a new unit combining the Molecular and MDS Sciex businesses, making the MDS Sciex unit the largest
revenue contributor to MDS, whereas it had, in the past, been the smallest. MDS filed a material change report with respect to the
Joint News Release and the Proposed Acquisition on January 29, 2007.
[59]
Boorn also testified about the due diligence process related to the Proposed Acquisition. Confidential deal teams were
formed, one at MDS and one at MDS Sciex. The Sciex Deal Team was comprised of fifteen members, including Boorn and
Penner. Boorn testified that members of the Sciex Deal Team were reminded of the confidentiality agreement they signed when
they joined the company and that the Proposed Acquisition was a confidential transaction between public companies. The MDS
Global Business Practice Standards that employees of MDS were required to sign and reconfirm each year (the “Standards”)
included a statement that employees would maintain the confidentiality, privacy and security of information entrusted to them in
strict accordance with legal and ethical obligations. The Standards contain an explanatory page that gives, as an example of
“confidential information”, “planned business acquisitions or divestitures”. As part of the Standards there is an “Insider Trading
Standard” that includes the following statement:
What are the Limitations on Trading?
As MDS employees, we may have information about MDS businesses that other investors do not
have. This knowledge may create an unfair advantage if we buy or sell MDS shares. Therefore, if
you are in possession of “material non-public information”, you should not buy or sell MDS shares
or otherwise use the information for personal gain. This “material non-public information” should be
treated as confidential and should not be shared with anyone else. These insider trading
restrictions also may apply to the shares of companies negotiating, competing, doing business or
seeking to do business with MDS. These requirements apply to all MDS employees regardless of
your position.
[60]
The Insider Trading Standards also state that “‘Material’ information is any news or fact that a reasonable investor could
consider important in deciding whether to buy, sell or hold the shares of a company”, including “news of an acquisition or
divestiture of a significant business division or subsidiary”. And further: “‘Non-Public’ information is information that has not been
previously disclosed to the general public and is otherwise not available to the general public.”
[61]
Boorn testified that a limited number of people at MDS Sciex had knowledge of the Proposed Acquisition, the information
with respect to the Proposed Acquisition was maintained on a secure basis, and MDS took steps to preserve confidentiality and to
March 23, 2012
(2012) 35 OSCB 2819
prevent the dissemination of information related to the Proposed Acquisition. The Proposed Acquisition was given the code name
“Project Monument”.
[62]
The prices at which the bids were submitted by MDS for Molecular were discussed only among MDS, Boorn and the
Chief Financial Officer of MDS Sciex, and were not known to everyone on the Sciex Deal Team.
2.
Conclusion: Events Leading up to the Announcement of the Acquisition
[63]
The Respondents did not dispute Boorn’s evidence with respect to the events leading up to the Announcement. We
accept that evidence.
B.
Suman’s Skills and Responsibilities
1.
The Evidence
[64]
Suman testified that he started working at MDS Sciex on contract in November 2003. He worked in IT support, including
e-mail administration, collaborative software and network functionalities. On December 18, 2006, he was hired as a Global
Solutions Architect. He acknowledged that on December 28, 2006, he signed the “MDS Personal Pledge” stating that he had
received and read the Standards and understood that “MDS expects me to carry out my duties and responsibilities in accordance
with such Standards”.
[65]
Suman’s evidence about his employment history at MDS Sciex and his responsibilities in the IT group was corroborated
by Racine and Young. Both Racine and Young attested to Suman’s IT skills and qualifications, which are evident from his
curriculum vitae.
[66]
Racine described Suman as “very technically savvy”. He testified that “help-desk” problems that others could not solve
would escalate to Suman, and that MDS Sciex executives would sometimes go directly to Suman for help, bypassing the helpdesk ticket system. Racine described Suman as “an infrastructure generalist” and stated that Suman had the highest level of
privileges within the IT group.
[67]
Young described Suman as “very well qualified and very effective in applying those qualifications to most of the
problems that we gave him”. According to Young, relative to his peers who performed a similar function, Suman “seemed to have
more knowledge, more technical knowledge than the other players, he was more creative in finding solutions than they were, he
tended to work faster than they did, and he was extremely curious and inquisitive about new technologies so he would learn
about new technologies very quickly.” Young testified that because of his skills and expertise, Suman dealt with the most difficult
problems that came to the help-desk and was often asked to help executives, who “generally had a high sense of urgency, and …
wanted the problem fixed the first time”.
[68]
Suman also had specific “administrator” responsibilities in the IT group with respect to the NT Filter, the BlackBerry
Enterprise Server and handhelds, and the Connected Backup Application (backup data was outsourced to a third-party service
provider). He shared responsibility for the collaboration software and remote access software.
[69]
Suman was also the e-mail administrator when he started at MDS Sciex, but well before January 2007, this function had
been outsourced to CapGemini, a third-party e-mail service provider. We heard somewhat conflicting evidence about the timing of
the outsourcing and whether Suman had continuing responsibilities as e-mail administrator at the Relevant Time.
[70]
Young testified in chief that the outsourcing had occurred in August or September of 2006. On cross-examination, Young
was shown his statements given to Staff during his voluntary interview on April 20, 2007, that the change had occurred about a
year and a half earlier. The latter time period is consistent with Suman’s testimony that he was the e-mail administrator until
October or November 2005, when a third-party service provider took over e-mail administration, a role that was later taken over
by CapGemini.
[71]
This is a relevant issue because Rogers testified that at the meeting he attended at MDS Sciex with Staff investigators
on February 23, 2007, Young advised him that Suman was the e-mail administrator. This is reflected in Rogers’ First Report,
dated September 3, 2007, which states: “As a general comment, Suman would not have been required to undertake any type of
surreptitious methods of monitoring e-mail content since he is the e-mail administrator. He would simply have to log onto the
Exchange server under the normal capacity as the e-mail administrator and review whatever e-mail messages he wanted to
review.” This assumption carried through to Rogers’ Third Report, dated March 29, 2009. When asked, in examination in chief,
whether his conclusion would be affected by evidence that Suman’s e-mail administrator responsibilities had been transferred to
CapGemini about a year and a half prior to the Relevant Time, Rogers replied that it would. However, Rogers added that he had
been told Suman was also the NT Filter administrator and the BlackBerry administrator, roles that also relate to the e-mail system
(see paragraph 106 of these reasons for information with respect to the NT Filter). At the end of his examination in chief, Rogers
stated that he would make no other changes to his First Report and Third Report.
March 23, 2012
(2012) 35 OSCB 2820
[72]
In cross-examination, Rogers reiterated that Young had told him on February 23, 2007 that Suman was the e-mail
administrator and “subsequently told me that in March of this year [2009] when I had a discussion with him that Suman was the email administrator”. Rogers testified that Staff had not advised him of Young’s statement that Suman was not the e-mail
administrator.
[73]
Lo’s Second Report, dated March 5, 2009, stated: “Suman was the spam-filter administrator, not the e-mail
administrator. He did not have administrative privileges on the MAIL server which hosted Microsoft Exchange, and therefore did
not have the ability to read or manipulate any other employee’s mailbox”.
[74]
In response, Rogers contacted Young. Rogers’ Third Report states “CapGemini was the ‘backend’ administrator while
Suman had administrative privileges on the Exchange server. Those privileges were not removed from Suman when CapGemini
assumed their responsibilities”. However, Rogers’ report, dated April 10, 2009, which was prepared for purposes of a
U.S. Securities and Exchange Commission (“SEC”) proceeding, does not mention that the e-mail administrator function had been
outsourced and states “[a]s the e-mail administrator for MDS Suman could review any e-mail or calendaring of events of any MDS
employee at any time at his sole discretion and without concern for detection by others”.
[75]
The Respondents submit that Rogers’ evidence on this matter shows that he lacked the impartiality required of an expert
witness.
[76]
We were not satisfied that Rogers’ evidence showed he lacked impartiality or was biased. We stated in the Motions
Decision that “[w]e are not satisfied that the Respondents have shown that Rogers is biased or that his evidence is inherently
unreliable”. Having said that, in coming to our conclusions, we have carefully considered the uncertainties and lack of clarity
surrounding portions of the evidence of each of Rogers and Lo with respect, in particular, to Suman’s internet searches, the
operation of the NT Filter, the presence of calendar fragments on one of Suman’s Computers, and Suman’s use of Window
Washer.
2.
Conclusion: Suman’s Skills and Responsibilities
[77]
We conclude that Suman was not the MDS Sciex e-mail administrator at the time of the events that are the subject
matter of this proceeding. Suman was, however, the NT Filter administrator and the BlackBerry administrator. Suman’s
responsibilities included walk-up enquiries and direct requests from executives with respect to computer or BlackBerry problems.
Suman did not dispute that he was often approached to solve difficult computer or software problems because of his skills and his
creativity in finding solutions. Suman was clearly an IT expert at MDS Sciex.
C.
Suman’s Conversation with Young about Expanding E-mail Capacity
1.
The Evidence
[78]
Young testified that in mid-December 2006, he asked Suman whether the Microsoft Exchange system could handle
double the number of e-mail users. Suman’s response was that the e-mail system could handle the expanded capacity. Young
testified that he made no mention of Molecular, MDCC or Project Monument, but made no effort to hide the fact that the question
was in the context of an acquisition because “we did that every six months for years, so it was an on-going thing. That’s the only
reason that I would ever need to know can we add 500 people to our e-mail system. It’s hard to ask that question without implying
it’s an acquisition.” He testified that Boorn had previously stated to employees that MDS Sciex was pursuing acquisitions. Young
said that he had had similar conversations in the past with Suman and others in the IT group about scaling up e-mail capacity in
the event of an acquisition.
[79]
Racine was also present during this discussion. He initially testified that the conversation took place about two or three
weeks before the Announcement (on January 29, 2007), but later said it happened earlier in December 2006. He testified that
Young asked whether the e-mail capacity could be scaled up to accommodate double or triple the number of users. Racine
recalled Suman saying yes, the system was built to grow. Racine testified that while he was unaware of the specific reason for the
question, “I personally had a pretty good guess that it was related to potential acquisitions, because that was our business
strategy at the time, but definitely nothing pertaining to anything, date, time, name of company, nothing like that.”
2.
Conclusion: Suman’s Conversation with Young about Expanding E-mail Capacity
[80]
We conclude that in or around mid-December 2006, Young asked Suman, in Racine’s presence, whether the MDS Sciex
e-mail system could handle double the number of users, and that Suman responded that it could.
[81]
There is no evidence that this conversation included any reference to a specific acquisition or target company or any
specific reason for expanding e-mail capacity. However, because MDS Sciex employees knew that acquisitions were part of
MDS’s business strategy, we find it likely that Suman would have concluded from this conversation that MDS was considering the
possibility of a very significant acquisition.
March 23, 2012
(2012) 35 OSCB 2821
D.
Suman’s Interactions with Penner
1.
Synchronizing Penner’s BlackBerry
(a)
The Evidence
[82]
Penner testified that on January 18 or 19, 2007, she approached Suman for help with her BlackBerry, which was not
allowing her to accept meeting requests. She testified that Suman could not fix the problem immediately, so she left her
BlackBerry with him for several hours while she attended a meeting. She also gave him her BlackBerry password. When Suman
returned her BlackBerry, the problem had been resolved. However, within a couple of days Penner noticed that her BlackBerry email was not synchronized with her computer, a problem she had not had before Suman worked on her earlier BlackBerry
problem. She returned to Suman for assistance and he synchronized her BlackBerry with her computer in front of her.
[83]
Suman testified that to resolve a BlackBerry problem, he would wipe the operating system on the BlackBerry, then reinstall it and resynchronize it to the user’s computer. He testified that, in these circumstances, the user is not concerned about
past e-mails, which are already stored on the user’s computer; the concern is that future e-mails be synchronized between the
BlackBerry and the user’s computer. However, he acknowledged that retained e-mails for some past period would also be
synchronized. He testified that the default period for retaining e-mails is three days and the maximum is one or two weeks.
[84]
The Respondents objected to Penner’s proposed testimony as to whether specific e-mails related to Project Monument
were on her BlackBerry when it was in Suman’s possession. They submitted that, although Penner mentioned her BlackBerry
problems in the Staff questionnaire she completed in March 2007, it was not until the Further Amended Statement of Allegations
was issued on January 20, 2009 that Staff first alleged that Suman obtained access to material non-public information while
resolving a BlackBerry problem for a member of the Sciex Deal Team. The Respondents then sought to obtain by summons
backups and logs for Penner’s BlackBerry and for the Microsoft Exchange server. However, backups and logs were no longer
available at MDS or at the third-party BlackBerry service provider.
[85]
The Respondents submitted that the destruction of evidence gives rise to a rebuttable presumption that the lost or
destroyed evidence would not have favoured the party that destroyed it or that the evidence should be excluded. They argued
that they would be unable to effectively cross-examine Penner without the backups and logs, and therefore that the presumption
is not rebuttable. In the circumstances, the Respondents submitted that the evidence related to what e-mails were on Penner’s
BlackBerry should be excluded to prevent an abuse of process.
[86]
Staff submitted that Penner’s completed questionnaire was disclosed to the Respondents on August 28, 2007, and the
transcript of Staff’s November 24, 2008 interview of Penner was disclosed shortly after that interview took place. Rogers
addressed the issue for the first time in his Second Report, dated January 15, 2009, and it was that development that led to the
issue of the Further Amended Statement of Allegations on January 20, 2009, and an adjournment of the merits hearing to allow
the Respondents to attempt to obtain further disclosure.
[87]
Staff submitted that the law of spoliation does not apply because Staff did not have possession of Penner’s BlackBerry
or the backups and logs, and because there was no evidence that Staff destroyed evidence to affect the hearing. In any event,
Staff submitted that spoliation gives rise to a rebuttable presumption of exclusion, and the presumption may be rebutted by the
evidence.
(b)
Conclusion: Synchronizing Penner’s BlackBerry
[88]
We made an oral ruling on the motion to exclude Penner’s evidence with respect to what e-mails were on her
BlackBerry. With respect to the law of spoliation, we stated that this case can be distinguished from circumstances where
information sought by a respondent is destroyed while in Staff’s possession. In this case, MDS and the third-party BlackBerry
service provider had possession of the information and there was no suggestion that information had been intentionally destroyed
at Staff’s request so that it could not be used by the Respondents.
[89]
However, we recognized that the destruction of the backup evidence with respect to what e-mails were on Penner’s
BlackBerry meant that the Respondents would be unable effectively to challenge Penner’s testimony as to what specific e-mails
were on her BlackBerry at the time. In the circumstances, we ruled that Penner could not testify about the specific e-mails that
were on her BlackBerry. Absent that evidence, we cannot draw any conclusion as to what e-mails may have been on Penner’s
BlackBerry when Suman had access to it.
March 23, 2012
(2012) 35 OSCB 2822
2.
Restoring Penner’s Laptop
(a)
The Evidence
[90]
In Rogers’ Second Report, he concluded that Computer 202, one of Suman’s workstation computers, contained
evidence that Suman performed an account recovery of Penner’s data from her laptop computer onto Computer 202. The
notify.log file on Computer 202 indicates that Computer 202 received information on January 22, 2007 relating to “Project
Monument”, including “organizational charts”, “list of key employees” and “list of key person insurance policies.” Rogers testified
that in his opinion, Computer 202 continued to use Penner’s user account to communicate with the data centre on a continual
basis after being used to recover data for her in September 2006. There was no evidence of any other user account on Computer
202.
[91]
On cross-examination, Rogers acknowledged that while the notify.log file on Computer 202 contained four entries with
“Project Monument” in the drive path, the files themselves were not found on the computer. He also acknowledged that this is
consistent with how the MDS backup software works. Rogers acknowledged that the Application Event Log for Computer 202,
which logs user activity, ends at December 17, 2006, and that he would have expected to see some activity if someone was using
the computer after that date. For example, Rogers acknowledged that the Application Event Log for Computer 201A (one of the
drives on Suman’s workstation computer) confirmed that it was used more frequently than Computer 202.
[92]
Suman testified that around September 15, 2006, Penner requested a restoration of a file that she had deleted and he
restored the file for her, using Computer 202. Suman testified that it was not possible for Penner’s laptop to back-up to any of his
Computers; it would back-up to the backup server. He denied gaining access to documents on Penner’s laptop, including Project
Monument documents, as a result of having performed the account recovery for Penner using Computer 202.
[93]
Lo’s evidence about the operation of the backup software was consistent with Suman’s. Lo testified that the four entries
identified by Rogers, as well as over 20,000 other entries found on Computer 202’s notify.log file, reflect the normal backup
actions of Penner’s account. He testified that the backup software backs-up data from a user’s account to a backup server
maintained by a third party service provider, and maintains logs that record its actions. Because Suman had used Computer 202
to restore Penner’s computer, the backup software continued to send notify.log messages to Computer 202 as well as to
Penner’s computer. However, this would not have allowed Suman to read the backed up file.
[94]
Penner could not recall Suman helping her do an account recovery for her laptop computer.
(b)
Conclusion: Restoring Penner’s Laptop
[95]
We found Suman’s explanation for the information on Computer 202, referred to in paragraph 92 of these reasons, to be
credible. That explanation was confirmed by Lo and not disputed by Rogers. Accordingly, the evidence with respect to Suman
helping Penner with her laptop does not assist Staff in proving its allegation that Suman learned of the Proposed Acquisition
through his IT role at MDS Sciex.
E.
Suman’s Interaction with Halligan on January 23, 2007
1.
Halligan’s Evidence
[96]
On Monday, January 22, 2007, Halligan was asked to prepare a letter from Boorn for distribution to MDS employees on
the day the Proposed Acquisition was to be publicly announced, as well as a slide presentation to be given to managers and
employees on and after the Announcement. Halligan was not a member of the Sciex Deal Team, but her manager had recently
told her “to be prepared for a lot of work the following week because we [MDS Sciex] were looking at making an offer to acquire a
company”.
[97]
Halligan testified that she started working on the employee letter at around 7:30 a.m. the next day, Tuesday, January 23,
2007. Her manager had e-mailed her some background materials, and she conducted some more research on-line. Halligan
testified that the draft letter referred to “Project Monument” and did not include the name “Molecular Devices”. However, the draft
letter did include the information that the target company was located in Sunnyvale, California.
[98]
Halligan’s computer froze at about 9:00 a.m. on January 23, 2007. After trying to retrieve the document herself, she
contacted a senior manager about getting IT assistance. She was asked to call Young who, as a member of the Sciex Deal
Team, was aware of the Proposed Acquisition. At Young’s suggestion, Halligan approached Racine and explained that she had
lost a confidential document. Racine walked with her over to Suman’s cubicle and asked Suman to help her find the document.
Halligan returned to her desk with Suman.
[99]
Halligan testified that she explained to Suman that she had lost a confidential document called “Andy’s Monument
Message” and that if he found it, he could not open it or read it. Halligan stood behind Suman the entire time he worked at her
March 23, 2012
(2012) 35 OSCB 2823
desk. Suman asked Halligan whether she had backed-up the document, but she had not. Halligan testified that Suman was at her
desk for about 20 minutes but he was unable to retrieve the document. He left her office at around 10:00 a.m.
2.
Racine’s Evidence
[100]
Racine, who was not a member of the Sciex Deal Team, testified that he first heard the term “Monument” from Halligan,
who came to his office in the morning on January 23, 2007. He testified that “she was relatively upset and said she had lost a
document on her computer named ‘Monument’ and that it was very important and it was for Boorn.” Racine recalls walking with
Halligan back to her office and picking up Suman on the way. Racine could not remember what Halligan said about her problem
in Suman’s presence, other than that “[s]he was upset. She was definitely worried about getting this document back and she
mentioned several times it was for Andy [Boorn], so she was trying to relay her sense of urgency to us”. Racine testified that
when he left Halligan’s office, Suman was sitting in front of her computer looking for the document.
3.
Suman’s Evidence
[101]
Suman’s account of his interaction with Halligan on January 23, 2007 was consistent with the testimony of Halligan and
Racine on the main points. He testified that as soon as he got to work that day, probably a little after 10:00 a.m., Racine and
Halligan approached him. Halligan needed help to retrieve a document called “Andy’s Monument Message”. Suman testified that
he did not find the document and that Halligan stayed with him while he searched for it on her computer. Asked whether he knew
the document was sensitive, Suman testified that all human resources documents are sensitive. He testified that he did not know
that “Monument” was related to “Project Monument” and that he was not aware of the term “Project Monument”.
[102]
Suman was unwilling to acknowledge that there was a sense of urgency and sensitivity about Halligan’s request for his
assistance. In his testimony in chief, Suman was willing to say only that all human resources documents were sensitive. However,
in cross-examination, Suman acknowledged knowing that “Andy” referred to Boorn and that the document was confidential. He
also acknowledged that Halligan had told him not to read the document if he found it (although he insisted this was usual for
human resources documents), and that she had stood over his shoulder while he searched for it. He testified that she “may have”
told him the document was for a meeting she was having with Boorn later that day but that he did not have a clear recollection of
that. He acknowledged that Halligan seemed concerned about the document.
4.
Conclusion: Suman’s Interaction with Halligan on January 23, 2007
[103]
There is no dispute that on the morning of January 23, 2007, Suman was asked to help Halligan find a document called
“Andy’s Monument Message”. Suman’s testimony was consistent with Halligan’s: she stayed with him while he searched for the
document on her computer, but he did not find it. There is no evidence that Suman continued to search for the document, or that
he found it, after leaving Halligan’s office.
[104]
Suman was reluctant to acknowledge the urgency of Halligan’s request and we found him evasive on this point. We
accept the evidence of Halligan, which was corroborated by Racine and accords with common sense, that she would have
appeared “stressed” when she approached Suman with an urgent request for help to find a document that she was preparing for
the President of MDS Sciex and that was required later that day. If her manner alone was not sufficient to convey the sensitivity of
the document she was looking for, her insistence on watching over his shoulder as he worked, and the presence of Racine, who
was Suman’s manager, for at least part of the time Suman was in Halligan’s office, would have made it clear to Suman that
Halligan’s request for assistance in finding the lost document was not a routine request.
[105]
We conclude that Suman would have understood from his interaction with Halligan that the President of MDS Sciex was
about to deliver a message relating to something confidential that was referred to as “Monument”. This is important evidence
because it shows that Suman became aware of the term “monument” on the morning of January 23, 2007. That term relates to
the Project Monument code name for the Proposed Acquisition.
F.
Suman’s Role as NT Filter Administrator
[106]
The NT Filter was used by MDS Sciex to filter spam and other questionable e-mails entering its e-mail server. Suman
was the NT Filter administrator and had access to the NT Filter. Staff alleges that as NT Filter administrator, Suman could have
accessed Project Monument e-mails that were sent from the electronic data room established by Molecular to permit due
diligence investigations by members of the Sciex Deal Team. Those e-mails passed through the NT Filter and Staff alleges that
they included e-mails that linked “Project Monument” with “Molecular Devices” in the subject line. The evidence relied on by Staff
includes certain Project Monument e-mails found on the NT Filter and an entry in the System Event Log showing that someone
remotely accessed the NT Filter at 1:40 p.m. on January 23, 2007.
March 23, 2012
(2012) 35 OSCB 2824
1.
(a)
[107]
Staff alleges that Suman, as NT Filter administrator, had access to the NT Filter and likely viewed e-mails passing
through the filter that showed the name “Molecular Devices” and the project code name, “Project Monument”. That would mean
that Suman knew that “Project Monument” or “Monument” involved or related to Molecular.
[108]
Staff submits that:
(a)
Suman, as NT Filter administrator, could have set a rule to send any e-mails passing through the NT Filter that
referred to “Molecular Devices” or “Project Monument” to another e-mail address (including, for example, his
own e-mail address);
(b)
Suman had the ability to create, modify or delete rules in order to isolate or delay specific e-mails passing
through the NT Filter;
(c)
the full content of any isolated or delayed e-mails, including attachments, could be viewed either through the
preview pane in SurfControl or by navigating through Windows Explorer; the messages and any attachments
could also be saved and/or forwarded;
(d)
Suman, as NT Filter administrator, could have also deleted any rules he established and there would have
been no record of the rule or what it did. Further, editing or changing an existing rule would not have been
logged; and
(e)
Suman, as NT Filter administrator, could also have viewed messages in any queues of delayed e-mail
messages in the NT Filter.
[109]
Staff alleges that Suman very likely accessed the NT Filter by remote access and viewed e-mails passing through the
NT Filter on January 23, 2007 at 1:40 p.m. Staff alleges that five of those e-mails passing through the NT Filter had the subject
line “Monument/Sunnyvale”. Staff submits that the reference to “Sunnyvale” may have assisted Suman in determining that the
Proposed Acquisition was an acquisition of Molecular. Staff notes that this remote accessing of the NT Filter occurred only a few
hours after Suman attempted to assist Halligan to find “Andy’s Monument Message” (see the discussion commencing at
paragraph 96 of these reasons).
[110]
Suman acknowledges that the System Event Log for the NT Filter shows that there was a log-on to the NT Filter by
remote desktop protocol on January 23, 2007 at 1:40 p.m. Suman also acknowledges that he might have been the person who
logged on at that time.
(b)
[111]
Suman denied viewing or accessing any Project Monument e-mail passing through the NT Filter. He submits that Staff’s
allegation is based on pure speculation and that there is no evidence that he used his NT Filter administrator privileges to view or
access Project Monument e-mails.
[112]
Suman testified that he was not the e-mail administrator at MDS Sciex at the Relevant Time and that he did not have
access through the NT Filter to view individual employees’ e-mails and calendar events.
[113]
Suman testified that the NT Filter screens external e-mails coming into MDS Sciex for spam. Suman testified that there
is no evidence that he created, modified or deleted rules with respect to the treatment of e-mails passing through the NT Filter,
only evidence related to whether the NT Filter administrator could have done so.
[114]
Suman testified that the e-mails from the electronic data room which had “Molecular Devices” as the display name would
not have been shown on the SurfControl screen for the NT Filter. He said that, in order to read an e-mail passing through the NT
Filter, the e-mail had to be first isolated or delayed.
[115]
Suman submits that there is no evidence that any e-mails passing through the NT Filter that contained reference to
Project Monument were isolated or delayed. Suman says that, in fact, Rogers qualified his earlier evidence on this issue and
confirmed that the evidence demonstrates that e-mails passed through the filter automatically. Suman testified that internal emails did not go through the NT Filter and that he would have referred any question about internal e-mails to CapGemini, the third
party e-mail administrator. Further, he says that Staff did not establish that a particular e-mail queue included any e-mail referring
to Project Monument.
March 23, 2012
(2012) 35 OSCB 2825
[116]
Suman testified that there were fragments of two e-mails relating to Project Monument on the Page File of the NT Filter.
Both were dated at a time after the Respondents began purchasing the Molecular Securities. More important, however, he stated
that this file cannot be viewed while the NT Filter is in operation and there is no evidence that it was powered down for this
purpose. Therefore, Suman submits that he could not have seen the fragments of these e-mails.
[117]
The Respondents submit, in any event, that no e-mails introduced into evidence relating to Project Monument disclosed
that Project Monument was a proposed acquisition of Molecular.
[118]
The Respondents submit that Staff’s Further Amended Statement of Allegations did not include an allegation that Suman
could have blind-copied an e-mail to himself. That allegation arose only in the cross-examination of Suman and Lo, after Rogers
conceded in cross-examination that there was no evidence that e-mails had been isolated or delayed.
[119]
The Respondents reiterate the submissions they made at the Motions Hearing challenging Rogers’ expertise and the
reliability of his evidence about the operation of the NT Filter. Suman added, in closing submissions, that Staff did not call any
employee of MDS Sciex to testify who was knowledgeable about SurfControl or the NT Filter.
[120]
Suman testified that the Remote Desktop Protocol, to which he had access, allows the NT Filter administrator to manage
the NT Filter from a desktop workstation, rather than going to the main frame computer room. Suman acknowledges that he might
have been the user who logged onto the NT Filter remotely on January 23, 2007 at 1:40 p.m., but he testified that there were two
other employees who had access to the NT Filter and worked on it, even on days when Suman was at work.
[121]
The Respondents submit that, by the standard of evidence Staff asks us to adopt, Staff’s allegation could be that Suman
hid in a closet while a confidential meeting was taking place and learned about the Proposed Acquisition that way. The
Respondents also submit that Staff’s allegations with respect to the NT Filter and Suman’s possible access to e-mails passing
through it imply an impermissible reverse onus. They submit that, based on Staff’s submissions, Suman has to prove that he did
not gain access to information with respect to the Proposed Acquisition.
2.
Discussion
(a)
E-mail Delays in January 2007
[122]
During the lead-up to the Announcement, MDS Sciex was experiencing delays in e-mails passing through the NT Filter.
Suman acknowledges that MDS Sciex had experienced several waves of spam resulting in poor performance of the system from
mid-July 2006. He also acknowledges that as NT Filter administrator, it was his responsibility to investigate e-mail delays and he
did so. Ultimately, MDS Sciex decided to upgrade the NT Filter. Suman testified that he performed the upgrade and that he went
into the office on Saturday, February 3, 2007 to complete that task.
[123]
Suman remembers that there were delays in the e-mail system in January 2007. He acknowledges that as NT Filter
administrator it was his job to investigate the problems and he did so. However, he testified that he did not remember seeing a
queue of backlogged e-mails that were not automatically being sent on to the recipients on January 23, 2007. When presented
with the System Event Log for the NT Filter, which shows that there was a remote log-on to the NT Filter on January 23, 2007 at
1:40 p.m., Suman testified that it could have been him logging on or it could have been someone else.
[124]
We conclude that it was likely Suman who logged on to the NT Filter on January 23, 2007 at 1:40 p.m. because he was
the primary NT Filter administrator, he was present at MDS Sciex that day, and while other IT employees had responsibilities for
the NT Filter, they usually logged on to the NT Filter when Suman was absent.
(b)
Ability to Control the Rules in SurfControl
[125]
Suman would not acknowledge that the NT Filter administrator could change the rules relating to the e-mails passing
through the NT Filter. We find it highly implausible, and do not believe, that Suman was unaware that the rules could be changed
by the NT Filter administrator. That is apparent on a plain reading of the SurfControl manual. Suman’s evidence in this respect is
inconsistent with the evidence about his IT expertise and his responsibilities as NT Filter administrator.
[126]
We find that as NT Filter administrator, Suman could have created, modified or deleted rules in SurfControl. This is clear
from the SurfControl manual which explains, among other things, how to change SurfControl’s pre-defined rules, delete a rule, or
create a forwarding or blind-copy rule. Rogers testified that SurfControl would allow a user to, for example, blind-copy any e-mail
with “Project Monument” in the subject line to a particular e-mail address. Lo agreed that SurfControl allowed a user to create,
modify or delete a rule or change a rule’s priority. He also agreed a user could create a rule to blind copy e-mails to another email address.
[127]
Suman acknowledges that he could set the rules, but strongly denies setting or deleting any rules for the purpose of
anything related to Molecular. He also testified that any such changes to rules would be logged. However, the SurfControl manual
March 23, 2012
(2012) 35 OSCB 2826
indicates that if the real-time console logging option is enabled, a rule could be deleted without being logged. Lo agreed that an
existing rule could be changed without leaving a trace. Lo also acknowledged that if the real time console were enabled, as it
was, new rules would not be logged into the system log.
[128]
We conclude based on this evidence that, as NT Filter administrator, Suman could have created a rule that would, for
example, blind-copy Project Monument e-mails passing through the NT Filter to any designated e-mail address, including his
own, without leaving evidence of any such rule. That means that Suman had the ability, as NT Filter administrator, to obtain
copies of “Monument” e-mails without leaving evidence that he had created or changed a rule in order to do so.
(c)
Ability to View E-mails Passing Through the NT Filter
[129]
Through Rogers, Staff introduced several NT Filter screenshots to illustrate the operation of the NT Filter. The
screenshots included a list of e-mails that had been logged in the Stem Log, including information as to the sender, recipient,
subject, time received and status (isolated or delivered, for example). At the bottom of the page, a preview pane would show the
contents of an e-mail. Rogers testified that the contents of the e-mails are not stored in the Stem Log, but can be retrieved from
the hard drive. He said that, as a result, the full content of e-mails that are isolated or delayed, including attachments, could be
viewed either through the preview pane in SurfControl or by navigating to the e-mail through Windows Explorer. The messages
and any attachments could also be saved and/or forwarded.
[130]
Suman testified that unless an e-mail is isolated or delayed by action of a rule, it passes through the NT Filter and is
delivered directly to the addressees at electronic speed and cannot be viewed by anyone. He said that none of the Project
Monument e-mails are shown as having been isolated or delayed. Because he was no longer the e-mail administrator, Suman
said that he did not have access to the Microsoft Exchange server where e-mails were stored. He also testified that he was not
aware of the Molecular electronic data room and did not have access to it. He testified that he did not see any “Monument”,
“Project Monument” or Molecular related e-mails that were isolated or delayed. He testified that he believes that they all passed
through the NT Filter without being isolated or delayed, and he did not make any kind of intervention to obtain any of them.
[131]
Lo testified that it is not possible to view the contents of an e-mail using the SurfControl software without the e-mail being
first isolated by a rule, and that there is no evidence that any Project Monument e-mail was isolated. However, in crossexamination, Lo acknowledged that SurfControl allows the NT Filter administrator to set an e-mail queue to delay e-mails for a set
period of time to allow for auditing – for example, if there is a suspicion of unauthorized use – and allows the e-mails to be read to
determine appropriate action, including, for example, forwarding an e-mail to a manager. He also acknowledged that the NT Filter
administrator would be able to see the sender, recipient and subject line of e-mails that were logged in the “received log” or the
“connection log” as a result of an e-mail backup. Lo testified that he did not know whether such an e-mail message could be
viewed by double-clicking on it. Further, he acknowledged that the NT Filter administrator would also be able to review an e-mail
even if it had not been isolated. For example, the administrator could review an e-mail if it had been copied to another e-mail
address or delayed.
3.
Conclusion: Suman’s Role as NT Filter Administrator
[132]
There is no direct evidence that (i) Suman actually viewed any Project Monument e-mails passing through the NT Filter
or otherwise obtained Project Monument e-mails using his privileges as NT Filter administrator; (ii) any e-mails passing through
the NT Filter were isolated or delayed or that Suman created any rule to do so; or (iii) any e-mail passing through the NT Filter
disclosed that Project Monument was a proposed acquisition by MDS of Molecular (although there were e-mails showing
information that potentially linked Project Monument to Molecular). Further, neither of the experts were experienced with the
SurfControl software. Both acknowledged relying on the user manual, and both were forced to retract some of their evidence on
certain matters in cross-examination.
[133]
We find that Staff has established that (i) Suman as NT Filter administrator was the principal person at MDS Sciex
responsible for resolving problems with the spam filter and that there were e-mail delays in January 2007 that ultimately led MDS
Sciex to upgrade the NT Filter; (ii) Suman, as NT Filter administrator, could have created a rule to isolate or delay an e-mail
passing through the NT Filter or to forward it to any other e-mail address, including his own, without leaving evidence that he had
done so; and (iii) the content of isolated or delayed e-mails could be viewed in the preview pane of SurfControl or by using
Windows Explorer.
[134]
Accordingly, we find that Suman had the ability and opportunity as NT Filter administrator to view or obtain Project
Monument e-mails passing through the NT Filter. He had the skills to do that as an IT expert, the SurfControl software allows an
administrator to control the spam filter function and to create and modify rules to isolate, delay or forward e-mails passing through
the NT Filter, and investigating e-mail delays relating to the spam filter was one of Suman’s responsibilities as NT Filter
administrator.
March 23, 2012
(2012) 35 OSCB 2827
G.
1.
The Evidence
(a)
[135]
McCann testified that forensic images of Suman’s Computers were mounted as virtual drives on a forensic workstation
and that Staff used NetAnalysis, a forensic software program, to generate reports of the complete history of internet usage on the
drive, including active internet folders and deleted “slack space” (the “Internet History Reports”). NetAnalysis can also conduct
keyword searches. Staff searched for, among other terms, “Molecular”, “Monument”, “MDCC”, and “MDDC”. Staff submits that the
Internet History Reports indicate that on January 23, 2007, Suman conducted the following searches on Computer 204, Suman’s
laptop computer at MDS Sciex:
(a)
at 18:57:05, he searched “mddc” on the Yahoo finance webpage;
(b)
at 18:57:08, he accessed the “headline” page for MDCC on the Yahoo finance webpage;
(c)
at 18:59:24, he searched “monument inc.” using the Yahoo search engine;
(d)
at 18:59:42, he searched “monument inc.” using the Google search engine;
(e)
at 19:00:17, he searched “mdcc”, using the Google search engine;
(f)
at 19:03:25, he accessed the six-month and one-year stock charts for MDCC on the Yahoo finance webpage;
(g)
from 19:05:25 to 19:06:47, he accessed the Molecular website (www. moleculardevices.com);
(h)
at 19:27:36, he accessed a discussion board on Yahoo relating to rumours of a take-over of Molecular; and
(i)
at 19:29:13, he accessed a three-month stock chart for MDCC.
[136]
Staff submits, and it was not disputed, that the search for “mddc” referred to in paragraph 135(a) of these reasons was a
misspelled stock symbol intended to be a search for “MDCC”.
(b)
[137]
The Respondents challenge the reliability of the Internet History Reports as discussed commencing at paragraph 142 of
these reasons. However, Suman did not deny making the searches referred to in paragraph 135 of these reasons, subject to his
testimony below beginning at paragraph 138 and at paragraph 153 of these reasons.
[138]
Suman acknowledges searching “MDCC” on January 23, 2007, towards the end of the day. He testified that Rahman
had given him quite a few stock symbols that she wanted him to research, including MDCC, Exxon Mobil and Southern Copper,
and that she had reminded him to do so the day before and again in the morning or around noon on January 23, 2007. He says
that he finally had time to do the research that afternoon, and that he searched MDCC after searching Southern Copper and
Exxon Mobil. He testified that he did not clearly remember the search for “monument inc.” and that he had no independent
recollection of making that search, but acknowledges, based on the Internet History Reports, that it was a “possibility” (see
paragraph 155 of these reasons). He acknowledges that the Internet History Reports show that there was a search for
“monument inc.” on each of Yahoo and Google on January 23, 2007 (see paragraph 135 of these reasons).
[139]
Suman testified that, when he commenced the searches referred to in paragraph 135 of these reasons, MDCC was
already known to him because of Rahman’s request that he do research on Molecular. He testified that on January 23, 2007, as a
result of his searches, he read two press releases concerning MDCC, dated January 10 and January 17, 2007, and they showed
that positive news was driving up the MDCC share price, which was one of the criteria the Respondents had established for
investing (see paragraph 169 and following of these reasons).
[140]
Rahman testified that she had asked Suman to look into certain stocks, including MDCC, in mid-January 2007, but he
had procrastinated until January 23, 2007. On that day, Rahman “called him a lot, pushing him” to look into the stocks she had
identified. Suman called Rahman that evening and reported on the results of his research (see paragraph 160 and following of
these reasons with respect to the January 23 Call).
March 23, 2012
(2012) 35 OSCB 2828
2.
Discussion
[141]
The Respondents challenge Staff’s evidence about Suman’s internet searches on January 23, 2007 on a number of
grounds.
(a)
Reliability of the Internet History Reports
[142]
Staff used NetAnalysis to reconstruct the internet browser history of Suman’s Computers, and the resulting Internet
History Reports were entered into evidence. Rogers gave lengthy opinion evidence about the conclusions he drew based on the
Internet History Reports.
[143]
After the close of Staff’s case, the Respondents moved for exclusion of the Internet History Reports on the basis that
NetAnalysis, the software used to generate them, is inherently flawed. The Respondents submitted that the Internet History
Reports should be excluded as hearsay evidence that does not possess sufficient threshold reliability to be admissible under the
“principled exception” to the hearsay rule, because of an allegedly erroneous January 14, 2007 entry shown on the Internet
History Reports and because of numerous duplicate entries for internet searches included on those reports (see paragraphs 146
and 149 of these reasons).
[144]
We dismissed the exclusion of evidence motion and made the following comments in the Motions Decision with respect
to the NetAnalysis evidence:
We note that if the NetAnalysis evidence is hearsay evidence, it is hearsay that can be assessed
and challenged by the Respondents through their own analysis of the information on Suman’s
computers and by themselves running NetAnalysis on those computers. The Respondents have
been able to do that and have made a number of important points in cross-examination as a result.
In our view, the Respondents’ vigorous testing of the NetAnalysis Evidence through crossexamination of McCann and Rogers shows that the NetAnalysis Evidence possesses sufficient
threshold reliability to be admitted under the principled exception to the hearsay rule. We also find
that the NetAnalysis evidence is necessary because analysis of the raw data presented on the
forensic copies of Suman’s computers is outside our experience and knowledge.
The Commission has stated that: “Although hearsay evidence is admissible under [subsection
15(1) of the Statutory Powers Procedure Act, R.S.O. 1990, c. S.22], the weight to be accorded to
such evidence must be determined by the panel. Care must be taken to avoid placing undue
reliance on uncorroborated evidence that lacks sufficient indicia of reliability” (Re Sunwide Finance
Inc. (2009), 32 OSCB 4671, at para. 22). It is for us to decide the relevance and weight to be given
to the NetAnalysis Evidence and, in doing so, we will take into account the matters that the
Respondents have successfully challenged through cross-examination.
We are not satisfied that the Respondents have shown that Rogers is biased or that his evidence is
inherently unreliable. He has modified his evidence and conclusions where the Respondents’
cross-examination has raised questions. While he was admitted by us as an expert, he has also
acknowledged those areas where he does not have expertise. The Panel will carefully consider the
relevance and weight to be given to Rogers’ expert evidence and, in doing so, we will take into
consideration the submissions made to us by the Respondents with respect to the weaknesses of
that evidence demonstrated by cross-examination.
(Motions Decision, paras.11-12)
[145]
The Respondents identified two significant issues with the Internet History Reports during McCann’s cross-examination.
(b)
The January 14, 2007 Entry
[146]
The Internet History Reports show searches on Computer 204 (Suman’s laptop computer at MDS Sciex) for “MDCC” on
the Yahoo finance website at 18:24:40 on January 14, 2007, producing 286 hits. McCann testified that the January 14, 2007 entry
was “anomalous” and “erroneous” and did not reflect a search that had occurred on January 14, 2007. Rogers testified that the
January 14, 2007 entry was a fragment of a later search conducted on January 25, 2007. In his opinion, Suman first searched
“mddc”, “MDCC” and “monument inc.” on January 23, 2007 (see paragraph 135 of these reasons). Staff’s evidence on this point
is consistent with the evidence of the Respondents, who testified that it was on January 23, 2007 that Suman finally conducted
research with respect to Molecular, along with other stocks, at Rahman’s request.
[147]
Rogers testified that there is no evidence on the Computers of any search for “MDCC”, “monument” or related terms
before January 14, 2007.
March 23, 2012
(2012) 35 OSCB 2829
[148]
We conclude, on balance, that the January 14, 2007 entry on Computer 204 is likely a fragment of a later search
conducted by Suman after January 23, 2007 for “MDCC”. We do not accept, however, that the existence of that fragment
undermines the other evidence of Suman’s January 23, 2007 searches identified in the Internet History Reports.
(c)
Duplicate Entries
[149]
The second issue with the NetAnalysis evidence is that the Internet History Reports include numerous duplicate entries
that indicate exactly the same search being made exactly five hours apart. Time-stamped entries on the Internet History Reports
show Suman making trades through his trading account from his IP address at work at a time when the MDS Sciex building
access records indicate that he was not yet in the office and exactly five hours before the time-stamped entries on the Trading
Records, which indicate that he made the trades from home. The entries relating to Suman’s searches for “mddc”, “MDCC” and
“monument inc.” show the same duplicate entries exactly five hours apart. So, for example, the first search for “mddc” is recorded
at 13:57:05 and at 18:57:05 on January 23, 2007 (see paragraph 135(a) of these reasons).
[150]
This issue first arose during cross-examination of McCann, who initially had no explanation for the duplicate entries.
When the hearing resumed the next day, McCann testified on re-examination that he had verified that the duplicate entries
appeared in the Internet History Reports because he had set NetAnalysis to local (Toronto) time, but he believed NetAnalysis had
added a duplicate entry, exactly 5 hours earlier, in Greenwich Mean Time (“GMT”). McCann testified that he believed that the first
of each duplicate entry was incorrect and that the second entry was correct.
[151]
Rogers offered an explanation for the time discrepancy in the Internet History Reports. He testified that internet history is
stored in the index.dat file of a computer in three types of records – the main internet history file, a daily internet history and a
weekly internet history. The main internet history file uses GMT, the daily internet history file uses local time but uses GMT for the
last-visited time, and the weekly internet history file uses local time. When NetAnalysis analyzes the files, it has to decode these
various times based on other information associated with each record, including the time-stamp on source data. In this case, most
of the files had been deleted and the temporary internet files were erased, making the analysis more complicated. Rogers stated
that all of the anomalies related to the weekly entries, which should have been set to GMT, not local time.
[152]
Staff submits that the later of any two duplicate entries in the Internet History Reports is the correct one, and it is the
later entries that are referred to in the parties’ submissions and in these reasons. There is no evidence to suggest that the timestamps on the Internet History Reports are inaccurate, apart from the matter of the duplicate entries and the anomaly with respect
to the January 14, 2007 entry (referred to in paragraph 146 of these reasons). We have concluded, on balance, that
notwithstanding the duplicate entries exactly five hours apart, the later entries on the Internet History Reports reflect the actual
times at which the internet searches were conducted.
(d)
Analysis
[153]
Subject to his testimony below related to his searches on January 23, 2007, Suman does not deny making the internet
searches on Computer 204 shown by the Internet History Reports. He submits, however, that Staff’s allegations are inconsistent
with the fact that his first relevant internet search was for “mddc”, not “monument”. What the Internet History Reports show, he
says, is that the stock symbol “MDCC” (initially entered erroneously as “mddc”) was already known to him before he searched
“monument inc.”. Suman also notes that the Internet History Reports indicate that MDCC was not the only stock he searched on
January 23, 2007. His searches that day also included searches for Exxon Mobil and Southern Copper. The Internet History
Reports show those searches.
[154]
Suman also submits that even if the Internet History Reports are accurate and show what Staff submits that they show,
the internet is “public knowledge space” and could not be the source of material non-public information. We agree that there is
nothing improper in his internet searches and that they would not have been the source of any material non-public information.
[155]
Suman testified that he does not remember searching for “monument inc.”, although he conceded that is possible. A
portion of his evidence about his searches on January 23, 2007 is as follows:
And my searches would be related to – I believe on that day, I got a chance to look for Exxon
Mobil’s performance, Southern Copper under stock symbol PCU. So I did research on that as well.
Then I got to Molecular Devices, MDCC.
Q. What time was that?
A. So it would be – my independent recollection is after I did Exxon Mobil and PCU. So it couldn’t
be – it would be later, much later in the day, towards the end of the day, after I’m done with
Southern Copper and Exxon Mobil.
Q. Okay. Paragraph –
March 23, 2012
(2012) 35 OSCB 2830
CHAIR: Just before you go, I just want to make sure I understood what you said. So you are saying
you did search Molecular?
THE WITNESS: I did look into the Molecular Devices performance, the stock symbol that Monie
gave me earlier. I looked for that. I looked for PCU, which is a symbol for Southern Copper. I
looked into that. I looked into Exxon Mobil. I looked into that.
CHAIR: What about Monument Inc.?
THE WITNESS: Now, my independent recollection, I do not clearly remember my search on
Monument Inc. If that search happened -- I have looked through the net analysis report and other
testimony, and it looks like there was a search on Monument Inc. So that’s a possibility, but I don’t
have an independent recollection of it directly.
(Hearing Transcript, March 29, 2010, pp. 102-103)
[156]
The Internet History Reports show that on January 23, 2007, Suman searched “monument inc.” on Computer 204 using
the Yahoo search engine at 18:59:24 and using the Google search engine at 18:59:42 (see paragraph 135 of these reasons).
[157]
“Monument inc.” was not the first search term Suman tried on January 23, 2007; it was the third, after “mddc” and
“MDCC”. Staff’s explanation is that Suman had already learned that “monument” and “MDCC” were linked. Suman’s explanation
is that Rahman had already asked him to research MDCC and he learned about that company from public sources. However, that
does not explain the search for “monument inc.”.
3.
[158]
Suman testified that he did “not clearly remember” the search for “monument inc.” but it was “a possibility” that he made
it. We find that Suman made the “monument inc.” searches referred to in paragraph 135 of these reasons at the times submitted
by Staff. Those searches are significant. If Suman had learned of MDCC from Rahman or their research, why would he search
“monument inc.”, a term related to the confidential code name for the Proposed Acquisition? Suman provided no explanation for
making that search.
[159]
We know that Suman was aware of the term “monument” at the time of his searches on January 23, 2007 (see
paragraph 105 of these reasons). What the Internet History Reports show is that Suman searched the terms “monument inc.” and
MDCC within minutes of each other in the late afternoon on January 23, 2007. We find that the most likely conclusion is that
Suman had learned that the term “monument” or “monument inc.” related to MDCC and he was searching the internet to find
more information and to confirm his understanding. That is an important finding in the circumstances.
H.
The Respondents’ January 23, 2007 Phone Call
1.
The Evidence
(a)
Staff’s Evidence
[160]
Through Young, Staff introduced MDS Sciex’s record of Suman’s entries to and exits from its building for the period
January 1 to February 7, 2007. Those records show that Suman left work at 19:44 on January 23, 2007, about 15 minutes after
viewing the three-month stock chart for MDCC (see paragraph 135(i) of these reasons). The BlackBerry Cell Phone Records
indicate that Suman called Rahman at 19:41:42, just before he left work, and that conversation continued for one hour and 40
minutes (we refer to that telephone conversation as the “January 23 Call”). Staff alleges that was an unusually long telephone call
in which the Respondents were primarily discussing the possibility of purchasing Molecular securities based on knowledge of the
Proposed Acquisition.
(b)
The Respondents’ Evidence
[161]
Suman testified that the January 23 Call “was not an unusual length of time” for the Respondents to spend on the
telephone. He testified that along with his calls to Rahman from his BlackBerry, they also communicated using Skype, and
Rahman would also use the toll-free telephone line at MDS Sciex to call him at work. Suman says it would be very unusual if they
spoke for less than two hours in total on any given day.
[162]
Rahman confirmed Suman’s testimony that while she lived in Utah they talked “all the time, every day” by phone and
using Skype, and that she phoned Suman frequently at MDS Sciex using the MDS Sciex toll free telephone line and sometimes
his BlackBerry number. In addition to the BlackBerry Cell Phone Records, which show outgoing calls from Suman’s BlackBerry to
March 23, 2012
(2012) 35 OSCB 2831
Rahman’s Utah phone number, the MDS Sciex Toll Free Phone Records corroborate the Respondents’ testimony that they talked
many times a day every day.
[163]
The Respondents also testified that they discussed the Five Criteria on the January 23 Call in considering whether to
purchase Molecular securities (see paragraph 170 of these reasons).
2.
Conclusion: The Respondents’ January 23, 2007 Phone Call
[164]
The Respondents’ testimony about the January 23 Call seemed rehearsed and implausible in some respects. Asked if
he could recall their conversation, Suman began his testimony as follows:
There were quite a few things that we had discussed in that 100-minute phone call. In any of our
phone calls, usually multiple things would be discussed. They would involve discussion about her
day.
They would involve discussion about what was new on that day, what she has done, what she has
eaten, where did she go, come back, those things. We would have lots of talk about stocks and
their performance and trades. We would have talks about her neighbourhood.
Q. Do you remember anything specific about this call?
A. So what I remember on that call is she went out. And that call was – I believe I left my work, and
I was driving towards home, and I called her from the car. And usually, around that time, she is not
home.
She usually – trade – trading day finishes, and she goes out for a walk. And then several hours,
she walks around and then comes back. So usually, at that time, she is not home. So when I called
her on that day, I didn’t expect her home. But sometimes I do just to see if she is home.
So I was driving from my work to my home, and I called her. And when she picked up, I was
surprised. So found out that she went to the bank to deposit a cheque. And then she had to use the
washroom. So she came back home quickly, and then she was about to go out.
So I was insisting that I’m driving home, and I’m bored, why don’t you stay on the phone and talk to
me. And she said, no, I have to go use the washroom. So I said, okay, I’ll hold. It’s sometimes
harder to redial again from the BlackBerry when you are driving. So I said, I will just hold. You go
use the washroom and come back to the phone. And that’s what I remember.
So after she came back, initial conversations were basically around – she had – there were
neighbours, and they had cats. And both of us are cat lovers. So we talked about their cats. We
talked about how her day was, those type of things. And then, I believe –
MR. PRICE: Could you speak up?
THE WITNESS: Sure. And then I got a chance to tell her about the stocks and my search.
(Hearing Transcript, March 29, 2010, pp. 108-109)
[165]
Rahman described the beginning of their conversation as follows:
When I came to the phone [after using the washroom], I remember – he was asking me, like, you
know, Did I go out for a walk already? I’m like, “No, I tried, but it’s so cold that I had to come back
home, but I’m going to go out again.” So he says, “Since you’re on the phone, talk to me.” Because
he’s driving. He always does, when he drives, he calls me so that I can talk to him. So as I’m
talking to him he asks me, like, How was my walk and if I had seen any cats or birds, as usual.
Then he asked me how my day was, what I have eaten, how the market was. And then he told me
that – now he got a chance to – because the whole day I had been calling him about the stocks. I
didn’t actually look into the stocks right at that moment. But he told me he got a chance to look into
the stocks.
(Hearing Transcript, March 31, 2010, p. 137)
March 23, 2012
(2012) 35 OSCB 2832
[166]
The Respondents’ evidence about the January 23 Call appeared to us to be contrived to suggest that their conversation
about the possibility of purchasing Molecular securities was nothing out of the ordinary and that Molecular was not the main topic
of the conversation. We do not accept that characterization.
[167]
The Respondents acknowledge that they discussed buying Molecular shares and options during the January 23 Call.
The question is whether that topic arose as a result of their own research or as a result of Suman’s knowledge of the Proposed
Acquisition that he had obtained through his IT role at MDS Sciex. The evidence related to the January 23 Call provides no
assistance to us in answering that question.
[168]
We conclude only that (i) Suman had the opportunity to communicate knowledge of the Proposed Acquisition to Rahman
on the January 23 Call; (ii) the call was a long one that occurred after Suman’s internet searches that day; and (iii) the
Respondents decided on that call to purchase Molecular shares the next day and to think overnight about whether to buy options.
I.
The Five Criteria
[169]
The Respondents testified that they purchased the Molecular Securities as a result of their own research and, in
particular, because the Molecular Securities satisfied the Five Criteria discussed below. The Respondents testified that the Five
Criteria were discussed by them on the January 23 Call.
1.
The Respondents’ Testimony
[170]
Suman testified that Rahman had developed five criteria for investing in stocks. Those criteria were that (i) the stock
cannot be at its 52-week high or 52-week low; (ii) the stock should be about 20% to 40% higher than the 52 week low; (iii) the
increase from the 52-week low to the current price should be a steady rise rather than a sudden jump; (iv) the increase should be
explained by positive news about the company; and (v) the sector should be a particular sector they favoured (these criteria are
referred to as the “Five Criteria”).
[171]
Suman testified that in the middle of January 2007, Rahman had asked him to do some investment research on Exxon
Mobil, Southern Copper and Molecular. When they spoke by phone on the January 23 Call (see paragraph 160 of these reasons),
Suman told her about his research after they talked about the details of her day. He told her that Exxon Mobil and Southern
Copper were trading at close to their 52-week highs, but Molecular was a good fit because it met all of the Five Criteria. Suman
testified that:
We were discussing the stock. And she was looking at the three-month chart, six-month chart,
looking at the news reports, and looking at the performance.
So our conversation around Molecular Devices on that call was she agreed with me that it matches
all of those five rules, and she agreed that this is a good stock to put some more of our money in
there. We tried to determine, at that point, what would be our price target on that stock.
And on that day, I believe the price was around $23 for Molecular Devices. And that three-month
chart, performance chart, it looks like in the three or four months prior to that, the stock went from
$17 to $23. So it looked like it was a steady rise, very gradual, steady rise.
So we tried to determine what would be our price target if we actually buy Molecular Devices.
she proposed – she suggested that $27 sounds like a good price target. And to me also,
seems like – seemed like a very reasonable price target. So we both had agreement that
would be our price target. The stock price on that day was $23, around $23, I believe. So that
the conversation.
And
that
$27
was
The other thing that happened on that day was – I should also mention that for a long time, ever
since Monie started trading and even before that, from time to time, I would push her or try to
convince her to invest in options or trade options. And I would tell her we should go into options,
and we should look into that.
And Monie had reservations about options. She would usually turn it down, and she would say, no,
I don’t really understand it completely, or it seems more risky to me. I think I will stick with stocks
and avoid options.
And usually, I would try to come up with arguments and try to convince her to go into options. So I
try to push options on Exxon Mobil and other stocks that she should go into. But usually, she would
turn it down.
March 23, 2012
(2012) 35 OSCB 2833
So same way on that day, once we agreed on the $27 price target, I looked at the options, and it
looked like there were $25 strike price options available. So I tried to push that to her. And I said,
we should also look into options. If you think it’s going to go to $27, there are $25 options available
that we can get. And if it goes to $27, you can also make money on the options of this stock.
So that was the other conversation related to options. We did not agree on options on that day.
Monie said she’s going to think about it but didn’t really agree that we should buy options. However,
we did agree that we are going to buy stocks of this company, Molecular Devices, and we agreed
on a price target of $27.
(Hearing Transcript, March 29, pp. 113 to 114)
[172]
Rahman confirmed Suman’s testimony and said that, in January 2007, she asked Suman to look into certain stocks,
including Molecular, but he procrastinated in doing so. She testified that on January 23, 2007, she called him a lot (at least seven
times), yelled at him, and pushed him to look into the stocks she had identified. He called her back that evening (on the January
23 Call).
[173]
According to Rahman, Suman told her that of the three stocks she had asked him to look at, only Molecular satisfied the
Five Criteria. She then did a search for “MDCC” on Yahoo Finance and found a January 17, 2007 news release about a patent
ruling and a January 10, 2007 news release about a new technology. She says that she also looked at Molecular’s 3-month, 6month and 1-year stock trading charts. Those charts are no longer available because Molecular is no longer a public company,
but the Respondents introduced in evidence a chart showing MDCC’s closing prices from January 3, 2006 to January 23, 2007.
Rahman testified that the chart shows that MDCC satisfied the Five Criteria: the price on January 23, 2007 (about $23 per share)
was approximately 20% to 40% higher than the 52 week low ($18.03 on September 27, 2006), it was not near the 52 week high
($35.92 on April 6, 2006), the increase from the 52-week low was a gradual one, and it was based on good news about the
company reflected in the two news releases. Further, the biotechnology sector was a business sector the Respondents favoured.
[174]
Rahman testified that Suman asked her “where do you think it [the Molecular share price] will go in the near future?” and
she answered “definitely $27”; she added “that was my exact line”. According to Rahman, they made the decision to invest in
Molecular. She testified that she was willing to buy MDCC shares, but Suman had been encouraging her to buy options. He
asked her in what time period she thought the shares would go up, and she answered that she couldn’t tell when, only that it
would go to at least $27. She testified that she had never bought options before, although Suman had, and she was unsure
whether to do so. So they decided to buy Molecular shares and she would think overnight about the possibility of purchasing
Molecular options. They ultimately purchased Molecular options as well.
2.
[175]
Staff submits that the Five Criteria are not the reason for and do not explain or justify the Respondents’ purchases of the
Molecular Securities. Staff submits that the Five Criteria are an after-the-fact attempt by the Respondents to provide any innocent
explanation for their purchases of the Molecular Securities.
3.
Discussion
[176]
Although Rahman was an experienced day trader, she acknowledged in her testimony that the purchases of the
Molecular Securities marked the first time she had applied the Five Criteria. As discussed below, those purchases reflected a
significant shift in the nature of the Respondents’ trading. Further, we note that the Five Criteria do not reflect any substantive
analysis of Molecular’s financial performance or status. They are little more than rules of thumb and there seems to be little
rationale for why Rahman set a share price target of $27.00 for the Molecular shares. In our view, the Five Criteria provide little
justification for the Respondents to risk an amount equal to the value of their total assets in an investment in a single issuer in
which they had never before invested. Although Rahman’s trading history demonstrates that she was not adverse to risk and to
the use of leverage when she was day trading, we find that the purchases of the Molecular Securities represented a much higher
order of risk and a significant change in the nature of their trading (see the discussion below commencing at paragraph 180 of
these reasons).
[177]
Based on the Trading Records, the purchases of the Molecular Securities were the largest purchases the Respondents
had ever made in one issuer and the first time they had purchased such a large number of options of any issuer. Further, the
purchase of the options, which expired over a relatively short period of time, constituted a very significant increase in the risk that
the Respondents were prepared to take. In our view, the Five Criteria do not explain or justify this sudden shift into options
trading.
[178]
We note that, while Suman stated in the Second Staff Interview that the purchases of the Molecular Securities were
based on the Respondents’ research, he made no specific reference to the Five Criteria in that interview.
March 23, 2012
(2012) 35 OSCB 2834
4.
Conclusion: The Five Criteria
[179]
We do not find the Respondents’ testimony about the Five Criteria credible and we reject that explanation for the
purchases of the Molecular Securities. We find that the Five Criteria were most likely developed after the fact in an attempt to
provide an innocent explanation for the Respondents’ purchases of the Molecular Securities. Accordingly, in our view, the
Respondents have not provided an innocent explanation for their well-timed, highly uncharacteristic, risky and highly profitable
purchases of the Molecular Securities. These are important findings in the circumstances.
J.
The Nature and Timing of the Purchases
1.
[180]
Staff submits that the Respondents’ purchases of the Molecular Securities marked a fundamental shift in the nature and
pattern of their trading. Staff submits that those purchases were fundamentally different from the Respondents previous trading of
securities in the following respects:
(a)
the Respondents had never purchased Molecular shares or options before;
(b)
the Respondents had purchased options only once before, in 2004; at that time, the Respondents purchased a
total of 93 options contracts for Nortel at a total cost of $7,986.23; the options expired worthless;
(c)
until the purchase of the Molecular Securities, Rahman had engaged primarily in day-trading;
(d)
Rahman had never before purchased 12,000 shares of any issuer in a single day;
(e)
the total cost of the Molecular Securities purchased by the Respondents was approximately $391,300 (USD),
which was more than the value of the Respondents’ total assets on January 23, 2007 of $370,227.86 (USD);
that total cost was more than three times Suman’s yearly salary;
(f)
on January 23, 2007, the day before the Respondents began purchasing the Molecular Securities, Rahman
deposited $48,000 to her trading account; on January 24, 2007, she sold her holdings in shares of five other
companies for a total credit to her account of approximately $366,000 (USD);
(g)
the purchases of the Molecular Securities were all made on margin;
(h)
the Respondents’ purchases on January 24, 2007 represented approximately 7.8% of the total market volume
for Molecular shares traded that day (12,000 of 153,900 shares traded); the 900 options that were purchased
represented the right to purchase an additional 90,000 Molecular shares;
(i)
the Respondents’ purchases of Molecular options represented a very large proportion of the total market
volume on the CBOE for Molecular options on the days the Respondents purchased options; the Respondents
purchased 77.2% of all series of Molecular options traded on January 24, 2007, 69.3% of all series of Molecular
options traded on January 25, 2007 and 58.8% of all series of Molecular options traded on January 26, 2007;
(j)
Rahman’s purchases were inconsistent with her stated investment objectives; the investor profile for her
account, which was updated on June 25, 2006, was for 30% short term, 30% medium term, 30% low risk and
30% medium risk; and
(k)
the total profit from the sale of the Molecular Securities was $954,938.07 (USD).
[181]
Accordingly, Staff submits that the Respondents’ “well-timed, highly uncharacteristic, risky, substantial, and highly
successful” purchases of the Molecular Securities marked a fundamental shift in their pattern of trading and that fundamental shift
strongly supports the inference that the purchases were made by the Respondents with knowledge of the Proposed Acquisition.
2.
[182] The Respondents testified that they purchased the Molecular Securities based on their research and the Five Criteria (see
paragraph 170 of these reasons).
(a)
Rahman’s Submissions
[183]
Rahman also submits that her purchases of the Molecular Securities were consistent with her trading history. She
testified that she began day trading in July 2006 when she took over trading for the Respondents. She said that she took large
March 23, 2012
(2012) 35 OSCB 2835
positions in stocks – for example, buying $740,000 (USD) worth of Titanium Metals on June 26, 2006, $360,000 (USD) worth of
Southern Copper in two transactions in September 2006 and $352,000 (USD) worth of Boeing stock on December 5, 2006. (We
note, however, that those numbers ignore contemporaneous sales of those securities.) All of those shares were purchased on
margin. She was successful: between July 1, 2006 and January 1, 2007, she increased the value of the securities in her portfolio
from approximately $257,000 to $510,000. Rahman had also increased her margin during this period to approximately $310,718,
leaving the equity value of her portfolio on January 1, 2007 as $199,476. She submits that her prior trading shows her lack of
aversion to risk.
[184]
Rahman also testified that options trading was a natural progression for her trading. In response to Materna’s evidence
that the Respondents’ options purchases were “very unusual”, Rahman notes that while the Molecular stock was relatively illiquid,
there was a bid and ask for each series of options the Respondents purchased and the bid prices fluctuated but were
approximately 20% to 30% below the ask prices. In addition, Rahman bought stock and options at limit prices (meaning she
would specify a limit to the purchase price she would pay) and she testified that she disagreed with Suman’s approach of buying
securities at whatever the market prices might be. Rahman submits that this trading practice is inconsistent with the allegation
that the Respondents were purchasing the Molecular Securities with knowledge of the Proposed Acquisition.
[185]
Rahman also notes that she continued to use options and margin to leverage her stock purchases after January 2007.
She purchased large positions in Exxon Mobil and Freeport-McMoran on margin. By the end of July 2008, the value of her
account was approximately $2.5 million, with an equity value of approximately $2 million. The value of her portfolio fell to
$84,138.85 in October 2008 when the market crashed and her securities were sold in response to a margin call. Rahman
continued to trade, however, and her account had an equity position of $260,000 by March 2010.
[186]
Rahman’s counsel described Rahman as “a speculator. She is an aggressive trader, she takes big risks, and she looks
for big rewards if she can get them. None of that is prohibited activity or activity contrary to the public interest. As a matter of fact,
those are the people we need to create liquidity in the market.” Counsel for Rahman submits that Rahman’s purchases were
“entirely inconsistent ... with the acts of a rapacious insider trader or rapacious tippee trading on non-public information”.
(b)
Suman’s Submissions
[187]
Suman testified that on the January 23 Call, he and Rahman discussed the performance of the MDCC shares and were
impressed with that performance in the months leading up to January, 2007, including the steady and gradual rise in the
Molecular share price and the positive news articles that were appearing about it. He says that he and Rahman had discussed
buying options in the past, although they had not reached a definite decision about it until the purchases of the Molecular options.
[188]
Suman testified that on the morning of January 24, 2007, there was a ratings upgrade for Molecular shares by Matrix
Research. (In reply, Staff notes that the ratings upgrade was only from “sell” to “hold”.) The price was a little more than a dollar
higher than at closing the day before, and the volume was three times higher. (In reply, Staff submits that the volume was
approximately twice the volume of the day before, not three times, as Suman testified. It appears that the volume was
approximately 2.4 times higher than the previous day.)
[189]
Suman submits that the upgraded rating for Molecular shows that there was increased market interest in the Molecular
shares. Suman also testified that he ultimately convinced Rahman to purchase Molecular options. Initially, he purchased options
pursuant to “market” orders, as was his practice, but he switched to “limit” orders at Rahman’s request.
[190]
In response to Staff’s submission that Rahman deposited $48,000 into her trading account on January 23, 2007 in order
to allow her to purchase the Molecular Securities, Suman notes that the money was deposited into the Canadian dollar account,
not the USD account that was used for the purchase of the Molecular Securities.
3.
Discussion
[191]
We have considered the following facts and circumstances in assessing the nature, timing and implications of the
Respondents’ purchases of the Molecular Securities.
(a)
Nature of the Purchases
[192]
In the six months between July 2006, when Rahman took over trading for the Respondents, and the first of her
purchases of Molecular shares on January 24, 2007, Rahman was day trading. That meant that she was actively buying and
selling the shares of various issuers on the same day and she testified that a position would be held overnight only when it could
not be turned over quickly. (That trading pattern includes the purchases referred to in paragraph 183 of these reasons.) For
example, the Trading Records for December 2006 show almost all of her trades were in the amount of 1,000 shares. Of the 121
trades during the month, 64 were purchases of shares and 57 were sales. On December 5, 2006, the records show that, in
alternating purchases and sales of 1,000 shares each, she purchased 4,000 shares of Boeing in four trades for $352,489.91
(USD) and sold 3,000 of those shares for $264,438.91 (USD). An additional 1,000 Boeing shares were sold the next day.
March 23, 2012
(2012) 35 OSCB 2836
Thereafter, on December 15, 2006, she sold and then bought 1,000 shares of Boeing. At the end of the month, she held in her
account 500 Boeing shares with a market value of $44,420 (USD). She also held significant positions in the shares of seven other
issuers that she had been day trading ranging in value from approximately $54,000 to approximately $91,000. The month end
total portfolio value was $171,297.59 (USD) after a cash debit balance of $266,825.15 (USD).
[193]
The Trading Records show that until mid-January 2007, Rahman continued to day trade, buying and selling blocks of
1,000 shares in 12 different issuers. Then, on January 24, 2007, in six transactions effected between 9:34 a.m. and 2:42 p.m.,
Rahman purchased 12,000 shares of Molecular at a total cost of approximately $287,700 (USD). The Trading Records show
starkly the change in her trading pattern from day trading to purchasing and holding Molecular shares.
[194]
We find that Rahman’s purchase of 12,000 shares of Molecular, in a single day, at a total cost of approximately
$287,700 (USD), and the holding of those shares until January 29, 2007, was highly uncharacteristic of Rahman’s previous day
trading. In our view, the Respondents, in effect, acknowledge that by testifying that the purchases of the Molecular Securities
were based on the Five Criteria.
[195]
Rahman testified that she increased the value of the shares in her account from approximately $257,000 to $510,000
between July 1, 2006 and January 1, 2007, and she increased her margin from approximately $86,000 to approximately $310,000
during the same period. Given Rahman’s prior use of margin in her purchases, we place little weight on the fact that the
purchases of the Molecular Securities were made on margin. We also place little weight on the fact that the Respondents’ trading
had departed from the stated investment objectives for Rahman’s account.
[196]
The Respondents submit that the research Suman conducted on Molecular, Southern Copper and Exxon Mobil on
January 23, 2007 is inconsistent with Staff’s allegation that Suman had learned of the Proposed Acquisition by that time and that
the Respondents had purchased the Molecular Securities with knowledge of that acquisition. The Respondents also submit that
placing “limit” rather than “market” orders for the Molecular Securities was also inconsistent with those allegations. We do not find
those submissions convincing in all the circumstances.
(b)
Purchases of Options
[197]
The Respondents’ purchases of 900 Molecular options at a cost of approximately $103,600 (USD), reflected an even
more significant shift in their trading pattern. Their only previous experience with options trading was the purchase of Nortel
options. The Trading Records show that from March through May 2004, the Respondents purchased 93 Nortel 100 call options,
all at a strike price of $7.50, with expiry dates of January 2005 and January 2006. All 93 options expired worthless, resulting in a
total loss of $7,986.23.
[198]
In contrast to their previous trading pattern, between 9:40 a.m. on January 24, 2007 and 12:53 p.m. on January 26,
2007, the Respondents purchased, in 26 transactions, 900 Molecular options representing the right to purchase 90,000 Molecular
shares. Despite the Respondents’ attempt to characterize these purchases as a natural progression for a speculative day trader,
we find that the Respondents’ purchases of Molecular options marked a dramatic shift in their trading pattern. Except for the
purchases of Nortel options almost three years previously, the Respondents had never before purchased options, let alone such
a large number. Further, the Molecular options expired on February 17, March 17 or April 21, 2007. That was a very large
investment that was particularly high risk given the short expiry dates of the options purchased (those expiry dates were
approximately three weeks, seven weeks and twelve weeks after the date of the relevant purchases).
(c)
Market Volume Represented by the Respondents’ Purchases
[199]
Rahman’s purchases of 12,000 Molecular shares on January 24, 2007 represented approximately 7.8% of the total
number of shares traded that day. Rahman had rarely purchased such a large number of shares in a single day.
[200]
The 900 Molecular options purchased by the Respondents represented the right to purchase an additional 90,000
Molecular shares. The Respondents’ purchases of options represented 77.2%, 69.3% and 58.8% of all series of Molecular
options traded on the CBOE on January 24, 25 and 26, 2007, respectively. Those percentages were even higher for some of the
specific series of options purchased:
Purchase Date
March 23, 2012
Series of Molecular Options
(by expiry date)
Percentage of Market
Volume Per Series of
Options Purchased by the
Respondents
January 24, 2007
February 2007
92.3%
January 24, 2007
March 2007
79.6%
(2012) 35 OSCB 2837
Purchase Date
Series of Molecular Options
(by expiry date)
Percentage of Market
Volume Per Series of
Options Purchased by the
Respondents
January 24, 2007
April 2007
None Purchased
January 25, 2007
February 2007
85.7%
January 25, 2007
March 2007
44.4%
January 25, 2007
April 2007
100%
January 26, 2007
February 2007
86%
January 26, 2007
March 2007
77.4%
January 26, 2007
April 2007
74.1%
That level of purchases attracted the attention of the CBOE. Materna testified that these purchases were “aberrant” and that “this
account effected an extremely large number of option contracts relative to all other option contracts traded. And we deemed that
very unusual.”
[201]
The Respondents had never before purchased options for a price of more than approximately $8,000. Not only did they
purchase options for more than $100,000 but the size of the Respondents’ purchases of Molecular options dominated the market
on January 24, 25 and 26, 2007. Accordingly, that level of trading is highly uncharacteristic of the Respondents’ previous trading.
(d)
Freeing up Funds before Making the Purchases of the Molecular Securities
[202]
On January 23, 2007, Rahman deposited $48,000 into her trading account. The next day, January 24, 2007, Rahman
liquidated her holdings in five stocks – Allegheny Technologies, Boeing, Genyzme, Nucor and Southern Copper – for a total credit
to her account of $366,048.78 (USD). She acknowledges that she did this “partly” to free up funds to buy the Molecular
Securities, but she disagrees with Staff about her reasons for selling those securities.
[203]
As a day trader, Rahman typically bought and sold securities in multiple offsetting trades. Rahman’s sales of securities
on January 24, 2007 referred to in paragraph 202 of these reasons represented a high dollar value and the sale of all the shares
of five different issuers. Further, those sales were the only sales of securities that day or for the next three days: all the other
transactions were purchases of the Molecular Securities. We find that the deposit to Rahman’s trading account on January 23,
2007, and the sales of securities on January 24, 2007, were primarily motivated by the need to free up funds for the purchase of
the Molecular Securities and was not consistent with day-trading.
4.
Conclusion: The Nature and Timing of the Purchases
[204]
As discussed above, we find that the Respondents’ purchases of the Molecular Securities represented a fundamental
shift in the nature of their trading. The Respondents, in effect, acknowledge that by testifying that the Five Criteria were the
reason for their purchases of the Molecular Securities. The Respondents did not suggest that the Five Criteria had ever been
applied by them prior to the purchases of the Molecular Securities. Applying the Five Criteria in purchasing the Molecular
Securities is clearly a trading strategy inconsistent with and quite different from day trading.
[205]
We also find the timing of the purchases to be significant. The purchases began one day after the interaction with
Halligan (see paragraph 103 of these reasons) and the internet searches for MDCC and “monument inc.” referred to in paragraph
135 of these reasons. The purchases were made over the period between January 24 and January 26, 2007, beginning only five
days prior to the public announcement of the Proposed Acquisition on January 29, 2007.
[206]
We note that the Respondents made a profit of $954,938.07 (USD) from their purchases of the Molecular Securities. The
size of that profit was unprecedented for an investment by the Respondents in a single issuer in their trading history. That is a
consideration in assessing the totality of the evidence related to the purchases of the Molecular Securities.
[207]
We find that the Respondents’ purchases of the Molecular Securities represented a fundamental shift in the nature of
their trading and that their well-timed, highly uncharacteristic, risky and highly profitable purchases strongly support the inference
that the Respondents purchased the Molecular Securities with knowledge of the Proposed Acquisition.
March 23, 2012
(2012) 35 OSCB 2838
K.
[208]
Staff submits that Suman’s internet browsing on January 24, 2007 discloses an interest in (i) the insider trading
allegations made against Martha Stewart in 2003, and (ii) the effects of a take-over bid on the share price of a target in the case
of a search of “Loudeye”. Staff submits that this internet browsing supports the inference that the Respondents purchased the
[209]
Apart from challenging the reliability of the Internet History Reports, Suman testified that he could not remember
conducting any searches relating to Martha Stewart or Loudeye on January 24, 2007, and suggested that he might have come
across the Martha Stewart pages from another website, and might have come across the Loudeye page while searching for
information about Nokia.
1.
The Evidence
(a)
The “Martha Stewart” Searches
[210]
The Internet History Reports show that at 12:39:43 on January 24, 2007, the day the Respondents began purchasing the
Molecular Securities, Suman used Computer 204 (his laptop at MDS Sciex) to access a news story, dated December 4, 2003,
titled “Martha Stewart under criminal investigation”, which related to the possible insider trading charges against Martha Stewart.
Suman also accessed information about Martha Stewart’s possible insider trading charges on the SEC website (at 12:35:34), on
Wikipedia (at 12:51:40), and by conducting a Google-search (at 12:42:09) which took him to a blog called “whitecollarcrime_blog/
Martha_Stewart”.
[211]
The Internet History Reports include duplicate entries for these searches exactly five hours apart (consistent with the
duplicate entries in the NetAnalysis evidence discussed at paragraph 149 of these reasons). Staff relies on the later entries as the
accurate time of the searches. Suman testified that these entries may have in fact occurred ten days earlier, consistent with the
evidence related to the January 14, 2007 “MDCC” entry in the Internet History Reports (see paragraph 146 of these reasons). We
have concluded, on balance, that the earlier entry was likely a fragment of a later search (see paragraph 148 of these reasons).
We find that the January 24, 2007 searches on Computer 204 were made on the dates indicated in the Internet History Reports.
[212]
Suman denied that he had insider trading on his mind on January 24, 2007, and testified that “I do not have an
independent recollection of this sort on that specific day. What I do have recollection of, that is after Colin McCann and George
Gunn contacted me in February. That is when I had quite a few searches on insider trading, OSC and so on”. In this respect, the
Internet History Reports indicate that at 10:04:22 on Saturday, February 3, 2007, the morning after the Second Staff Interview,
Suman googled “Ontario insider trading”. We do not accept this explanation for the searches on January 24, 2007 referred to in
paragraphs 210 and 214 of these reasons.
[213]
Suman further submits that the Internet History Reports for January 24, 2007 suggest that he came across the “Stewart
pages” on a newspaper or movie site without doing an independent search. That seems unlikely, and we do not accept that
Suman had any interest in the media articles tendered by his counsel concerning Stewart’s attempt to trademark the name of the
town where she lives.
(b) The “Loudeye” Searches
[214]
Suman appears also to have been interested in the effects of a previous take-over on the target’s share price. The
Internet History Reports for Computer 204 indicate that starting at 15:36 on January 24, 2007, Suman did a series of Google
searches relating to Loudeye, a digital music company that was sold to Nokia on August 9, 2006. Suman accessed an August 9,
2006 article from the Seattle Times, headlined “Loudeye being sold to Nokia”. The Trading Records indicate that as of July 31,
2006, Rahman held 600 shares of Loudeye which were then trading at $1.79 per share. A month later, after the take-over, the
same 600 shares were trading at $4.38 per share, an increase of 144%. Rahman sold the shares in October 2006 for
approximately $2,700. On cross-examination, when asked by Staff counsel whether he had ever had an experience holding stock
in a company that was the subject of a take-over, Suman testified that he did not remember Loudeye.
[215]
Suman testified that he could not remember what articles he looked at on January 24, 2007, questioned the time-stamps
for the entries in the Internet History Reports, and suggested that he might have been searching for information about Nokia.
2.
[216]
We do not accept Suman’s testimony with respect to the searches referred to in paragraphs 210 and 214 of these
reasons. We find that those searches show that Suman had an interest in the topic of insider trading on the same day the
Respondents began purchasing the Molecular Securities and a week before Suman was first contacted by Staff in connection
with their investigation. Suman was also interested that day in the effect of a take-over on a target’s share price.
March 23, 2012
(2012) 35 OSCB 2839
L.
Project Monument Calendar Fragments
1.
(a)
[217]
In Rogers’ Second Report, Rogers stated that a search for the term “Monument” on Computer 201A (Suman’s
workstation computer at MDS Sciex) identified a large number of fragments of Microsoft Outlook Calendar entries relating to
meetings and events concerning Project Monument to which Suman was not invited and for which there is no explanation.
[218]
The calendar entries included (i) an appointment from the calendar of Diane Yee, who was in-house counsel to MDS
Sciex; (ii) several entries titled “Updated: Monument” with respect to disclosure schedules and the timing of the Announcement;
(iii) an appointment for a conference call, as well as meetings at the premises of MDS Sciex and travel to San Francisco; and (iv)
reference to “MDC Road to Close (MDS Internal Call)”. The entries pre-date the Announcement and Staff submits they show that
Suman had accessed them before the Announcement.
[219]
One of the fragments, an appointment called “Updated Monument – **Agenda Changed: Review of Disclosure
Schedule**”, corresponds to an appointment in Boorn’s calendar sent on January 24, 2007 at 10:23 a.m.; a corresponding entry is
found in the e-mails passing through the NT Filter on January 24, 2007.
[220]
In Rogers’ opinion, Suman likely used Computer 201A to access the calendar entries, including the subject lines, from
which the fragments came, either by using his e-mail access or the access of a member of the Sciex Deal Team who was a
participant in the Monument meetings.
(b)
[221]
The Respondents submit that Rogers could not say how or when the calendar fragments were written to Suman’s
Computer because Microsoft Outlook Calendar was a shared resource at MDS Sciex. They say that Staff did not rule out
alternative explanations for the presence of the fragments on Computer 201A because no testing was ever undertaken to
determine whether similar fragments could be found on other users’ computers.
[222]
When asked by Rahman’s counsel whether he recalled accessing the relevant calendars, Suman gave the following
answer:
A. February 5th – I believe it was a Monday. And it was after I was contacted about the OSC
investigation. I had my interview. At that point, I was meeting Colin McCann in the parking lot of
MDS Sciex, giving him [my] computer, picking up [my] computer from him, and all that.
So at that point, it just seemed appropriate for me that I notify MDS directly about this investigation.
And it was in the evening of, I believe, Monday, February 5th, as far as I remember, when I decided
that I should set up an appointment with somebody appropriate at MDS Sciex and notify them of
this investigation.
So I had – initially, I had – the people I had in my mind was Andy Boorn, Diane Yee, and Paul
Young. And I tried to set up an appointment with either one of them. So I had accessed Andy
Boorn’s calendar. I had accessed Diane Yee’s and Paul Young’s calendars.
And I remember finally not finding anything – an appropriate gap on the immediate following day.
So what I decided was then – on Monday evening, I ended up calling Paul Young directly and
spoke with him about this investigation and asked him what I should do, if I should set up an
appointment with Andy Boorn or Diane Yee or with himself to talk about it more.
(Hearing Transcript, March 29, 2009, p. 96)
[223]
The Respondents also submit that the entry referred to in paragraph 219 of these reasons was entered into Boorn’s
calendar on January 24, 2007 at 10:23 a.m. – almost an hour after the Respondents’ first purchases of the Molecular Securities.
The Respondents submit that this is inconsistent with Staff’s theory that Suman obtained knowledge of the Proposed Acquisition
from the calendar fragments. By the time of the Boorn calendar entry, the Respondents’ had already begun purchasing the
Molecular Securities.
[224]
The Respondents also question whether the “MDC Road to Close” entry (referred to in paragraph 218 of these reasons)
came from Boorn’s calendar. Boorn testified that, although he had checked his calendar, he was unable to find that entry.
March 23, 2012
(2012) 35 OSCB 2840
Rahman’s counsel suggested that these fragments might not have come from Boorn’s calendar at all, but from the calendar of
another MDS employee scheduled to participate in the meetings.
[225]
The Respondents also noted that none of the entries identified by Rogers refer to “Molecular Devices”, but only to
“Monument” or “MDDC”.
2.
Discussion
[226]
There is no dispute that a large number of Project Monument calendar fragments were found on Suman’s Computer
201A. That is one of the two drives on Suman’s workstation computer at MDS Sciex. The two principal factual issues with respect
to the calendar fragments are (i) whether the calendar fragments were written to Computer 201A on the evening of February 5,
2007, as Suman contends, or prior to the Announcement, as alleged by Staff; and (ii) whether the calendar fragments were
written to Computer 201A in the normal course because Microsoft Outlook Calendar is a shared resource at MDS Sciex, as
Suman suggests, or because Suman manually accessed and viewed the calendars of certain members of the Sciex Deal Team
prior to the Announcement, as alleged by Staff.
(a)
When were the Calendar Fragments Written to Computer 201A?
[227]
Rogers acknowledged that he could not tell when the calendar fragments were written to Computer 201A. Lo agreed. As
a result, the only evidence on this point was Suman’s testimony, set out at paragraph 222 of these reasons, that he accessed the
calendars of Boorn, Young and Yee on the evening of February 5, 2007.
(b) Why were the Calendar Fragments Written to Computer 201A?
[228]
We heard evidence about whether calendars were an open resource at MDS Sciex and about the operation of Microsoft
Outlook.
[229]
Suman testified that MDS Sciex “had a policy of open calendars” and that “by default, the calendars were all shared”.
[230]
Young testified that some MDS Sciex employees, especially executives, would turn on the “calendar sharing” function to
allow their administrative assistants – or other MDS Sciex employees – to look at their calendars to check their availability for
meetings. What the person viewing the calendar would see is “free” and “busy” time, but they could also look at the details of
scheduled meetings unless the person whose calendar it was had marked the entry “private”. In addition, when a meeting was
scheduled, it appeared on the “boardroom” calendar, which can also be viewed by others. Young believes he was sharing his
calendar in January 2007 because he generally did. Young also testified that Suman had helped source software to “scrub”
confidential information from meeting invitations so that such information would not appear on the boardroom page. Suman had
worked with CapGemini, MDS Sciex’s third-party e-mail administrator, to resolve recurrent problems with the software.
[231]
Boorn agreed that if a meeting room was required, the same calendar entry would appear in the calendars of all the
participants in the meeting and on the boardroom calendar. However, Boorn testified that it would be unusual for a member of the
Sciex Deal Team to put an entry relating to the Proposed Acquisition into Microsoft Outlook because of the concern about
confidentiality. As noted in paragraph 224 of these reasons, he checked his calendar and did not find the “MDC Road to Close”
entry. Rahman’s counsel suggested that the calendar fragments may have come from the calendar of someone who sought
Suman’s help with an IT problem.
[232]
Rogers acknowledged in cross-examination that (i) he did not make any attempt to determine whose calendar the
fragments came from and did not speak to anyone at MDS Sciex about it; (ii) he did not know whether fragments of calendar
entries not marked private can be found on a user’s hard drive if the calendar is a shared resource at MDS Sciex; (iii) he did not
know that Suman was occasionally called upon to make sure the software was appropriately scrubbing private calendar entries
from the Exchange Server so that they could not be accessed by other users; (iv) he could not tell from the calendar fragments
when they were stored on the hard drive; and (v) he did not make any attempt to find out whether similar calendar fragments
might have been found on the computers of other MDS Sciex users.
3.
Conclusion: Project Monument Calendar Fragments
[233]
It is not possible, based on the evidence, to determine when the calendar fragments referred to in paragraphs 217 and
218 of these reasons were written to Computer 201A. Suman presented two innocent explanations for the presence of the
calendar fragments on Computer 201A (i) that similar fragments might appear on the computers of other MDS Sciex employees
as a result of Microsoft Outlook Calendar being a shared resource; and (ii) that the calendar fragments were on Suman’s
computer because of his involvement in sourcing and troubleshooting the “scrubbing” software. The expert evidence about the
operation of Microsoft Outlook Calendar was not sufficient to allow us to draw any conclusions as to why the calendar fragments
appear on Computer 201A. Staff did not submit any direct evidence that Suman accessed anyone’s Microsoft Outlook Calendar
showing references to Project Monument.
March 23, 2012
(2012) 35 OSCB 2841
[234]
We would add, however, that we are sceptical of Suman’s evidence referred to in paragraph 222 of these reasons. It
does not make sense to us that Suman would access the calendar of the President of MDS Sciex for the purpose of setting up a
meeting with him to discuss Staff’s investigation of Suman’s trading. It makes much more sense that he would contact Racine, his
immediate supervisor, or Young, who was Vice-President of Business Information Systems. Suman testified that he ultimately
contacted Young to discuss Staff’s investigation. Suman’s testimony that he accessed Boorn’s calendar for that purpose does not
have the ring of truth.
[235]
All we can conclude, however, is that Suman’s Computer 201A contained a large number of calendar fragments that
referred to Project Monument.
M.
Suman’s Statements during the First Staff Interview
1.
The Evidence
[236]
Staff alleges that when Suman was first contacted by telephone by Staff on Thursday, February 1, 2007 (the First Staff
Interview), Suman denied purchasing the Molecular Securities the previous week.
[237]
Staff relies on the affidavit of Stephen Carpenter (“Carpenter”), a Staff investigator, which describes the First Staff
Interview as follows:
On February 1, 2007, I, along with George Gunn, Manager of Surveillance in the Enforcement
Branch of our office, along with representatives of the United States Securities and Exchange
Commission, contacted Shane Suman by telephone. The number used was that known to E*Trade
Canada Securities Corporation in respect of an account in the name of Monie Rahman, No.
[redacted].
During the course of the approximately 45-minute interview, Suman declined to provide information
in response to the majority of the questions asked, stating that he did not wish to respond.
However, he did state that:
[238]
states:
a.
his date of birth is August 19, 1972; and
b.
he did not purchase any securities of Molecular Devices Corporation in the week of
January 22 to 26, 2007, nor did he tell anyone else to acquire the securities.
Carpenter’s handwritten notes of the conversation are appended to his affidavit. The relevant excerpt from the notes
Have not conducted trades in MDCC?
--> No have not
[239]
The following two questions and answers are noted at the bottom of the page:
Did you purchase? “No”
Tell anyone to purchase? “No”
[240]
Apart from the three questions and answers on which Staff relies, the other five questions were: “is there is [sic] reason
for not answering?”, “did you need to speak with a lawyer?”, “anyone use your cell phone?”, “are you willing to cooperate with
us?” and “do they know about the freeze?”. No answers are noted for these questions.
[241]
Carpenter did not testify.
[242]
Gunn, who was also a participant in the First Staff Interview, testified about the investigation and that interview. He
testified that the Commission’s Surveillance Unit opened its investigation after receiving a request for assistance from the SEC,
on or about January 30, 2007, with respect to trading in Molecular shares and options. Staff obtained account documents that
indicated that Rahman was the accountholder and that Suman was her husband. The account documents included a telephone
number, which Staff determined to be Suman’s cell phone.
[243]
Gunn testified that, on Thursday, February 1, 2007, Staff called Suman on his cell phone. On the call were Gunn and
Carpenter, as well as four SEC investigators. According to Gunn, Suman answered and, after identifying himself and others on
the call, Carpenter began asking him questions. Gunn testified that Suman, after identifying himself and giving his date of birth,
March 23, 2012
(2012) 35 OSCB 2842
chose not to answer any further questions. According to Gunn, when asked if he purchased Molecular shares or options the
previous week, Suman “said plainly no”, and Suman also answered “no” to the question whether he had told anyone else to buy
Molecular shares or options. Gunn stated that the conversation lasted approximately 45 minutes.
[244]
On cross-examination, Gunn acknowledged that the conversation was not recorded or transcribed and that the only
notes of the conversation, to his knowledge, are the notes made by Carpenter.
[245]
Suman testified that he was in the middle of something when Staff first called him at work on the afternoon of February
1, 2007. He said there were a number of people from the Commission and the SEC on the call, but he did not know how many.
After answering basic questions – his name, date of birth, address and employment – he did not feel comfortable answering
additional questions. He denied saying that he did not make the purchases of the Molecular Securities; he testified that he did not
answer that question, although the Staff investigators continued to ask questions after he said he did not feel comfortable
answering anything further. Suman also testified that when he was interviewed by Staff in the MDS Sciex parking lot the next day
(in the Second Staff Interview), he stated truthfully that he and Rahman purchased the Molecular Securities, that the relevant
trading account was in Rahman’s name and that he placed some of the orders and that Rahman placed other orders.
2.
Discussion and Conclusion
[246]
The Respondents submit that Suman’s evidence with respect to the First Staff Interview should be preferred in the
absence of a transcript of that interview.
[247]
Staff says that, because Carpenter was not available to testify at the hearing of this matter, the Respondents were given
the opportunity to cross-examine him on his affidavit but they did not do so. Staff also submits that we should accept Carpenter’s
affidavit evidence, which was confirmed by Gunn’s testimony.
[248]
We are not persuaded that the lack of a transcript of the First Staff Interview prevents us from considering the evidence
we received related to that interview and from making a finding whether Suman denied making the purchases of the Molecular
Securities. As we stated in the Motions Decision (see paragraph 144 of these reasons), hearsay evidence is admissible in
Commission proceedings although care must be taken to avoid placing undue reliance on uncorroborated evidence that lacks
sufficient indicia of reliability. In this case, Carpenter’s affidavit was supported by his handwritten note. While the handwritten note
is very brief, it is clear on the main point: that Suman denied purchasing the Molecular Securities or telling anyone else to
purchase the Molecular Securities. Carpenter’s affidavit evidence is consistent with the testimony of Gunn, who also participated
in the First Staff Interview. We find the evidence of Carpenter and Gunn to be consistent and credible and we conclude that, in
the First Staff Interview, Suman denied making the purchases of the Molecular Securities.
[249]
That leaves the question why Suman denied making those purchases. Rahman’s counsel described the February 1,
2007 call as “an ambush” that involved as many as six people, all of whom could ask questions. Suman had no advance warning
of the call and he was at work when the call came in. Moreover, while Suman had made some of the purchases of the Molecular
Securities, other purchases were made by Rahman. In any event, the Respondents submit that Suman clarified his answers
during the Second Staff Interview the next day by confirming the facts related to the Respondents’ purchases of the Molecular
Securities.
[250]
It seems to us unlikely that Suman would have denied during the First Staff Interview making the purchases of the
Molecular Securities if there was an innocent explanation for making them (such as that the purchases were made as a result of
the Respondents’ research and the application of the Five Criteria). Further, it is likely that Suman had reconsidered his denial by
the time of the Second Staff Interview the next day because he knew that Staff would be able to prove that he and Rahman had
made the purchases of the Molecular Securities.
[251]
In our view, Suman’s denial in the First Staff Interview that he made the purchases of the Molecular Securities shows a
consciousness of guilt and supports the inference that the Respondents purchased the Molecular Securities with knowledge of
the Proposed Acquisition.
N.
Suman’s Use of Window Washer
1.
[252]
Staff alleges that on February 3, 2007, Suman installed Window Washer, a software program used to erase data and
information from a computer on his work computers – Computers 201A, 201B and 204 – and on his home computers – Computer
Home 1A and 1B. Window Washer is a software program used to “sanitize” or permanently erase data and information from a
computer without leaving any evidence of what the computer was used for or what data and information the computer contained
(we refer to that as “wiping” a computer” or “wiping” data and information from a computer). Staff alleges that Suman ran
Window Washer to wipe data and information from his Computers that would have assisted Staff in their investigation and this
March 23, 2012
(2012) 35 OSCB 2843
proceeding. Staff submits that February 3, 2007 was the day after Suman’s Second Staff Interview, at which he had been
expressly warned by Staff not to delete data or information from his office computer or tamper with it.
[253]
Suman testified that he used Window Washer only as a performance optimizing program and not a data wiping program.
He said that he made no deliberate manual wiping of data and information from his Computers and that Window Washer was
operating automatically on February 3 and 4, 2007. Suman also said that he believes that he updated Window Washer on his
Computers on those dates and did not install it for the first time.
2.
The Evidence
[254]
Near the end of the Second Staff Interview, which lasted about an hour, Staff asked Suman whether Staff could get
access to his computer, which led to the following exchange:
Q.
Would you be willing to turn your computer over to us for a couple of hours to allow us to
have a look at it?
A.
Yes.
Q.
Okay. Can we go get it now?
A.
I wanted to go back to work now, but at a later time, I don’t have a problem to do that.
Q.
Well, that won’t do us very much good because you could go home and delete everything
that we would want to see.
A.
I wouldn’t do that.
Q.
Well, you may be the most honest person in the world, but I don’t know that right yet
Shane.
A.
Okay.
Q.
Can you get out of work?
A.
No, I would have to – I’d have to wait until the 4 o’clock meeting –
Q.
Okay. Do you know that – I mean, you’re probably pretty good at computers, but we’re
pretty good at computers as well.
A.
Understood.
Q.
You know that we would be able to tell if anything had been tampered with the computer,
correct?
A.
Correct.
Q.
Okay. You know what? You know that probably as well as I do.
A.
Yes.
Q.
So if we get the computer at a later time, and we find that it’s been played with or altered –
A.
M’hmm.
Q.
How do you think that would look?
A.
That would look bad.
(Second Staff Interview, p. 27 to 28)
[255]
McCann testified that at 18:32:17 on Friday, February 2, 2007, about three hours after the Second Staff Interview,
Suman used Computer 201A to search the “Computers & Internet” page at answers.yahoo.com. When McCann accessed the
same URL, he found an entry titled “How do I permanently delete porn files from my computer?” The answers posted by users
March 23, 2012
(2012) 35 OSCB 2844
included: reformat the hard drive a few times, run a disc defragmenter, and “Download Window Washer from Limewire.com – any
remaining bit will be eliminated. This will also get rid of all the rubbish on your system and help to ensure your programs run
faster”. In cross-examination, Lo acknowledged that the “How do I permanently delete porn files from my computer?” discussion
board was likely accessed on February 2, 2007, although because of the duplicate time-stamp issue, he could not confirm
whether it was viewed at 18:32:17 that day.
[256]
Young testified that Window Washer is one of a number of software programs that are used to “sanitize” a computer;
that is, to wipe it of data and information, as much as possible, without leaving any evidence of what the computer was used for or
contained. He testified that Window Washer was not an approved program at MDS Sciex and that Suman would have had no
legitimate business purpose for using it on his Computers.
[257]
Rogers testified that Window Washer was used to wipe files from three of the drives on Suman’s Computers –
Computers 201A and 201B, Suman’s workstation computer at MDS Sciex, and Computer 204, Suman’s laptop computer at MDS
Sciex.
[258]
Rogers testified that on February 3, 2007, the day after the Second Staff Interview, Window Washer was installed on
Computer 201A at 11:55 a.m., that it was used to wipe files from that drive and then again some time after 3:39 p.m. that
afternoon, and that it was last accessed at 11:14 a.m. on February 6, 2007. In his Second Report, he stated that there is evidence
that files contained in the “sumansb” profile were wiped on February 3, 2007 at approximately 12:18 p.m. using Window Washer.
The erased files included files in the Outlook temporary files folder, a personal Outlook e-mail database and an Outlook Express
e-mail file. An appendix to the report included examples of 10 files in one folder and 12 files in another folder with unreadable
names that had been wiped.
[259]
It was also Rogers’ opinion that Window Washer was installed on Computer 204 at approximately 12:05 p.m. on
February 3, 2007, about 10 minutes after it was installed on Computer 201A, and that it was used to wipe files from that drive.
However, the Internet History Reports for Computer 204 indicate that the drive was not completely wiped. Rogers explained that if
an internet history file had previously been wiped manually or in the normal course of the operation of Internet Explorer, or wiped
by automatic operation of Window Washer, the file would no longer be available to the user and could not be manually selected
for wiping by Window Washer.
[260]
Rogers testified that Computer 201B was once a bootable drive that was used to browse the internet and review trading
account balances, although only fragments of data remained. He believes that at 1:06 p.m. on February 3, 2007, about an hour
after Window Washer was used on Computer 204, an attempt was made to wipe the drive of Computer 201B using Window
Washer or other similar software.
[261]
McCann testified that there was a limited internet history for the period from January 13 to February 5, 2007 on
Computer Home 1A, and no internet history at all for the period from January 16 to February 3, 2007 on Computer Home 1B.
Suman testified that internet history files are typically stored on a computer’s C drive, which is Computer Home 1A in this case.
When presented with the limited internet history on Computer Home 1A, Suman testified that he had no memory of erasing any
internet history from his home computer.
[262]
Suman testified that he used Window Washer only as a performance optimizing program, not as a data wiping program.
He testified that on Saturday, February 3, 2007, he was in the office to do a scheduled upgrade to the NT Filter. While that
process was underway, he filled his time by talking with Rahman, browsing the internet and running maintenance work, including
Window Washer, on his computer. Suman testified that any wiping of his computer resulted from the automatic operation of
Window Washer and that there had been no selective wiping.
[263]
On cross-examination, Suman insisted that he made no deliberate attempt to erase data or information from his
Computers. He said he believes that he updated Window Washer on his Computers, rather than installing it for the first time, on
the weekend of February 3 and 4, 2007. When questioned about Staff’s warning to him during the Second Staff Interview about
destroying evidence, Suman stated that he was not told to seize up his computers, but to carry on business as usual. He testified
that he had no independent recollection of viewing the page, “How do I permanently delete porn files from my computer”, or of
erasing internet history files from January 16 to February 3, 2001 on Computer Home 1A.
3.
Discussion
[264]
Suman did not deny running Window Washer on his Computers on February 3, 2007 but stated that he did so as a
performance optimizing program. Neither Suman nor Lo disputed that Window Washer had been used to wipe files on Suman’s
Computers. The question is whether Suman, after the Second Staff Interview, installed and ran Window Washer in an attempt to
cover his tracks, as Staff alleges, or in the normal course of maintaining computer efficiency. If he did run Window Washer other
than in the normal course, the question is what, if any, inference we should draw from that.
March 23, 2012
(2012) 35 OSCB 2845
[265]
Rogers and Lo disagreed on two factual issues that bear on this question: (i) whether the February 3, 2007 installation of
Window Washer on Computer 201A was the first time Window Washer was installed on that drive or was an update of previously
installed software; and (ii) whether Window Washer was used manually to wipe files or was functioning on an automatic setting.
(a)
When was Window Washer first installed on Computer 201A?
[266]
The Respondents provided little evidence disputing Rogers’ testimony that Window Washer was installed on Computer
201B and Computer 204 for the first time on February 3, 2007. The dispute between the experts over Window Washer was
focused on Computer 201A. In response to Rogers’ conclusion that Window Washer (version 6) was installed on Computer 201A
on February 3, 2007 at approximately 11:55 a.m., Lo testified that he found evidence in the registry of Computer 201A that an
earlier version of Window Washer (version 5.5), was installed on that computer in May 2006. He testified that one possibility was
that version 6 was installed on top of version 5.5 as part of an update on February 3, 2007. He did not think it likely that both
versions were installed on February 3, 2007 because a regular user downloading the software for the first time will go to the
website and download the latest version, ignoring earlier versions.
[267]
On cross-examination, Lo acknowledged that a possible explanation for the May 2006 entry for Window Washer on
Computer 201A was that Window Washer version 5.5 was installed for the first time on February 3, 2007 together with an update
to version 6; he did not check whether there was a software update notification in Window Washer version 5.5. Lo later
acknowledged that he believed the May 2006 date was a “created” date, not a “modified” date, and that it was possible May 2006
was the date the Window Washer software was created or modified, not the date it was installed on Computer 201A. On further
cross-examination, when presented with a list of files relating to Window Washer found on Computer 201A, Lo acknowledged that
it was likely that the “file created” date given for all 19 entries on February 3, 2007 at approximately 11:55 a.m. was the date
Window Washer was installed on Computer 201A, and that the earlier “last written” dates relate to the dates the software was
written or modified, not the dates it was installed on Computer 201A. Moreover, given Rogers’ evidence, Lo acknowledged that it
is likely that earlier “last written” dates on Window Washer files, going back to May 17, 2004, relate to the software, not its
installation on Computer 201A. Finally, when presented with a list of “prefetch” files for Computer 201A, which are typically loaded
before the first time an application is run, and which appear to indicate that Window Washer was first run on Computer 201A
shortly before noon on February 3, 2007, Lo testified that he did not review prefetch files and was not comfortable in drawing that
conclusion.
[268]
In our view, there is no question that on February 3, 2007 Suman installed Window Washer for the first time on
Computer 201B and Computer 204. We have also concluded based on the evidence that it is likely that Window Washer was also
installed by Suman for the first time on Computer 201A on that date. Accordingly, we find that Window Washer was installed on
all three computers for the first time on February 3, 2007.
(b)
Was Window Washer used manually to wipe files?
[269]
Rogers’ conclusion was that files contained in the “sumansb” profile on Computer 201A were selectively wiped on
February 3, 2007 at about 12:18 p.m. using Window Washer. Lo’s opinion in his Second Report was that because Window
Washer makes wiped files unrecoverable, it is not possible to retrieve the relevant files to determine whether they had anything to
do with the allegations in this matter, or to determine whether Window Washer was used as part of a regular maintenance routine.
Lo also testified that had Suman used Window Washer to erase evidence relating to the allegations in this matter, there should
have been no internet “cookies” or temporary internet files relating to searches for “MDCC” and “Monument” on Suman’s
workstation computer.
[270]
Lo challenged Rogers’ opinion that Window Washer had been used manually to wipe internet files. Lo testified that by
right-clicking on a file name, a user can manually erase that file using Window Washer. However, only one file or folder at a time
can be manually wiped; there is no way to select a number of files or folders in a list to establish a batch to be erased. On crossexamination, Lo acknowledged that manual wiping and automatic wiping are the only two options and he testified that he could
not tell which had occurred.
[271]
The Respondents do not challenge Staff’s allegation that certain temporary internet files were wiped from Computer
201A using Window Washer on February 3, 2007. Rogers and Lo ultimately agreed that the evidence is inconsistent with
automatic operation of Window Washer, and Lo was led to acknowledge that the best explanation of the evidence is that multiple
files were manually wiped in quick succession.
[272]
We do not accept the submission that Window Washer was operating automatically when it wiped files on Suman’s
Computers on February 3, 2007. We find that it is more likely that Window Washer was used manually to wipe specific files.
[273]
It would certainly have been preferable for Staff to have obtained backups of the data and information on Suman’s
Computers so that one could attempt to determine what information was permanently wiped as a result of his use of Window
Washer. We do not know whether obtaining that backup would have shown the specific data and information that was erased by
Window Washer. We are not prepared, however, to disregard the fact that Suman installed and ran Window Washer on three of
March 23, 2012
(2012) 35 OSCB 2846
his Computers on February 3, 2007 to wipe data and information after being expressly warned by Staff against deleting data or
information from his office computer or tampering with it.
4.
Conclusion: Suman’s Use of Window Washer
[274]
We recognize that Window Washer can be used to improve computer efficiency as well as to ensure privacy. We note,
however, that improving computer efficiency means permanently wiping data and information from a computer. We recognize, as
well, that we have no way of determining whether the files that were wiped from Suman’s Computers using Window Washer had
anything to do with the allegations in this matter. We are also mindful of the Respondents’ submission that Staff has not
presented evidence of backup files from MDS Sciex that might have resolved that question.
[275]
We note, however, that there is evidence that Suman installed Window Washer following an internet search on
Computer 201A on February 2, 2007 that accessed an entry “How do I permanently delete porn files from my computer?” That
search supports the inference that Suman’s use of Window Washer was not in the normal course.
[276]
Window Washer was not an approved program at MDS Sciex and Suman would have had no work related reason for
using it on his Computers. The key facts are that, the day after the Second Staff Interview, an interview in which he was expressly
warned by Staff not to erase data or information from his office computer or to tamper with it, Suman likely installed and ran
Window Washer on Computers 201A, 201B and 204, and by doing so permanently wiped data and information from those
Computers, rendering that data and information unrecoverable. Suman did not deny that Window Washer operated that day. He
disputed only when Window Washer was first installed on Computer 201A, the purpose for which it was used and whether the
wiping was made manually or automatically.
[277]
Suman could not have believed that using Window Washer for any reason to permanently wipe data and information
from any of his Computers was consistent with Staff’s warning not to tamper with his office computer. To the contrary, he would
have been very conscious of that warning. He knew that he should not be doing anything to wipe information from his Computers,
yet he did so. We do not accept his evidence that he used Window Washer solely as a performance optimizing program.
[278]
We find that Suman likely installed Window Washer on Computer 201A on February 3, 2007 as he had unquestionably
also done on Computers 201B and 204. We also find that it is likely that Suman used Window Washer to manually wipe data and
information from Computers 201A, 201B and 204 on February 3, 2007 after having been expressly warned by Staff not to delete
data and information from his office computer or to tamper with it. We find that Suman’s use of Window Washer on February 3,
2007 shows consciousness of guilt and supports the inference that the Respondents purchased the Molecular Securities with
knowledge of the Proposed Acquisition.
VI.
DRAWING INFERENCES BASED ON CIRCUMSTANTIAL EVIDENCE
A.
[279]
This case turns on circumstantial evidence. There is no direct evidence that Suman learned of the Proposed Acquisition
from someone at MDS Sciex or through his role in the IT group at MDS Sciex. Similarly, there is no direct evidence that he
informed Rahman of it. It follows that there is no direct evidence that Suman and Rahman purchased the Molecular Securities
with knowledge of the Proposed Acquisition. The Respondents deny having done so. Accordingly, the question is whether we can
properly make inferences from the evidence that Suman learned of the Proposed Acquisition through his IT role at MDS Sciex,
that he informed Rahman of it and that Suman and Rahman purchased the Molecular Securities with knowledge of the Proposed
Acquisition.
1.
[280]
Staff submits that absent an admission, allegations of insider tipping or insider trading may be inferred from
circumstantial evidence. Staff submits that courts and securities regulators in Canada, the U.S. and the U.K. have identified the
types of circumstantial evidence that may properly support an inference of knowledge of a material fact in issue.
[281]
In particular, Staff submits that a respondent’s conduct can provide evidence that he or she was in possession of an
undisclosed material fact. For example, in Re Danuke, the Commission rejected the respondents’ submission that the information
they obtained was mere rumour because “their subsequent [trading] conduct refutes this suggestion.” Similarly, the Cour du
Quebec has held that the conduct of an accused following a particular telephone conversation “must be considered in
determining the significance of the information” conveyed (R. v. Smith, [1994] Q.J. 2732 (Q.C.), at paras. 49-50).
[282]
In this case, Staff led a great deal of evidence about the opportunities Suman had to learn of the Proposed Acquisition
through his role as an IT expert at MDS Sciex. Staff concedes that opportunity alone does not prove possession of the relevant
undisclosed material fact. Staff submits, however, that in this case proof of opportunity, combined with evidence of well-timed,
highly uncharacteristic, risky, substantial and highly successful purchases, creates a compelling inference that Suman learned of
March 23, 2012
(2012) 35 OSCB 2847
the Proposed Acquisition through his IT role at MDS Sciex, informed Rahman of it and that the Respondents purchased the
[283]
Staff submits that it is not required to directly prove that Suman viewed the information that he had access to at MDS
Sciex; the inference of viewing and thus possession of that information can be based on the strength of the combined
circumstances. Staff relies, in particular, on three U.S. cases: U.S. v. Larrabee, 240 F.3d 18 (1st Cir. 2001) (“Larrabee”), at p. 24;
S.E.C. v. Warde, 151 F.3d 42, 46-49 (2nd Cir. 1998) (“Warde”), at p. 48; and S.E.C. v. Musella, 578 F. Supp. 425, 440-41
(S.D.N.Y. 1984) (“Musella”), at p. 441. Staff also relies on the decision of the Regulatory Decisions Committee of the U.K.
Financial Services Authority (the “FSA”) in FSA Final Notice to Mr. John Shevlin (July 1, 2008) (“Shevlin”).
2.
[284]
The Respondents submit that Staff’s allegations in this case are pure speculation. They submit that Staff has failed to
call a single witness who could directly confirm that Suman knew about the Proposed Acquisition. Further, they submit that there
is a complete absence of evidence from which it could reasonably and logically be inferred that the Respondents knew about the
Proposed Acquisition when they purchased the Molecular Securities. The Respondents submit that Staff’s evidence in this
respect is mere conjecture and speculation and that Staff has failed to discharge its burden of proof.
[285]
The Respondents do not dispute that circumstantial evidence can support appropriate inferences. They rely on R. v.
Morrissey, [1995] O.J. No. 639 (Ont. C.A.) (“Morrissey”), R. v. Munoz, [2006] O.J. No. 446 (S.C.J.) (“Munoz”) and R. v. Khan,
[2009] O.J. No. 2902 (S.C.J.) (“Khan”) for the proposition that where a case rests on circumstantial evidence, the inferences
drawn by the trier of fact must arise reasonably and logically from the facts otherwise established.
[286]
The Respondents submit that in Larrabee, Warde, Musella and Shevlin, the court or adjudicator was able to establish
the source of the material non-public information in drawing the inference that the respondents made the trades while in
possession of that information. The Respondents submit that, in this case, Staff has not satisfied its burden of proving that Suman
learned of the Proposed Acquisition from a specific source.
[287]
The Respondents also submit that Staff is asking us to engage in the kind of impermissible inference drawing criticized
in R. v. Portillo, [2003] O.J. No. 3030 (Ont. C.A.) (“Portillo”). The Respondents submit that the one objective fact that Staff can
prove is the “seductive fact” that the Respondents purchased the Molecular Securities just before the Announcement. But to
make its case, Staff must prove that the purchases were made with actual knowledge of the Proposed Acquisition. The
Respondents submit that we are being asked to infer actual knowledge based on events that “could have” or “might have”
occurred, and that is speculation, not the proper drawing of an inference.
B.
Discussion of the Law
1.
[288]
The Law of Evidence in Canada makes the following statement with respect to circumstantial evidence:
In cases where there is a civil standard of proof, circumstantial evidence is treated just as any other
kind of evidence. The weight accorded to it depends on the strength of the inference that can be
drawn from it.
(The Law of Evidence in Canada, 2nd ed., J. Sopinka, S.N. Lederman, and A.W. Bryant (Toronto:
Butterworths, 1999 (“The Law of Evidence”), at p. 41)
[289]
In Khan, a decision of the Ontario Superior Court of Justice, the Crown’s case, which relied “almost entirely” on
circumstantial evidence, was dismissed. The reasons include the following excerpt from Watt’s Manual of Criminal Evidence,
2006 (“Watt”), section 9.01, at p. 42:
Circumstantial evidence is any item of evidence, testimonial or real, other than the testimony of an
eyewitness to the material fact. It is any fact from the existence of which the trier of fact may infer
the existence of a fact in issue. It is for the trial judge to determine whether circumstantial evidence
is relevant.
(Khan, supra, at para. 47)
[290]
In Re Podorieszach, a market manipulation case, the Alberta Securities Commission (the “ASC”) made the following
comment:
March 23, 2012
(2012) 35 OSCB 2848
A consideration of allegations of improper trading activity more often than not turns on
circumstantial evidence, requiring us to draw inferences from facts. Often, simply because there
has been no admission, we are asked to infer motive, intent or knowledge. In those cases we may
begin by considering factual evidence as to actions and consequences, such as an unusual trading
pattern or an unusual change in a reported price. We then consider whether it is reasonable to infer
from those facts the requisite … knowledge.
Knowledge … can therefore, be inferred from circumstantial evidence.
(Re Podorieszach, [2004] A.S.C.D. No. 360 (“Re Podorieszach”), at paras. 76- 77)
[291]
The ASC reiterated this view in Re Kusumoto:
There was no dispute that the evidence before us was largely circumstantial. Kusumoto seemed to suggest that
circumstantial evidence alone cannot amount to clear and cogent evidence. We disagree … In many cases involving
securities laws, circumstantial evidence will be the only sort of evidence available. It is not to be excluded or disregarded
by reason of being circumstantial. If it is relevant it will be received and considered. In some cases, relevant
circumstantial evidence will be decisive.
(Re Kusumoto, 2007 ABASC 49 (“Re Kusumoto”), at paras. 73-74)
[292]
Most recently, in R. v. Landen, [2008] O.J. No. 4416 (O.C.J.) (“Landen”), a quasi-criminal insider trading and tipping
case, the Ontario Court of Justice relied upon circumstantial evidence to draw the inference that the relevant individual possessed
and traded with knowledge of material undisclosed information, and convicted him of insider trading.
2.
Drawing Inferences
[293]
In Morrissey, the Ontario Court of Appeal said:
A trier of fact may draw factual inferences from the evidence. The inferences must, however, be
ones which can be reasonably and logically drawn from a fact or group of facts established by the
evidence. An inference which does not flow logically and reasonably from established facts cannot
be made and is condemned as conjecture and speculation.
(Morrissey, supra, at para. 52)
[294]
Watt states in section 9.01, at p. 42:
Where evidence is circumstantial, it is critical to distinguish between inference and speculation.
Inference is a deduction of fact that may logically and reasonably be drawn from another fact or
group of facts found or otherwise established in the proceedings. There can be no inference
without objective facts from which to infer the facts that a party seeks to establish. If there are no
positive proven facts from which an inference may be drawn, there can be no inference, only
impermissible speculation and conjecture ... .
This statement is referred to with approval in Khan, supra, at para. 47.
[295]
Accordingly, it is clear that we may properly make inferences that are reasonably and logically drawn from the facts
established by the evidence. Staff and the Respondents agree that is the applicable legal test. Any such inferences must be
based on clear, convincing and cogent evidence. The question is whether the inferences that Staff invites us to draw from the
evidence in this matter are reasonable and supportable inferences or impermissible speculation.
3.
Improper Inferences
[296]
In Munoz, an order committing the accused to stand trial on charges of conspiracy to commit murder and counselling to
commit an indictable offence was quashed on the basis that the preliminary inquiry judge had drawn inferences that could not
reasonably be drawn from the evidence before him. After quoting from Watt and Morrissey, the Court stated that “there are two
ways in which inference drawing can become impermissible speculation” (Munoz, supra, at para. 26).
[297]
The first requires facts to be assumed that are not proven. In Portillo, the Crown led evidence consisting of “two primary
facts: two partial shoeprints found at the scene were similar to impressions from two shoes found by the police in the course of
their investigation, and the shoes were found in the vicinity of the accused’s apartment” (Portillo, supra, at para. 31). The Crown
asked the jury to infer that the two accused had been at the scene of the homicide on the night the deceased was killed. The
March 23, 2012
(2012) 35 OSCB 2849
defence challenged the admissibility of that evidence, but the trial judge admitted it on the basis that it had some probative value
and no potential prejudicial effect. The two accused were convicted.
[298]
On appeal, the convictions were overturned. The Court concluded that the evidence related to the shoeprints and shoes
“could not, absent assumption of facts not proved, or speculation, support either the inference that the shoes made the prints
found at the scene or that the shoes belonged to [the accused].” The Crown’s reasoning, although “seductive”, was circular
(Portillo, supra, at paras. 29 and 37).
[299]
The second kind of impermissible inference drawing occurs when the established primary facts are not sufficiently linked
to the inferences sought to be drawn. The Court in Munoz referred to and approved the following statement:
[W]ith circumstantial evidence, there is, by definition, an inferential gap between the evidence and
the matter to be established – that is, an inferential gap beyond the question of whether the
evidence should be believed … The judge must therefore weigh the evidence, in the sense of
assessing whether it is reasonably capable of supporting the inferences that the Crown asks the
jury to draw.
(Munoz, supra, at para. 28)
The Court in Munoz also stated that: “… it is not enough simply to create a hypothetical narrative that, however speculative, could
possibly link the primary fact or facts to the inference or inferences sought to be drawn” (Munoz, supra, at para. 31).
[300]
Accordingly, in drawing inferences, we must ensure that we are not assuming facts that have not been proven, and that
the facts that have been proven are reasonably capable of supporting the inferences we draw.
4.
Relevant U.S. and U.K. Cases
[301]
As noted above, there are three U.S. cases Staff referred us to that are relevant in the circumstances: Larrabee, Warde,
and Musella. While those cases are not binding on us, they are helpful in discussing the circumstances in which knowledge by a
person of material non-public information may properly be inferred.
[302]
In Larrabee, a case applying the criminal standard of proof, the U.S. Court of Appeal looked at the circumstances
surrounding the alleged insider tip, which the accused denied receiving. The Court held that while “opportunity alone does not
constitute proof of possession, opportunity in combination with circumstantial evidence of a well-timed and well-orchestrated
sequence of events, culminating with successful stock trades, creates a compelling inference of possession by the [tippee].” The
Court considered the following factors: (i) the tippee’s access to the information; (ii) the relationship between the tipper and the
tippee; (iii) the timing of the contact between the tipper and the tippee; (iv) the timing of the trades; (v) the pattern of the trades,
including their uncharacteristic size; and (vi) the attempts to conceal the trades or the relationship between the tipper and the
tippee. The Court concluded:
When assembled, the pieces of the puzzle create a picture that supports the inference that Larrabee did possess
material, non-public information about the bank merger [and misappropriated it].
(Larrabee, supra, at p. 24)
[303]
Similarly, in Musella, the Court relied on the most likely inference drawn from the evidence:
The evidence offered, like pieces to a puzzle, takes on significance only when one attempts to arrange the individual
proof into some coherent, larger picture. Although gaps remain to be sure, I can suggest no more credible explanation
for the picture that emerges than the fact that Alan Ihne was tipping to James Covello non-public material information
gathered during the course of his employment at Sullivan & Cromwell and that the disclosures prompted the Covellos to
purchase the securities they did at the times that they did… Any innocent explanation incorporating the proof offered is
less plausible than an inference of wrongdoing.
(Musella, supra, at p. 441)
[304]
In Shevlin, the FSA alleged that the respondent had obtained material non-public information about his employer, Body
Shop plc, through his job as an IT technician. One day before a surprise public announcement of poor operating results, the
respondent traded short on a contract for differences (“CFD”), netting a total profit of £38,472. The FSA alleged that the
respondent had been given passwords that allowed him access to e-mail accounts of certain senior executives that contained
material non-public information. The FSA alleged that by accessing those e-mails, the respondent had learned about poor
operating results over the Christmas season. The FSA acknowledged, however, that there was no proof as to when the
respondent accessed the e-mails. The respondent denied the allegation, and claimed that he traded based on his own research,
March 23, 2012
(2012) 35 OSCB 2850
not based on non-public information. He argued that the FSA improperly relied exclusively on circumstantial evidence. The
Regulatory Decisions Committee of the FSA found that there was cogent and compelling circumstantial evidence against the
respondent, including evidence that:
(a)
the respondent had the opportunity and ability to log into the e-mail accounts of certain senior executives at the
Body Shop plc during the course of his employment, although such access was unlikely to be traceable to him;
(b)
he arranged substantial finance on an urgent basis to enable him to effect the CFD trade before the surprise
announcement;
(c)
he placed the CFD trade on the day before the announcement and was keen that his trade take place on that
day;
(d)
his CFD trade was of a considerable size; one which accounted for approximately 26.7% of the trading volume
in the stock that day;
(e)
his CFD trade was significantly larger than any CFD he had previously traded; the underlying value of the trade
was ǧ213,536, which represented more than double the respondents’ net assets; and
(f)
the level of financial risk undertaken by the respondent was much higher than he had undertaken on previous
trades and was such that it could have resulted in serious financial hardship if the trade had gone against him.
(Shevlin, supra, at paras. 11.1-11.2)
C.
Conclusion: Drawing Inferences Based on Circumstantial Evidence
[305]
In an insider trading or tipping case, a respondent may deny knowledge or tipping of the relevant undisclosed material
information. Accordingly, key determinations may have to be made based on inferences from circumstantial evidence. In this
case, the Respondents deny that Suman had knowledge of the Proposed Acquisition at the Relevant Time and that he informed
Rahman of it.
[306]
We accept that the inferences we draw from the evidence must arise reasonably and logically from the facts established
by the evidence. We agree that Staff cannot discharge its burden of proof by creating “a hypothetical narrative” that is not
grounded in the facts. To prove that Suman learned of the Proposed Acquisition, we cannot assume that he did and that therefore
he must have used his abilities and the opportunities that came with his IT role in order to obtain that information. That would be
circular reasoning and impermissible speculation.
[307]
At the same time, Staff does not have to bring direct evidence to prove that Suman viewed any particular document or email or otherwise obtained knowledge of the Proposed Acquisition by any specific means through his IT role at MDS Sciex.
Knowledge of an undisclosed material fact may be properly inferred based on circumstantial evidence that includes proof of the
ability and opportunity to acquire the information combined with evidence of well-timed, highly uncharacteristic, risky and highly
profitable trades. Clearly, the more facts and evidence supporting an inference, the stronger and more compelling that inference
will be. At the same time, however, even when an inference is properly drawn, there will always be a gap between the direct
evidence and the inference made. The existence of that inferential gap does not mean that an inference is simply conjecture or
speculation. Further, the fact that inferences as to knowledge of an undisclosed material fact can be properly made based on the
evidence does not mean that a reverse onus is being imposed on a respondent to disprove possession of the particular
knowledge.
[308]
Staff is not required to prove that the inferences they invite us to draw are the only inferences that can be drawn from the
evidence. We agree with the Court’s statement in Munoz that “... this requirement of ‘logical probability’ or ‘reasonable probability’
does not mean that the only ‘reasonable’ inferences that can be drawn are the most obvious or the most easily drawn” (Munoz,
supra, at para. 31).
[309]
What Staff must prove based on clear, convincing and cogent evidence is that it is more likely than not that Suman
learned of the Proposed Acquisition through his IT role at MDS Sciex, that he informed Rahman of it, and that the Respondents
purchased the Molecular Securities with knowledge of the Proposed Acquisition. We can infer these conclusions from the
evidence submitted to us provided the inferences arise reasonably and logically from the facts established by the evidence. We
base our conclusions in this matter on the combined weight of the evidence and the findings we have made.
March 23, 2012
(2012) 35 OSCB 2851
VII.
FINDINGS ON CREDIBILITY AND INFERENCES MADE
A.
Credibility
1.
[310]
Staff submits that the credibility of the Respondents is a critical issue in this case because the Respondents testified that
they purchased the Molecular Securities based on their own research and not with knowledge of the Proposed Acquisition. Staff
asks us to reject that evidence.
[311]
Staff submits that in a civil case, where the standard of proof is the balance of probabilities, finding the evidence of one
party credible may well be conclusive of the result (McDougall, supra, at para. 86). Further, Staff submits that disbelieving the
Respondents’ testimony may be determinative in an insider trading case based on circumstantial evidence. Staff relies in this
respect on Re Bennett, [1996] 34 B.C.S.C.W.S. 55, an insider trading and tipping case before the B.C. Securities Commission
(“Bennett”). That Commission stated in connection with the respondents’ purchases of the relevant shares that:
… We do not believe the testimony of Doman and R.J. Bennett that they never discussed Doman
Industries. We do not believe R.J. Bennett’s testimony that he bought because his brother bought.
We do not believe W.R. Bennett’s testimony that he bought because of his research and analysis.
We find that the purchases of Doman shares made by each of the Bennetts must have been made
on information received from Doman about his decision to sell Doman Industries that had not been
generally disclosed. Further, we find that the purchases of Doman shares made by Mills must have
been made on information received from the Bennetts about the sale of Doman Industries that had
not been generally disclosed.
(Bennett, supra, at p. 93)
[312]
Staff submits that the test of a witness’s evidence is its harmony with the preponderance of probabilities disclosed by the
evidence (Springer v. Aird & Berlis LLP (2009), 96 O.R. (3d) 325 (“Springer”)). Staff submits that in this case the Respondents’
testimony was inherently implausible and reflected “selective memory”.
2.
[313]
The Respondents submit that Staff’s submissions about the Respondents’ credibility are not sufficient to prove Staff’s
allegations on a balance of probabilities. Staff has to prove its allegations based on clear, convincing and cogent evidence. They
submit that Staff has failed to do so. Further, the Respondents submit that the Bennett case is distinguishable because, in that
case, the insider source of the information (Doman) was established and the issue was whether there had been communication of
the information and trades by the tippees. The Respondents submit that, in this case, Staff has not proven the source of the
material undisclosed information upon which Suman and Rahman are alleged to have traded.
3.
Discussion
[314]
The main factual issues in dispute in this matter are whether Suman learned of the Proposed Acquisition through his IT
role at MDS Sciex, whether he informed Rahman of it and whether Suman and Rahman purchased the Molecular Securities with
knowledge of the Proposed Acquisition. Because the Respondents deny having that knowledge at the Relevant Time, their
credibility is a crucial issue.
[315]
The Court stated in Springer, supra, that:
The judge is not given a divine insight into the hearts and minds of the witnesses appearing before
him. Justice does not descend automatically upon the best actor in the witness box. The most
satisfactory judicial test of truth lies in its harmony or lack of harmony with the preponderance of
probabilities disclosed by the facts and circumstances in the conditions of the particular case.
(Springer, supra, at para. 14).
[316]
In assessing the Respondents’ credibility, we have carefully considered whether their evidence is “in harmony with the
preponderance of probabilities disclosed by the facts and circumstances” of this case. We have concluded that it is not. There
were a number of instances in which we rejected the Respondents’ testimony or evidence or found it evasive, not consistent with
the weight of the evidence or not believable. That evidence includes the following:
March 23, 2012
(2012) 35 OSCB 2852
[317]
(a)
We do not believe Suman’s evidence that he could only speculate about whether SurfControl allowed the NT
Filter administrator to create, modify or delete a rule. As an IT expert, he would have known that (see
paragraphs 125 and 126 of these reasons).
(b)
We do not believe Suman’s evidence that there is just a “possibility” that he searched “monument inc.” on
January 23, 2007 (see paragraphs 155 and 156 of these reasons). We have found that Suman made that
search. He had no explanation for why he would conduct that search within seconds of searching “mddc” and
“MDCC”. In our view, the most likely conclusion is that he had learned that the term “monument” or “monument
inc.” was related to MDCC and he was searching the internet to find more information and to confirm his
understanding (see paragraph 159 of these reasons).
(c)
We do not find the Respondents’ evidence that their purchases of the Molecular Securities were based on the
Five Criteria credible. We have rejected that explanation and have found that the Respondents’ evidence about
the Five Criteria was most likely an after-the-fact attempt to provide an innocent explanation for the
Respondents’ purchases of the Molecular Securities (see paragraph 179 of these reasons).
(d)
We do not accept Suman’s evidence that he does not recall his internet searches on January 24, 2007 relating
to the alleged insider trading charges against Martha Stewart and the searches relating to the Loudeye takeover (see paragraph 216 of these reasons).
(e)
We do not believe Suman’s testimony that he did not deny, in the First Staff Interview, making the purchases of
the Molecular Securities (see paragraph 248 of these reasons).
(f)
We do not believe Suman’s evidence that he installed and ran Window Washer only to enhance the
performance of his Computers and that he did not manually wipe data and information from three of his
Computers. We have found that he likely installed and ran Window Washer to manually wipe data and
information from his Computers after being expressly warned by Staff not to delete data and information from
his office computer or to tamper with it (see paragraph 278 of these reasons).
The Court stated in McDougall that:
… in civil cases in which there is conflicting testimony, the judge is deciding whether a fact
occurred on a balance of probabilities. In such cases, provided the judge has not ignored evidence,
finding the evidence of one party credible may well be conclusive of the result because that
evidence is inconsistent with that of the other party. In such cases, believing one party will mean
explicitly or implicitly that the other party was not believed on the important issue in the case. That
may be especially true where a plaintiff makes allegations that are altogether denied by the
defendant...”
[318]
The Court in McDougall also approved the following statement:
Disbelief of a witness’s evidence on one issue may well taint the witness’s evidence on other
issues but an unfavourable credibility finding against a witness does not, of itself, constitute
evidence that can be used to prove a fact in issue.
The Court went on to find that the trial judge had not relied solely on her unfavourable assessment of the defendant’s credibility,
but had concluded that the plaintiff’s evidence satisfied the burden of proof.
[319]
Further, under section 22 of the Ontario Evidence Act, a witness may be questioned as to whether that witness has been
convicted of any crime. The purpose of cross-examining a witness on his or her prior convictions was explained by the Supreme
Court of Canada in R. v. Morris:
Cross-examination as to prior convictions is not directly aimed at establishing the falsity of the
witness’s evidence; it is rather designed to lay down a factual basis – prior convictions – from which
the inference may subsequently be drawn that the witness’s credibility is suspect and that his
evidence ought not to be believed because of his misconduct in circumstances totally unrelated to
those of the case in which he is giving evidence. The evidentiary value of such cross-examination
is therefore purely inferential.
March 23, 2012
(2012) 35 OSCB 2853
(R. v. Morris [1979] 1 S.C.R. 405, at p. 432)
[320]
Suman, in cross-examination, admitted that he was convicted in the United States of forgery, issuing a bad cheque and
theft of a service on December 15, 1993. He was also convicted of mail fraud on June 24, 1994. These matters are only relevant
in assessing Suman’s credibility as a witness.
4.
Conclusion: Credibility
[321]
We recognize that we cannot make our decisions in this matter based only on credibility. Staff bears the burden of
proving the allegations on a balance of probabilities based on clear, convincing and cogent evidence. However, at the end of the
day, we did not find the evidence of the Respondents on key points to be credible. In particular, based on the combined weight of
the evidence, we do not believe the Respondents’ testimony that Suman did not learn of the Proposed Acquisition through his IT
role at MDS Sciex, that he did not inform Rahman of it and that the Respondents did not purchase the Molecular Securities with
knowledge of the Proposed Acquisition. These are key findings in the circumstances.
B.
Inferences Made Based on the Evidence
[322]
to us.
The question we must address is what inferences we can properly make based on the totality of the evidence submitted
1.
Evidence of Opportunity
[323]
There is evidence that Suman was aware that MDS was considering a very significant acquisition and of the term
“Monument” (see paragraphs 81 and 105 of these reasons). As stated at paragraph 134 of these reasons, we are satisfied that
Suman had the ability and opportunity to view or obtain Project Monument e-mails passing through the NT Filter. He had the skills
to do that as an IT expert, the SurfControl software allows an administrator to control the spam filter function and to create and
modify rules to isolate, delay or forward e-mails passing through the NT Filter, and investigating e-mail delays was one of
Suman’s responsibilities as NT Filter administrator.
[324]
We recognize that this case is unlike tipping cases where the actual source of the material non-public information, and
knowledge by an alleged tipper of that information, are known with certainty because, for instance, the alleged tipper is a senior
executive who clearly had knowledge of the particular undisclosed material information (see, for instance, Bennett, supra; Donnini
v. Ontario Securities Commission [2003] O.J. No. 3541, [2005] O.J. No. 240 (Ont. C.A.); and Landen, supra). In this case, Suman
was not a member of the Sciex Deal Team and there is no direct evidence that Suman learned of the Proposed Acquisition from a
member of the Sciex Deal Team or by viewing a specific e-mail or calendar entry.
[325]
In this respect, the circumstances resemble those in Shevlin, supra, where a member of the IT group at the head office
of Body Shop plc provided IT support services to a wide range of staff, including senior executives (Shevlin, supra, at para. 4.2).
That is similar to Suman’s role at MDS Sciex. In Shevlin, the FSA acknowledged that they were “unable to confirm with any
precision when Mr. Shevlin is alleged to have logged into the e-mail accounts of certain senior executives and accessed the
relevant information” (Shevlin, supra, at para. 10.4). Shevlin denied any wrongdoing and argued that in the absence of clear
evidence that he had access to material non-public information and did access it, and based his decision to trade on it, the FSA
had failed to prove its case (Shevlin, supra, at paras. 10.1 and 10.3). The FSA’s Regulatory Decisions Committee dismissed this
argument stating:
The FSA acknowledges it is unable to demonstrate conclusively Mr. Shevlin’s access to non-public
information at the Body Shop. However, the FSA is able to draw inferences from the weight of the
circumstantial evidence surrounding this matter when it is considered as a whole and draw
conclusions from that material.
(Shevlin, supra, at para. 11.1)
[326]
The Regulatory Decisions Committee found against the respondent based on circumstantial evidence that included his
opportunity to obtain the material non-public information, the nature and timing of the trades and other circumstantial evidence.
We note that in Shevlin, passwords had been given to the respondent that allowed him access to e-mail accounts that contained
the material non-public information. That fact does not, in our view, distinguish Shevlin or affect the inferences we can properly
draw in this case.
[327]
We have concluded, based on the evidence, that Suman had the ability as an IT expert at MDS Sciex to obtain
knowledge of the Proposed Acquisition and that he had the opportunity to do so. That is an important finding in the
circumstances.
March 23, 2012
(2012) 35 OSCB 2854
2.
Fundamental Shift in the Nature of Trading
[328]
In Shevlin, the FSA rejected the respondent’s evidence that he “based his trading strategy on information obtained by
research or analysis” and found that he made the trades “based on non-public information obtained from the computers of certain
senior executives at the Body Shop” (Shevlin, supra, at para. 11.3). In reaching that conclusion, the FSA held that the
respondent’s arguments did not “provide sufficient grounds to outweigh the strong circumstantial case established by the FSA
showing that Mr. Shevlin had the opportunity and the motive to commit market abuse and that he was willing to take on significant
additional debt in order to maximize his profit from what was otherwise a very risky trade in the face of market expectations”
(Shevlin, supra, at para. 9.4).
[329]
In Warde, the Court held that Downe (the alleged tipper) and Warde (the alleged tippee) “engaged in uncharacteristic,
substantial and exceedingly risky investments in Kidde warrants shortly after speaking with one another, suggesting that they
discussed not only the non-public information, but also the best way to profit from it” (Warde, supra, at p. 48).
[330]
In Bennett, it was alleged that the sales by the respondents of the relevant shares were based on an illegal tip. The B.C.
Securities Commission made the following comment about the high proportion of market sales by the respondents:
We find it impossible to believe that he simply thought about the situation and decided to sell,
unless he knew information that others in the market did not know.
W.R. Bennett would have us believe that it was just a coincidence that 99% of the Doman shares
sold on November 4 were sold by he [sic] and his brother and Mills, Steed, Duhamel and Dunn
after the commencement of Doman’s call to R.J. Bennett and before the shares of Doman
Industries were halted by the Toronto Stock Exchange.
[331]
The size of the trades was also a factor in Michel, where the Court noted that the tippee’s purchases of the subject
securities “represented as high as 14 percent of the national [market] volume, and averaged 11 percent for the six days” of the
trades (S.E.C. v. Michel, 521 F. Supp. 2d 975 at para. 107).
[332]
A substantial, uncharacteristic and highly risky investment relative to the trader’s previous trading patterns and net worth
can also constitute a fact supporting an inference of insider trading. For example, in Bennett, the B.C. Securities Commission
stated:
Here we have two brothers whose assets were mostly in real estate and who were unfamiliar with
the stock market, each make an unsolicited investment in Doman shares, not recommended by
their brokers, that was substantial in absolute terms, that represented a significant part of each of
their net worths, that one broker thought was “very substantial” and the other had never handled
purchases of this magnitude in his 41 years in the business, that both brokers thought were made
with knowledge of something, and where both brothers borrowed the money to make the
purchases on terms we found outside banking industry practice, with annual interest charges that
neither could meet beyond a few months without selling assets, including the Doman shares. We
find that there was nothing ordinary about these circumstances, in fact, we find that taken together
these circumstances were most unusual, and, especially so, when we consider these
circumstances were the same for both R.J. Bennett and W.R. Bennett.
[333]
In Musella, the “substantial amounts of money invested by [the tippees] on the rare occasions when they entered the
market” was considered, along with other factors, in concluding that “[a]ny innocent explanation ... is less plausible than an
inference of wrongdoing” (Musella, supra, at p. 441).
[334]
While all of the cases we refer to above made inferences based on circumstantial evidence, the specific circumstantial
evidence varied. For instance, in Shevlin, the respondent arranged substantial financing on an urgent basis to enable him to trade
before the relevant public announcement. In Bennett, supra, (i) the respondents were unfamiliar with the stock market; (ii) sales
were made immediately after the telephone call allegedly imparting the material non-public information; and (iii) sales by the
persons with knowledge of that information represented 99% of the shares sold on the exchange on the relevant day. However, in
each case, the question to be decided was the same: whether the combined weight of the evidence led reasonably and logically
to the inferences that were made.
[335]
We have found that the Respondents’ purchases of the Molecular Securities represented a fundamental shift in the
nature of their trading and that their well-timed, highly uncharacteristic, risky and highly profitable purchases strongly support the
March 23, 2012
(2012) 35 OSCB 2855
inference that the Respondents purchased the Molecular Securities with knowledge of the Proposed Acquisition (see paragraph
207 of these reasons).
3.
Consciousness of Guilt and After-the-Fact Conduct
[336]
Staff submits that Suman’s conduct after the Respondents began purchasing the Molecular Securities shows a
consciousness of guilt and supports the inferences that Staff invites us to make. In this respect, Staff relies on Suman’s denial
during the First Staff Interview that he and Rahman made the purchases of the Molecular Securities and Suman’s use of Window
Washer on February 3, 2007.
[337]
In Landen, the trial judge stated:
Not only is his possession of that information the natural inference from his attendance at the
meetings, there are a number of circumstances which shade his actions with consciousness of
guilt.
(Landen, supra, at para. 109)
[338]
Staff submits that Suman’s use of Window Washer, after he was expressly warned by Staff not to delete data or
information from or tamper with his office computer, supports the inference that the information erased from his Computers was
inculpatory. Staff relies on the law of spoliation, which states that where a party has intentionally destroyed evidence relevant to
ongoing or contemplated litigation in circumstances where a reasonable inference can be drawn that the evidence was destroyed
to affect the litigation, a presumption arises that the destroyed evidence would have been unfavourable to the party who
destroyed it. The presumption is rebuttable by evidence that although the destruction was intentional, it was not aimed at affecting
the litigation but was done in the regular course of business before litigation was contemplated (St. Louis v. the Queen (1894), 25
S.C.R. 649 (Q.L.), Dickson v. Broan-NuTone Canada Inc., [2007] O.J. No. 5114, at paras. 38 and 44 (Ont. S.C.J.), and
McDougall v. Black & Decker Canada Inc., [2008] A.J. No. 1182 (Alta. C.A.), at para. 18).
[339]
The Respondents caution us that, in considering consciousness of guilt and after-the-fact evidence, it is important to
consider any alternative explanations for such evidence because it may be ambiguous (R. v. Diu, [2000] O.J. No. 1770 (Ont.
C.A.), at paras. 119-120).
[340]
In our view, a person’s conduct after committing an alleged offence can show a consciousness of guilt that will support
an inference that the person committed the relevant offence. In this case, there is evidence of Suman’s consciousness of guilt by
reason of his denial in the First Staff Interview of the purchases of the Molecular Securities and by reason of his use of Window
Washer on February 3, 2007 to wipe data and information from three of his Computers (see paragraphs 251 and 278 of these
reasons). Both circumstances evidence a consciousness of guilt and, taken together, strongly support the inferences we make in
paragraph 345 of these reasons.
4.
Conclusion: Inferences Made Based on the Evidence
[341]
It is clear that Suman had the ability and opportunity to acquire knowledge of the Proposed Acquisition through his IT
role at MDS Sciex (see paragraphs 77 and 134 of these reasons).
[342]
We have also found that the Respondents’ well-timed, highly uncharacteristic, risky and highly profitable purchases of
the Molecular Securities constituted a fundamental shift in the nature of their trading that was not satisfactorily explained (see
paragraphs 179 and 207 of these reasons). That finding is supported by the following evidence:
(a)
the fundamental shift in the Respondents’ previous pattern of day trading and their first purchases of a large
number of Molecular shares and of a very large number of Molecular options (see paragraphs 194 and 201 of
these reasons);
(b)
the timing of the Respondents’ purchases of the Molecular Securities, which began shortly after the markets
opened on January 24, 2007 and just five days before the public Announcement of the Proposed Acquisition;
(c)
the fact that the Respondents’ purchases of Molecular shares on January 24, 2007 represented approximately
7.8% of the total market volume for Molecular shares traded that day (see paragraph 180(h) of these reasons);
(d)
the fact that the Respondents’ purchases of Molecular options on the CBOE represented 77.2% of all series of
Molecular options traded on January 24, 2007, 69.3% of all series of Molecular options traded on January 25,
2007, and 58.8% of all series of Molecular options traded on January 26, 2007 (see paragraph 180(i) of these
reasons);
March 23, 2012
(2012) 35 OSCB 2856
(e)
the total cost of the purchases of the Molecular Securities which was more than the value of the Respondents’
total assets (see paragraph 180(e) of these reasons); and
(f)
the total profit from the sales of the Molecular Securities which was $954,938.07 (USD).
Taken together, this is strong circumstantial evidence supporting the inferences we make in paragraph 345 of these reasons.
[343]
The evidence in this matter also includes:
(a)
Suman’s knowledge that MDS was considering the possibility of a very significant acquisition as a result of his
conversation with Young (see our finding in paragraph 81 of these reasons);
(b)
Suman’s interaction with Halligan in the morning on January 23, 2007, when he became aware of a confidential
document being prepared by her for the President of MDS Sciex described as “Andy’s Monument Message”
(see our finding in paragraph 105 of these reasons);
(c)
Suman’s internet searches for “MDCC” and “monument inc.” later that day, which show that Suman had made
the connection between “monument inc.” and MDCC (see our finding in paragraph 159 of these reasons);
Suman had no explanation for the “monument inc.” search;
(d)
Suman’s long telephone conversation with Rahman at the end of the day on January 23, 2007, which the
Respondents acknowledge included a discussion about investing in Molecular securities (see our finding in
paragraph 168 of these reasons);
(e)
Suman’s internet searches on January 24, 2007, which included searches related to possible insider trading
charges against Martha Stewart and searches for Loudeye (see our finding in paragraph 216 of these reasons);
(f)
the timing of the sequence of events referred to in paragraphs (a), (b), (c), (d) and (e) of this paragraph;
(g)
Suman’s denial in the First Staff Interview that he purchased the Molecular Securities or told anyone else to
purchase them (see our findings in paragraphs 248 and 251 of these reasons); and
(h)
Suman’s use of Window Washer on February 3, 2007 to permanently wipe data and information from three of
his Computers, after being expressly warned by Staff not to delete data or information from or tamper with his
office computer (see our finding in paragraph 278 of these reasons).
Taken together, this is strong circumstantial evidence supporting the inferences we make in paragraph 345 of these reasons.
[344]
The evidence of Suman’s ability and opportunity to acquire knowledge of the Proposed Acquisition through his IT role at
MDS Sciex, the fundamental shift in and the nature of the Respondents’ trading referred to in paragraph 342 of these reasons,
and the circumstantial evidence referred to in paragraph 343 of these reasons, taken together, constitute clear, convincing and
cogent evidence supporting the inferences we make in paragraph 345 of these reasons. In our view, the combined weight of the
evidence overwhelmingly supports those inferences. Any innocent explanation for the Respondents’ purchases of the Molecular
Securities is not plausible in all the circumstances.
[345]
Accordingly, we infer, based on the combined weight of the evidence, that Suman learned of the Proposed Acquisition
through his role in the IT group at MDS Sciex, that he informed Rahman of it, and that the Respondents purchased the Molecular
Securities with knowledge of the Proposed Acquisition. In our view, the combined weight of the evidence leads reasonably and
logically to those conclusions. In our view, that is the most likely explanation for the Respondents’ purchases of the Molecular
Securities in all the circumstances.
VIII.
CONCLUSIONS
A.
Findings
[346]
Based on the evidence, we find that, at the Relevant Time:
(a)
MDS was a “reporting issuer” within the meaning of the Act;
(b)
as an employee of MDS Sciex, a division of MDS, Suman was a person in a special relationship with MDS
within the meaning of subsection 76(5) (c) of the Act;
March 23, 2012
(2012) 35 OSCB 2857
(c)
MDS’s proposal to acquire Molecular was a fact that would reasonably be expected to have a significant effect
on the market price or value of the MDS shares and options and was therefore a “material fact” with respect to
MDS, within the meaning of the Act; and
(d)
Suman informed Rahman, other than in the necessary course of business, of the material fact referred to in
paragraph (c) above before that material fact had been generally disclosed.
[347]
Based on the findings set out in paragraph 346 of these reasons, we find that Suman contravened subsection 76(2) of
the Act by informing Rahman of the Proposed Acquisition.
[348]
Molecular was a public company whose shares were listed on NASDAQ, but it was not a “reporting issuer” within the
meaning of the Act.
[349]
If Molecular had been a “reporting issuer”, we find that, at the Relevant Time:
(a)
MDS was proposing to make a take-over bid for the Molecular shares or to become a party to a merger or
similar business combination with Molecular within the meaning of subsection 76(5)(a)(ii) or (iii) of the Act;
(b)
Suman was an employee of MDS Sciex, a division of MDS, and was therefore a person in a special relationship
with Molecular within the meaning of subsection 76(5)(c) of the Act;
(c)
MDS’s proposal to acquire Molecular was a fact that would reasonably be expected to have a significant effect
on the market price or value of the Molecular shares and options and was therefore a “material fact” with
respect to Molecular, within the meaning of the Act;
(d)
Rahman learned of the material fact referred to in paragraph (c) above from Suman, and Rahman knew or
ought reasonably to have known that Suman was a person in a special relationship with Molecular as we have
found in paragraph (b) above;
(e)
as a result of our findings in paragraph (d) above, Rahman was a person in a special relationship with
Molecular within the meaning of subsection 76(5)(e) of the Act;
(f)
options to purchase shares of Molecular are “securities” of Molecular within the meaning of subsection 76(6)(a)
of the Act;
(g)
the Molecular Securities were purchased in an account in the name of Rahman and some of those purchases
were made by each of the Respondents; and
(h)
based on the foregoing, the Respondents each purchased Molecular Securities with knowledge of a material
fact with respect to Molecular that had not been generally disclosed.
[350]
Based on our findings set out in paragraphs 348 and 349 of these reasons, the Respondents’ purchases of the
Molecular Securities did not contravene subsection 76(1) of the Act but would have contravened that subsection if Molecular had
been a reporting issuer within the meaning of the Act.
[351]
The Respondents’ purchases of the Molecular Securities with knowledge of the Proposed Acquisition was inconsistent
with the underlying policy objectives of subsection 76(1) of the Act. Accordingly, we find that the conduct of the Respondents in
purchasing the Molecular Securities with knowledge of the Proposed Acquisition was contrary to the public interest.
B.
Summary Conclusions
[352]
Based on the foregoing, we find that Suman informed Rahman of the Proposed Acquisition contrary to subsection 76(2)
of the Act. We also find that the conduct of the Respondents in purchasing the Molecular Securities with knowledge of the
Proposed Acquisition was conduct that was contrary to the public interest.
[353]
The parties should contact the Office of the Secretary within 30 days of this decision to schedule a sanctions and costs
hearing".
DATED at Toronto this 19th day of March, 2012.
“James E. A. Turner”
“Paulette L. Kennedy”
March 23, 2012
(2012) 35 OSCB 2858
SCHEDULE A
STATEMENT OF AGREED FACTS
1.
The value of the Respondents’ assets on January 23, 2007 was $370, 227.86 (USD).
MDCC Shares
2.
The 12,000 MDCC shares in the Respondents’ account were purchased by Ms. Rahman between January 24, 2007 and
January 26, 2007, as summarized in the following table:2
Respondent
Date
Time
Quantity
Price
Rahman
Jan 24
9:34 a.m.
2000
23.98
Rahman
Jan 24
10:22 a.m.
2000
24.03
Rahman
Jan 24
11:55 a.m.
2000
24.03
Rahman
Jan 24
12:03 p.m.
2000
23.97
Rahman
Jan 24
12:17 p.m.
2000
23.88
Rahman
Jan 24
2:42 p.m.
2000
23.96
3.
A chart containing the respondents’ transactions (identified by IP address) relating to MDCC shares in January 2007 can
be found at Appendix 1 [omitted].
MDCC Options
4.
The Respondents purchased 900 option contracts, all exercisable at $25.00 between January 24, 2007 and January 26,
2007:
Respondent3
Date
Order Time
Expiry Date
Quantity4
Fill Price
Order Price
Suman*
Jan 24
9:40 a.m.
Feb 17/07
10
0.80
Market
Suman
Jan 24
11:03 a.m.
Feb 17/07
20
0.85
Market
Suman
Jan 24
11:05 a.m.
March 17/07
30
1.40
Market
Suman
Jan 24
11:11 a.m.
Feb 17/07
20
0.85
Market
Suman
Jan 24
11:13 a.m.
March 17/07
20
1.40
Market
Suman
Jan 24
11:27 a.m.
Feb 17/07
30
0.85
Market
Suman
Jan 24
11:38 a.m.
Feb 17/07
20
0.89
Market
5.
A chart containing the transactions (identified by IP address) relating to MDCC options purchased or sold by the
Respondents in January 2007 can be found at Appendix 2 [omitted]. As indicated in Appendix 2, the option purchase
orders were good for the day of order only (“GTD” or Good Through Date”) and were not “All or Nothing” (AON) orders.
6.
The Respondents began selling their options at 11:14 a.m. on January 29, 2007. By 2:47 p.m. on January 30, 2007 they
had sold 350 options, as follows:
Trade Date
Quantity
Price
Expiry Date
January 29
10
10.10
February 17
January 29
10
10.10
February 17
January 30
80
10.20
February 17
2
3
4
All the shares were purchased through IP address 70.57.88.87
The transactions marked with a “*” were made from Mr. Suman’s home computer (IP address 74.121.94.96). The others made by Mr. Suman
were made through Sciex’s internet address (206.221.252.133).
Each option was for a unit of 100 shares in MDCC.
March 23, 2012
(2012) 35 OSCB 2859
Trade Date
Quantity
Price
Expiry Date
January 30
50
10.20
February 17
January 30
50
10.20
February 17
January 30
50
10.20
February 17
January 30
40
10.20
February 17
January 30
30
10.20
February 17
January 30
20
10.20
February 17
January 30
10
10.50
April 21
7.
The remaining 12,000 shares and 550 options that the Respondents held as of January 31, 2007, were all liquidated by
March 16, 2007 as follows:
Settlement
Date
Activity
Share/Option
Quantity
Price
Feb 1
Sold
Shares
500
35.208
Feb 2
Sold
Options
40
10.20
Feb 17 expiry
Feb 2
Sold
Options
100
10.30
March 17 expiry
Feb 2
Sold
Options
10
10.30
March 17 expiry
Feb 14
Sold
Shares
210
Feb 16
Sold
Shares
6,500
35.253
Feb 16
Sold
Shares
5,000
35.25
Feb 16
Sold
Shares
5,000
35.25
Feb 16
Sold
Shares
6,000
35.25
Feb 16
Sold
Shares
10,000
35.25
March 13
Sold
Options
4
10.50
March 13
Sold
Options
186
March 16
Sold
Shares
18,600
March 23, 2012
Note
Exercised – 21,000 shares
added to account on Feb
16
Exercised – 18,600 shares
added to account on Mar
15
35.407
(2012) 35 OSCB 2860
Chapter 4
Cease Trading Orders
4.1.1
Temporary, Permanent & Rescinding Issuer Cease Trading Orders
Company Name
Date of
Temporary
Order
Date of
Hearing
High River Gold Mines Ltd.
15 Mar 12
27 Mar 12
Pacrim International Capital Inc.
22 Mar 12
03 Apr 12
4.2.1
Date of
Permanent
Order
Date of
Lapse/Revoke
Temporary, Permanent & Rescinding Management Cease Trading Orders
Company Name
Date of
Order or
Temporary
Order
Date of
Hearing
Date of
Permanent
Order
Date of
Lapse/
Expire
Date of
Issuer
Temporary
Order
30 Dec 11
11 Jan 12
11 Jan 12
27 Mar 12
27 Mar 12
4.2.2
Outstanding Management & Insider Cease Trading Orders
Company Name
Date of
Order or
Temporary
Order
Date of
Hearing
Date of
Permanent
Order
Date of
Lapse/
Expire
Date of Issuer
Temporary
Order
30 Dec 11
11 Jan 12
11 Jan 12
27 Mar 12
27 Mar 12
March 23, 2012
(2012) 35 OSCB 2861
Cease Trading Orders
March 23, 2012
(2012) 35 OSCB 2862
Chapter 7
Insider Reporting
The following is a weekly summary of insider transactions by insiders of Ontario reporting issuers in SEDI ® (the System for
1
Electronic Disclosure by Insiders). The weekly summary contains insider transactions reported during the 7-day period ending
Sunday at 11:59 p.m. (i.e. the Sunday prior to the Bulletin Issue date).2
Guide to Codes
Relationship of Insider to Issuer (Rel=n)
1
2
3
4
5
6
7
8
Issuer
Subsidiary of Issuer
10% Security Holder of Issuer
Director of Issuer
Senior Officer of Issuer
Director or Senior Officer of 10% Security Holder
Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)
Deemed Insider – 6 Months before becoming Insider
Nature of Transaction (T/O)
00
10
11
15
16
22
30
35
36
37
38
40
45
46
47
48
50
51
52
53
54
55
56
57
59
70
71
72
73
90
97
99
Note:
Opening Balance-Initial SEDI Report
Acquisition or disposition in the public market
Acquisition or disposition carried out privately
Acquisition or disposition under a prospectus
Acquisition or disposition under a prospectus exemption
Acquisition or disposition pursuant to a take-over bid, merger or acquisition
Acquisition or disposition under a purchase/ ownership plan
Stock dividend
Conversion or exchange
Stock split or consolidation
Redemption, retraction, cancellation, repurchase
Short sale
Compensation for property
Compensation for services
Acquisition or disposition by gift
Acquisition by inheritance or disposition by bequest
Grant of options
Exercise of options
Expiration of options
Grant of warrants
Exercise of warrants
Expiration of warrants
Grant of rights
Exercise of rights
Exercise for cash
Acquisition or disposition (writing) of third party derivative
Exercise of third party derivative
Other settlement of third party
Expiration of third party derivative
Change in nature of ownership
Other
Correction of Information
The asterisk in the “Date/Month End Holding” column indicates the insider disagreed with the system calculated balance when the
transaction was reported.
1
SEDI® is a registered trademark owned by CDS INC.
2
©CDS INC.
March 23, 2012
(2012) 35 OSCB 2863
Insider Reporting
Issuer Name
Security
Insider Name
49 North Resources Inc.
Abacus Mining & Exploration
Corp
Corp
Corp
Corp
Corp
Corp
Corp
Corp
Corp
Corp
Corp
Corp
Corp
Abattis Biologix Corporation
Abitibi Royalties Inc.
Absolute Software
Corporation
Absolute Software
Corporation
Absolute Software
Corporation
Absolute Software
Corporation
Absolute Software
Corporation
Absolute Software
Corporation
Absolute Software
Corporation
Absolute Software
Corporation
Absolute Software
Corporation
Absolute Software
Corporation
Absolute Software
Corporation
Absolute Software
Corporation
Absolute Software
Corporation
Acrex Ventures Ltd.
Acrex Ventures Ltd.
Common Shares
Common Shares
ACTIVEnergy Income Fund
Advanced Explorations Inc.
Trust Units
Trust Units
Trust Units
Trust Units
Trust Units
Trust Units
Options
Common Shares
Common Shares
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
March 23, 2012
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
49 North Resources Inc.
Excell, James Douglas
1
5
03/13/2012
03/15/2012
38
11
2.9
0.22
7,300
250,000
3,300
150,000
Warrants
5
07/21/2010
00
Warrants
5
03/15/2012
11
0.33
75,000
75,000
Common Shares
Lazarovici, Victor
4
07/10/2008
00
Common Shares
Lazarovici, Victor
4
03/15/2012
16
0.22
150,000
150,000
Warrants
Lazarovici, Victor
4
07/10/2008
00
Warrants
Lazarovici, Victor
4
03/15/2012
16
0.32
75,000
75,000
Common Shares
MacNeily, Ian Martin
5
01/12/2011
00
Common Shares
5
03/15/2012
16
0.22
150,000
150,000
Warrants
5
01/12/2011
00
Warrants
5
03/15/2012
16
0.32
75,000
75,000
Common Shares
Montpellier, Louis George
4
07/02/2008
00
Common Shares
4
03/15/2012
16
100,000
100,000
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Withrow, MIke Withrow
Williams, Chad
Williams, Chad
Williams, Chad
Libin, Terry
4, 5
4
4
4
4
03/09/2012
03/12/2012
03/13/2012
03/14/2012
03/12/2012
10
10
10
10
51
0.05
1.1
1.15
1.03
3.97
4,528,000
56,622
57,922
59,722
716,150
100,000
400
1,300
1,800
7,800
Common Shares
Libin, Terry
4
03/13/2012
10
5.94
701,150
-15,000
Options
Libin, Terry
4
03/12/2012
51
3.97
88,400
-7,800
Common Shares
Livingston, John Richard
4
03/09/2012
51
3.97
2,067,270
27,500
Options
Livingston, John Richard
4
03/09/2012
51
3.97
82,500
-27,500
Common Shares
Sarantakes, Evan John
5
03/01/2012
10
86
-3,000
Common Shares
5
03/02/2012
10
0
-86
Common Shares
5
03/08/2012
51
5,000
5,000
Common Shares
5
03/08/2012
51
0
-5,000
Common Shares
5
03/09/2012
51
2,500
2,500
Common Shares
5
03/09/2012
51
0
-2,500
Options
5
03/08/2012
51
190,000
-5,000
Options
5
03/09/2012
51
187,500
-2,500
Common Shares
Common Shares
Arbutus Enterprises Ltd.
Powell, Theodore James
Malcolm
Activenergy Income Fund
Chiummiento, Joseph
Collette, Robert
Collette, Robert
Collette, Robert
Collette, Robert
Collette, Robert
Collette, Robert
Currie, Douglas
Currie, Douglas
Gingerich, John Cater
Roebuck, Stephen
Schaubitzer, Nadine
Swarbrick, Bernard Walter
3
4, 5
03/15/2012
03/15/2012
10
10
0.03
0.03
1,555,565
1,641,565
21,000
21,000
1
1
1
1
1
1
5
4
4
4
4
4
4
5
5
4
5
8
4
03/02/2012
03/02/2012
03/06/2012
03/08/2012
03/12/2012
03/14/2012
03/05/2012
02/10/2011
02/10/2011
11/24/2009
11/24/2009
02/07/2010
03/08/2012
06/01/2011
03/05/2012
03/05/2012
03/12/2012
03/05/2012
03/05/2012
38
38
38
38
38
38
50
10
10
50
50
50
50
00
50
50
50
50
50
8.26
8.26
7.97
8
8.15
8
0.35
0.7
0.7
595,000
3,100
3,100
3,400
500
500
600
110,000
2,400
2,400
350,000
375,000
350,000
70,000
185,000
1,090,000
610,000
235,000
860,000
185,000
240,000
60,000
105,000
85,000
23,439,869
23,440,369
23,440,869
23,441,469
722,500
102,400
375,000
0.35
0.35
0.35
(2012) 35 OSCB 2864
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Aecon Group Inc.
Aecon Group Inc.
African Queen Mines Ltd.
Agnico-Eagle Mines Limited
Options
Options
Options
Options
Options
Common Shares
Common Shares
Warrants Common
Common Shares
Warrants
Common Shares
Telewiak, Robert
Telewiak, Robert
Telewiak, Robert
Williams, Gary
Hole, James Douglas
Kelly, Gerard Anthony
Inwentash, Sheldon
Inwentash, Sheldon
Pinetree Capital Ltd.
Robitaille, Jean
4
4
4
4, 5
4
5
3, 6
3, 6
3
3
5
07/26/2011
07/26/2011
03/05/2012
03/05/2012
03/07/2012
03/16/2012
03/15/2012
03/15/2012
03/15/2012
03/15/2012
03/14/2012
53
50
50
50
50
30
11
11
11
11
10
Ainsworth Lumber Co. Ltd.
Notes 11% Senior
Unsecured Notes due
2015
Rights Director Deferred
Share Units
Options
Options
Share Units
Options
Share Units
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Share Units
Share Units
Common Shares
Options
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Brookfield Special
Situations II (OSB) L.P.
3
03/07/2012
Date/Month End
Holdings
Acquired/
Disposed
350,000
430,000
1,035,000
145,000
24,683
6,643,500
2,000,000
6,643,500
2,000,000
47,312
350,000
350,000
80,000
85,000
20,000
2,548
1,500,000
750,000
1,500,000
750,000
1,000
10
$142,707,395
$10,000,000
Chadwick, Robert
4
03/09/2012
56
37,767
10,990
Davies, Chris
Eisner, Chad Geoffrey
Gagne, Paul Ernest
5
5
4
03/09/2012
03/13/2012
03/09/2012
50
50
56
400,000
50,000
23,179
50,000
25,000
6,745
Kouzeva, Gergana
Lacey, John Stewart
5
4
03/13/2012
03/09/2012
50
56
35,000
38,633
10,000
11,242
Lake, James David
Lake, James David
Lake, James David
Lake, James David
Lake, James David
Lake, James David
Lancaster, Gordon
5
5
5
5
5
5
4
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/09/2012
03/09/2012
10
10
10
10
10
50
56
27,100
27,900
34,600
39,000
40,000
500,000
25,774
2,100
800
6,700
4,400
1,000
100,000
7,500
Paul, Houston
4
03/09/2012
56
35,806
10,419
McCluskey, John
McCluskey, John
Riddell, Clayton H.
Riddell, Clayton H.
Walker, Ian Malcolm
Walker, Ian Malcolm
Walker, Ian Malcolm
Walker, Ian Malcolm
Walker, Ian Malcolm
Walker, Ian Malcolm
Walker, Ian Malcolm
Driver, Cyrus
4, 5
4, 5
3, 4
3, 4
5
5
5
5
5
5
5
4, 5
03/09/2012
03/09/2012
03/08/2012
03/08/2012
03/25/2011
03/16/2012
03/25/2011
03/25/2011
03/16/2012
03/25/2011
03/16/2012
03/01/2012
51
51
10
10
00
90
00
00
90
00
90
10
7.29
7.29
18.35
18.35
335,800
1,471,500
3,099,133
100,000
-100,000
-50,000
-50,000
396,000
396,000
999,950
578,450
-421,500
0.15
25,500
25,000
25,500
25,000
Common Shares
Driver, Cyrus
4, 5
03/05/2012
10
0.15
41,000
16,000
Common Shares
Driver, Cyrus
4, 5
03/06/2012
10
0.15
50,000
9,000
Common Shares
Stachiw, Jody James
4
03/12/2012
10
0.22
239,000
114,000
Common Shares
Stachiw, Jody James
4
03/12/2012
10
0.22
163,125
60,000
Common Shares
Fair, James Dale
4, 5
05/21/2003
00
Algonquin Oil & Gas Limited Common Shares
Fair, James Dale
4, 5
05/21/2003
00
136,500
Alimentation Couche-Tard
Inc.
Inc.
Inc.
Inc.
Inc.
Inc.
Allana Potash Corp.
(formerly Allana Resources
Inc.)
AllBanc Split Corp.
Subordinate Voting
Shares Catégorie B
Unité d'action différée
Bourque, Nathalie
4
03/13/2012
00
10,207
Bourque, Nathalie
4
03/13/2012
00
Options
Hannasch, Brian Patrick
7, 5
02/01/2012
51
7.7125
Options
7, 5
02/01/2012
51
7.7125
Subordinate Voting
Shares Catégorie B
Subordinate Voting
Shares Catégorie B
Common Shares
7, 5
02/01/2012
51
7.7125
7, 5
02/01/2012
51
7.7125
142,700
65,000
Liberty Metals & Mining
Holdings, LLC
3
03/09/2012
16
0.8
34,129,403
4,618,835
4
03/09/2012
38
26.75
270
-90
ALAMOS GOLD INC
ALAMOS GOLD INC
Alaris Royalty Corp.
Alaris Royalty Corp.
Alberta Oilsands Inc.
ALDRIN RESOURCE
CORP.
ALDRIN RESOURCE
CORP.
ALDRIN RESOURCE
CORP.
Algae Biosciences
Corporation
Algae Biosciences
Corporation
Algonquin Oil & Gas Limited
Allegiance Equity
Corporation
Allegiance Equity
Corporation
March 23, 2012
Preferred Shares Class B Hinds, James David
Unit
Price
0.35
12.95
0.22
0.22
0.37
33.6295
1.49
1.5
1.53
1.48
1.52
-65,000
435,000
-65,000
48,563
Common Shares
Bloovol, Marilyn
4, 5
03/12/2012
10
0.2
1,777,997
7,500
Common Shares
Solomon, David Samuel
4, 5
03/12/2012
10
0.2
1,777,997
7,500
(2012) 35 OSCB 2865
Insider Reporting
Issuer Name
Security
Alliance Mining Corp.
Common Shares
Allon Therapeutics Inc.
Allon Therapeutics Inc.
Almaden Minerals Ltd.
Almaden Minerals Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
March 23, 2012
Insider Name
Anderson, Christopher
Ross
Options
Ross
Warrants
Ross
Common Shares
NDI Capital Inc.
Common Shares
Neuro Discovery II Limited
Partnership
Common Shares
Brown, Mark Thomas
Common Shares
Brown, Mark Thomas
Rights Performance Units Aarssen, Gregory Allan
(PU)
(PU)
(PU)
(PU)
Rights Restricted Units
Aarssen, Gregory Allan
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
Rights Performance Units Baines, Jeremy Robert
(PU)
(PU)
(PU)
(PU)
(PU)
(PU)
Baines, Jeremy Robert
(RU)
(RU)
(RU)
(RU)
(RU)
Rights Performance Units Bracken, James B
(PU)
(PU)
(PU)
(PU)
(PU)
(PU)
Bracken, James B
(RU)
Bracken, James B
(RU)
Bracken, James B
(RU)
Bracken, James B
(RU)
Bracken, James B
(RU)
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
5
02/27/2012
00
1,316,500
5
02/27/2012
00
200,000
5
02/27/2012
00
500,000
3
3
03/08/2012
03/08/2012
56
56
0.2
0.2
26,000,000
26,000,000
14,000,000
14,000,000
4
4
5
03/12/2012
03/13/2012
07/01/2010
10
10
00
2.9
2.9
11,100
10,300
10,088
-2,800
-800
5
12/31/2010
30
10,678
590
5
08/06/2011
59
3,956
-6,722
5
12/31/2011
30
4,386
430
5
07/01/2010
00
27,638
5
08/06/2010
59
17,484
-10,154
5
11/01/2010
59
14,016
-3,468
5
12/31/2010
30
15,322
1,306
5
08/06/2011
59
4,558
-10,764
5
11/01/2011
59
895
-3,663
5
11/01/2011
56
4,895
4,000
5
12/31/2011
30
5,477
582
5
07/01/2010
00
7,216
5
09/18/2010
59
5,840
-1,376
5
11/01/2010
56
9,040
3,200
5
12/10/2010
59
6,985
-2,055
5
12/31/2010
30
7,384
399
5
12/31/2011
30
7,774
390
5
07/01/2010
00
5,535
5
11/01/2010
59
3,323
-2,212
5
12/31/2010
30
3,624
301
5
11/01/2011
59
1,288
-2,336
5
12/31/2011
30
1,462
174
5
07/01/2010
00
14,410
5
09/18/2010
59
11,658
-2,752
5
11/01/2010
56
13,258
1,600
5
12/01/2010
59
6,407
-6,851
5
12/31/2010
30
7,164
757
5
12/31/2011
30
7,542
378
5
07/01/2010
00
9,246
5
11/01/2010
59
5,320
-3,926
5
12/31/2010
30
5,820
500
5
11/01/2011
59
1,674
-4,146
5
12/31/2011
30
1,950
276
(2012) 35 OSCB 2866
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
AltaGas Ltd.
Rights Performance Units
(PU)
(PU)
(PU)
(RU)
(RU)
(RU)
(RU)
(RU)
(PU)
(PU)
(PU)
(PU)
(PU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
Cornhill, David Wallace
4, 5
07/01/2010
00
26,026
4, 5
12/10/2010
59
-1,379
-27,405
4, 5
12/31/2010
30
0
1,379
4, 5
07/01/2010
00
63,474
4, 5
11/01/2010
59
35,727
-27,747
4, 5
12/31/2010
30
39,149
3,422
4, 5
11/01/2011
59
9,849
-29,300
4, 5
12/31/2011
30
11,697
1,848
Dawson, Dennis Alan
5
07/01/2010
00
14,410
Dawson, Dennis Alan
5
09/18/2010
59
11,658
-2,752
Dawson, Dennis Alan
5
11/01/2010
59
4,807
-6,851
Dawson, Dennis Alan
5
12/31/2010
30
5,555
748
Dawson, Dennis Alan
5
12/31/2011
30
5,848
293
Dawson, Dennis Alan
5
07/01/2010
00
9,246
Dawson, Dennis Alan
5
11/01/2010
59
5,320
-3,926
Dawson, Dennis Alan
5
12/31/2010
30
5,820
500
Dawson, Dennis Alan
5
11/01/2011
59
1,674
-4,146
Dawson, Dennis Alan
5
12/31/2011
30
1,950
276
Edgeworth, Allan Leslie
4
07/01/2010
00
1,870
4
11/01/2010
59
1,226
-644
4
11/01/2010
56
2,126
900
4
12/10/2010
59
1,783
-343
4
12/31/2010
30
1,889
106
4
11/01/2011
59
894
-995
4
11/01/2011
56
3,294
2,400
4
12/31/2011
30
3,395
101
Fergusson, Hugh
4
07/01/2010
00
1,544
Fergusson, Hugh
4
11/01/2010
59
900
-644
Fergusson, Hugh
4
11/01/2010
56
1,800
900
Fergusson, Hugh
4
12/31/2010
30
1,888
88
Fergusson, Hugh
4
11/01/2011
59
893
-995
Fergusson, Hugh
4
11/01/2011
56
3,293
2,400
Fergusson, Hugh
4
12/31/2011
30
3,394
101
Fonteyne, Denis
4
07/01/2010
00
1,870
Fonteyne, Denis
4
11/01/2010
59
1,226
-644
Fonteyne, Denis
4
11/01/2010
56
2,126
900
Fonteyne, Denis
4
12/10/2010
59
1,783
-343
Fonteyne, Denis
4
12/31/2010
30
1,889
106
Fonteyne, Denis
4
11/01/2011
59
1,213
-676
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
March 23, 2012
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
(2012) 35 OSCB 2867
Insider Reporting
Issuer Name
Security
Insider Name
AltaGas Ltd.
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(PU)
(PU)
(PU)
(PU)
(PU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(PU)
(PU)
(PU)
(PU)
(PU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
March 23, 2012
Rel'n
Transaction
Date
T/O
Fonteyne, Denis
4
12/31/2011
Gilbert, Daryl Harvey
4
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
30
1,257
44
07/01/2010
00
1,870
4
11/01/2010
59
1,226
-644
4
11/01/2010
56
2,126
900
4
12/10/2010
59
1,783
-343
4
12/31/2010
30
1,889
106
4
11/01/2011
59
894
-995
4
11/01/2011
56
3,294
2,400
4
12/31/2011
30
3,395
101
Harris, David Michael
5
07/01/2010
00
5
11/01/2010
56
4,000
4,000
5
12/31/2010
30
4,021
21
5
11/01/2011
56
44,021
40,000
5
12/31/2011
30
44,383
362
5
06/02/2010
56
20,000
20,000
5
07/01/2010
00
5
11/01/2010
56
4,000
5
11/01/2010
56
4,000
5
12/31/2010
30
20,744
744
5
06/02/2011
59
13,668
-7,076
5
12/31/2011
30
14,560
892
Hayes, Christopher Alan
5
11/23/2010
00
5
11/23/2010
56
4,000
4,000
5
12/31/2010
30
4,021
21
5
11/01/2011
56
8,021
4,000
5
12/31/2011
30
8,248
227
Hejtmanek, Michael Vit
5
11/01/2010
59
143
-77
5
11/01/2010
56
248
105
5
12/31/2010
30
261
13
5
03/01/2011
00
220
5
11/01/2011
59
143
-118
5
12/31/2011
30
156
13
Hodgins, Robert Bruce
4
07/01/2010
00
1,870
4
11/01/2010
59
1,226
-644
4
11/01/2010
56
2,126
900
4
12/10/2010
59
1,783
-343
4
12/31/2010
30
1,889
106
4
11/01/2011
59
894
-995
4
11/01/2011
56
3,294
2,400
(2012) 35 OSCB 2868
Insider Reporting
Issuer Name
Security
Insider Name
AltaGas Ltd.
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(PU)
(PU)
(PU)
(PU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(RU)
(PU)
(PU)
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
March 23, 2012
Rel'n
Transaction
Date
T/O
4
12/31/2011
Kanik, Myron
4
Kanik, Myron
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
30
3,395
101
07/01/2010
00
1,870
4
11/01/2010
59
1,226
-644
Kanik, Myron
4
11/01/2010
56
2,126
900
Kanik, Myron
4
12/10/2010
59
1,783
-343
Kanik, Myron
4
12/31/2010
30
1,889
106
Kanik, Myron
4
11/01/2011
59
894
-995
Kanik, Myron
4
11/01/2011
56
3,294
2,400
Kanik, Myron
4
12/31/2011
30
3,395
101
LOWE, JOHN EDWARD
5
10/03/2011
00
10,000
LOWE, JOHN EDWARD
5
12/31/2011
30
10,025
Mackie, David French
4
07/01/2010
00
1,870
4
11/01/2010
59
1,226
-644
4
11/01/2010
56
2,126
900
4
12/10/2010
59
1,783
-343
4
12/31/2010
30
1,889
106
4
11/01/2011
59
894
-995
4
11/01/2011
56
3,294
2,400
4
12/31/2011
30
3,395
101
Mattson, Bradley
5
07/01/2010
00
3,936
Mattson, Bradley
5
11/01/2010
56
7,136
3,200
Mattson, Bradley
5
12/31/2010
30
7,383
247
Mattson, Bradley
5
12/31/2011
30
7,773
390
Mattson, Bradley
5
07/01/2010
00
7,460
Mattson, Bradley
5
11/01/2010
59
5,248
-2,212
Mattson, Bradley
5
12/31/2010
30
5,661
413
Mattson, Bradley
5
02/01/2011
59
3,614
-2,047
Mattson, Bradley
5
11/01/2011
59
1,278
-2,336
Mattson, Bradley
5
12/31/2011
30
1,462
184
McCrank, Michael Neil
4
07/01/2010
00
1,870
4
11/01/2010
59
1,226
-644
4
11/01/2010
56
2,126
900
4
12/10/2010
59
1,783
-343
4
12/31/2010
30
1,889
106
4
11/01/2011
59
894
-995
4
11/01/2011
56
3,294
2,400
4
12/31/2011
30
3,395
101
Stein, Deborah Susan
5
07/01/2010
00
13,746
5
09/18/2010
59
11,682
25
-2,064
(2012) 35 OSCB 2869
Insider Reporting
Issuer Name
Security
Insider Name
AltaGas Ltd.
(PU)
(PU)
(PU)
(PU)
(RU)
(RU)
(RU)
(RU)
(RU)
(PU)
(PU)
(PU)
(PU)
(PU)
(PU)
(PU)
(RU)
(RU)
(RU)
(RU)
(RU)
(PU)
(PU)
(PU)
(PU)
(PU)
(RU)
(RU)
(RU)
(RU)
(RU)
Common Shares
Options at $14.24
expiring December 10,
2018
(PU)
(PU)
(PU)
(PU)
(PU)
(PU)
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
AltaGas Ltd.
March 23, 2012
Rel'n
Transaction
Date
T/O
5
11/01/2010
5
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
56
13,282
1,600
12/10/2010
59
6,431
-6,851
5
12/31/2010
30
7,164
733
5
12/31/2011
30
7,542
378
5
07/01/2010
00
9,246
5
11/01/2010
59
5,320
-3,926
5
12/31/2010
30
5,820
500
5
11/01/2011
59
1,674
-4,146
5
12/31/2011
30
1,950
276
Stout, Kent Eugene
5
07/01/2010
00
13,746
Stout, Kent Eugene
5
09/18/2010
59
11,682
-2,064
Stout, Kent Eugene
5
11/01/2010
56
13,282
1,600
Stout, Kent Eugene
5
12/10/2010
59
Stout, Kent Eugene
5
12/10/2010
59
6,431
-6,851
Stout, Kent Eugene
5
12/31/2010
30
7,164
733
Stout, Kent Eugene
5
12/31/2011
30
7,542
378
Stout, Kent Eugene
5
07/01/2010
00
9,246
Stout, Kent Eugene
5
11/01/2010
59
5,320
-3,926
Stout, Kent Eugene
5
12/31/2010
30
5,820
500
Stout, Kent Eugene
5
11/01/2011
59
1,674
-4,146
Stout, Kent Eugene
5
12/31/2011
30
1,950
276
Toivanen, Shaun William
5
11/01/2010
56
4,848
1,600
5
12/31/2010
30
5,047
199
5
01/10/2011
00
3,248
5
08/06/2011
59
2,358
-2,689
5
12/31/2011
30
2,571
213
5
11/01/2010
59
893
-694
5
12/31/2010
30
979
86
5
01/10/2011
00
1,587
5
11/01/2011
59
246
-733
5
12/31/2011
30
292
46
Toone, Randy Warren
Toone, Randy Warren
5
5
03/13/2012
03/13/2012
51
51
26,913
9,500
5,500
-5,500
Toone, Randy Warren
5
07/01/2010
00
15,706
Toone, Randy Warren
5
09/18/2010
59
14,330
-1,376
Toone, Randy Warren
5
11/01/2010
56
18,330
4,000
Toone, Randy Warren
5
12/10/2010
59
11,479
-6,851
Toone, Randy Warren
5
12/31/2010
30
12,354
875
Toone, Randy Warren
5
12/31/2011
30
13,007
653
6,851
14.24
14.24
(2012) 35 OSCB 2870
Insider Reporting
Issuer Name
Security
AltaGas Ltd.
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Toone, Randy Warren
5
07/01/2010
00
11,870
Toone, Randy Warren
5
11/01/2010
59
7,027
-4,843
Toone, Randy Warren
5
12/31/2010
30
7,671
644
Toone, Randy Warren
5
11/01/2011
59
2,557
-5,114
Toone, Randy Warren
5
12/31/2011
30
2,924
367
Tulk, David Raymond
Tulk, David Raymond
5
5
03/13/2012
03/13/2012
51
51
5,897
15,000
5,000
-5,000
Tulk, David Raymond
5
07/01/2010
00
Tulk, David Raymond
5
11/01/2010
56
4,000
4,000
Tulk, David Raymond
5
12/31/2010
30
4,021
21
Tulk, David Raymond
5
11/01/2011
56
8,021
4,000
Tulk, David Raymond
5
12/31/2011
30
8,248
227
Tulk, David Raymond
5
07/01/2010
00
4,198
Tulk, David Raymond
5
11/01/2010
59
2,732
-1,466
Tulk, David Raymond
5
12/31/2010
30
2,962
230
Tulk, David Raymond
5
11/01/2011
59
1,414
-1,548
Tulk, David Raymond
5
12/31/2011
30
1,559
145
Wright, David Robert
5
5
5
03/13/2012
03/13/2012
03/13/2012
51
51
51
17.89
14.24
14.24
9,477
6,977
2,500
2,500
2,500
-2,500
5
03/13/2012
51
17.89
5,000
-2,500
5
07/01/2010
00
11,754
5
12/10/2010
59
4,903
-6,851
5
12/31/2010
30
5,555
652
5
12/31/2011
30
5,848
293
5
07/01/2010
00
11,245
5
11/01/2010
59
6,271
-4,974
5
12/31/2010
30
6,877
606
5
11/01/2011
59
1,625
-5,252
1,949
324
(RU)
AltaGas Ltd.
(RU)
AltaGas Ltd.
(RU)
AltaGas Ltd.
(RU)
AltaGas Ltd.
(RU)
AltaGas Ltd.
Common Shares
AltaGas Ltd.
Options at $18.00
expiring November 2,
2019
AltaGas Ltd.
(PU)
AltaGas Ltd.
(PU)
AltaGas Ltd.
(PU)
AltaGas Ltd.
(PU)
AltaGas Ltd.
(PU)
AltaGas Ltd.
(RU)
AltaGas Ltd.
(RU)
AltaGas Ltd.
(RU)
AltaGas Ltd.
(RU)
AltaGas Ltd.
(RU)
AltaGas Ltd.
Common Shares
AltaGas Ltd.
Common Shares
AltaGas Ltd.
Options at $14.24
expiring December 10,
2018
AltaGas Ltd.
Options at $17.89
expiring October 7, 2019
AltaGas Ltd.
(PU)
AltaGas Ltd.
(PU)
AltaGas Ltd.
(PU)
AltaGas Ltd.
(PU)
AltaGas Ltd.
(RU)
AltaGas Ltd.
(RU)
AltaGas Ltd.
(RU)
AltaGas Ltd.
(RU)
AltaGas Ltd.
(RU)
Amica Mature Lifestyles Inc. Common Shares
5
12/31/2011
30
Allen, Brenda
5
03/09/2012
30
9.0528
2,388
171
Salgado, Claudia
5
03/09/2012
30
9.0528
8,466
171
van der Lee, Charles
4
03/16/2012
10
9.16
45,123
500
van der Lee, Charles
4
03/16/2012
10
9.19
45,134
11
Andrew Peller Limited
Non-Voting Shares Class COSENS, MARK WILLIAM
(formerly Andrés Wines Ltd.) A
4
03/09/2012
10
10
0
-750
Argentium Resources Inc.
Options March 6, 2012
5
5
5
03/01/2012
03/06/2012
10/05/2011
00
50
00
0.54
150,000
150,000
5
03/06/2012
50
0.54
150,000
150,000
4
4
5
5
09/01/2011
03/06/2012
10/05/2011
03/06/2012
00
50
00
50
0.54
150,000
150,000
0.54
150,000
150,000
March 23, 2012
Hamiton, Byron
Hamiton, Byron
Jobin-Bevans, Laurence
Scott
Jobin-Bevans, Laurence
Scott
Knight, Stephen Frederick
Knight, Stephen Frederick
Loney, Terry
Loney, Terry
18
18
(2012) 35 OSCB 2871
Insider Reporting
Issuer Name
Security
Insider Name
Argex Mining Inc.
Argex Mining Inc.
Argonaut Gold Inc.
Argonaut Gold Inc.
ARMISTICE RESOURCES
CORP.
ARMISTICE RESOURCES
CORP.
ARMISTICE RESOURCES
CORP.
ARMISTICE RESOURCES
CORP.
ARMISTICE RESOURCES
CORP.
ARMISTICE RESOURCES
CORP.
ARMISTICE RESOURCES
CORP.
ARMISTICE RESOURCES
CORP.
ARMISTICE RESOURCES
CORP.
ARMISTICE RESOURCES
CORP.
ARMISTICE RESOURCES
CORP.
Asher Resources
Corporation
Asher Resources
Corporation
Asher Resources
Corporation
Asher Resources
Corporation
Asher Resources
Corporation
Astorius Resources Ltd.
Common Shares
Common Shares
Common Shares
Common Shares
Options
Common Shares
Common Shares
Common Shares
Common Shares
Atico Mining Corporation
Atna Resources Ltd.
Atna Resources Ltd.
Atna Resources Ltd.
Atna Resources Ltd.
Atna Resources Ltd.
Atna Resources Ltd.
Atna Resources Ltd.
Atna Resources Ltd.
Atrium Innovations Inc.
Atrium Innovations Inc.
ATS Automation Tooling
Systems Inc.
Systems Inc.
Systems Inc.
Systems Inc.
Systems Inc.
Audiotech Healthcare
Corporation
March 23, 2012
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Haddad, Mazen
Haddad, Mazen
Libra Advisors, LLC
Libra Advisors, LLC
Bennett, Paul Joesph
4
4
3
3
4
03/12/2012
03/12/2012
02/29/2012
02/29/2012
03/05/2011
10
10
10
10
52
0.63
0.61
9.735
9.735
1,537,480
1,539,480
5,768,001
200,000
198,000
2,000
-117,000
-117,000
-300,000
Options
Bennett, Paul Joesph
4
03/13/2012
52
0
-200,000
Options
Bourassa, Michael J.
5
11/15/2009
52
75,000
-100,000
Options
Bourassa, Michael J.
5
03/13/2012
52
0
-75,000
Options
Gannon, Thomas Patrick
5
03/13/2012
52
100,000
-100,000
Common Shares
Morgan, Todd J.
4, 5
03/13/2012
51
0.25
5,291,250
200,000
Options
Morgan, Todd J.
4, 5
03/13/2012
51
0.25
500,000
-200,000
Options
Morgan, Todd J.
4, 5
03/13/2012
52
0.25
300,000
-200,000
Common Shares
Smith, Gregory Harold
4
03/13/2012
51
0.25
529,517
100,000
Options
4
03/13/2012
51
0.25
300,000
-100,000
Options
4
03/13/2012
52
0.25
200,000
-100,000
Common Shares
Montemarano, Rob
4
03/15/2012
00
Options
Montemarano, Rob
4
03/15/2012
00
Options
Montemarano, Rob
4
03/15/2012
00
Options
Montemarano, Rob
4
03/15/2012
00
Options
Montemarano, Rob
4
03/15/2012
50
0.28
135,000
135,000
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
3
3
3
3
3
4, 6, 5
03/14/2012
03/14/2012
03/15/2012
03/15/2012
03/16/2012
03/14/2012
10
10
10
10
10
10
0.15
0.19
0.15
0.175
0.15
0.15
1,506,000
1,508,000
1,509,000
1,511,000
1,513,000
1,506,000
5,000
2,000
1,000
2,000
2,000
5,000
4, 6, 5
03/14/2012
10
0.19
1,508,000
2,000
4, 6, 5
03/15/2012
10
0.15
1,509,000
1,000
4, 6, 5
03/15/2012
10
0.175
1,511,000
2,000
4, 6, 5
03/16/2012
10
0.15
1,513,000
2,000
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Options
Options
Options
Options
Common Shares
Options
Convertible Debentures
Common Shares
Malcolm
Malcolm
Malcolm
Malcolm
Malcolm
Ganoza Aicardi, Jorge R.
Ganoza Durant, Jorge A.
Ganoza Durant, Luis Dario
KCR, LLC
Szotlender, Mario
Fagin, David
Fagin, David
Hesketh, James
Hesketh, James
Hesketh, James
Hesketh, James
Parker, Ronald Dean
Parker, Ronald Dean
Bouchard, Alain
Bouchard, Alain
Martino, Michael E.
4, 5
4
4
3
4
4
4
4
4
4
4
4
4
4
4
4
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/08/2012
03/08/2012
03/02/2012
03/02/2012
03/02/2012
03/02/2012
03/06/2012
03/06/2012
03/30/2005
03/15/2012
03/09/2012
16
16
16
00
16
51
51
51
51
52
52
51
51
00
10
10
0.45
0.45
0.45
3,061,111
3,561,111
3,461,111
4,000,000
1,986,111
38,536
540,000
111,111
111,111
111,111
Common Shares
Martino, Michael E.
4
03/09/2012
Common Shares
Martino, Michael E.
4
Common Shares
Martino, Michael E.
Common Shares
Common Shares
19,428
0.45
1.32
1.32
1.4583
1.4583
1,500,000
1.46
1.32
26,496
540,000
111,111
6,782
-64,000
-18,664
-196,800
-178,136
-178,136
6,070
-64,000
8.19
$100,000
16,709,275
$100,000
25,000
10
8.1884
16,732,475
23,200
03/12/2012
10
8.1442
16,764,475
32,000
4
03/12/2012
10
8.1435
16,791,275
26,800
Martino, Michael E.
4
03/13/2012
10
8.1993
16,843,275
52,000
Iadarola, Daniel
8
03/01/2012
00
250,000
(2012) 35 OSCB 2872
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Audiotech Healthcare
Corporation
Augusta Industries Inc.
(formerly Fiber Optic
Systems Technology, Inc.)
AutoCanada Inc.
AutoCanada Inc.
Options
Iadarola, Daniel
8
03/01/2012
00
Common Shares
LONE, ALLEN
3, 4, 6, 5
03/13/2012
10
Restricted share units
Restricted share units
6, 7
5
03/15/2012
03/15/2012
35
35
Common Shares
Orysiuk, Thomas Louis
Rose, Stephen Richard
Edward
Bank of Nova Scotia, The
3
03/12/2012
10
Common Shares
3
03/13/2012
Common Shares
3
Common Shares
Common Shares
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
50,000
0.04
606,500
40,000
8,727
3,707
133
56
2.6723
2,606,562
-16,800
10
2.6104
2,574,062
-32,500
03/14/2012
10
2.3305
2,488,562
-85,500
3
03/15/2012
10
2.3846
2,444,062
-44,500
Blair, Michael Finley
Lawrence
4, 5
03/14/2012
10
2.22
4,050,000
-2,463
Common Shares
Lawrence
4, 5
03/14/2012
10
2.22
4,000,000
-50,000
Common Shares
Lawrence
4, 5
03/13/2012
10
2.64
180,000
-40,000
Common Shares
Lawrence
4, 5
03/13/2012
10
2.67
165,000
-15,000
Common Shares
Lawrence
4, 5
03/13/2012
10
2.52
115,000
-50,000
Common Shares
Lawrence
4, 5
03/14/2012
10
2.25
0
-115,000
Automodular Corporation
(formerly Algonquin
Mercantile)
(formerly Algonquin
Mercantile)
(formerly Algonquin
Mercantile)
(formerly Algonquin
Mercantile)
(formerly Algonquin
Mercantile)
(formerly Algonquin
Mercantile)
(formerly Algonquin
Mercantile)
(formerly Algonquin
Mercantile)
(formerly Algonquin
Mercantile)
(formerly Algonquin
Mercantile)
(formerly Algonquin
Mercantile)
Avalon Rare Metals Inc.
Avalon Rare Metals Inc.
Avcorp Industries Inc.
Common Shares
Gazo, James
5
03/13/2012
10
2.65
62,617
-1,500
Options
Options
Options
5
5
3
03/12/2012
03/12/2012
06/30/2009
00
50
00
2.85
200,000
200,000
Options
3
11/16/2010
50
730,500
730,500
Avigilon Corporation
Avigilon Corporation
Axia NetMedia Corporation
Axia NetMedia Corporation
AXMIN Inc. (formerly Asquith
Resources Inc.)
Resources Inc.)
Resources Inc.)
Resources Inc.)
Resources Inc.)
Resources Inc.)
Resources Inc.)
Resources Inc.)
Resources Inc.)
Resources Inc.)
Resources Inc.)
Resources Inc.)
Options
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Butler, Timothy Stephen
Butler, Timothy Stephen
Growth Works Capital Ltd.
& Affiliates (venture capital
unit)
Growth Works Capital Ltd.
& Affiliates (venture capital
unit)
Levi, David Ron
Fernandes, Alexander
Fernandes, Alexander
McNaughton, Andrew
McNaughton, Andrew
Dusza, Janina
4, 6
4, 5
4, 5
5
5
5
11/16/2010
03/08/2012
03/12/2012
03/05/2012
03/07/2012
02/15/2012
50
10
10
10
10
37
730,500
3,006,600
3,010,100
210,168
184,768
2,687
730,500
6,600
3,500
-24,600
-25,400
-24,182
Options
Dusza, Janina
5
02/15/2012
37
35,000
-315,000
Options
Dusza, Janina
5
03/10/2012
50
100,000
65,000
Common Shares
Erdem, Ozge
4
03/12/2012
37
54,963
-494,671
Options
Erdem, Ozge
4
03/10/2012
50
2,550,000
50,000
Options
Erdem, Ozge
4
03/12/2012
37
300,000
-2,250,000
Options
Hill, Graham David
5
02/15/2012
37
350,000
-3,150,000
Options
Hill, Graham David
5
03/10/2012
50
450,000
100,000
Options
Kozel, Shirley Anne
5
02/15/2012
37
55,000
-495,000
Options
Kozel, Shirley Anne
5
03/10/2012
50
0.6
105,000
50,000
Options
Metcalfe, Robert
4
03/10/2012
50
0.6
300,000
50,000
Common Shares
Roach, George Greville
4, 5
02/15/2012
37
210,593
-1,895,337
March 23, 2012
3.94
3.87
1.554
1.55
0.6
0.6
(2012) 35 OSCB 2873
Insider Reporting
Issuer Name
Security
Insider Name
Date/Month End
Holdings
Acquired/
Disposed
Resources Inc.)
Resources Inc.)
Resources Inc.)
Resources Inc.)
Resources Inc.)
Resources Inc.)
Resources Inc.)
Resources Inc.)
Resources Inc.)
Resources Inc.)
Resources Inc.)
Azabache Energy Inc.
(formerly, Argenta Oil & Gas
Inc.)
Inc.)
Inc.)
Inc.)
Azure Dynamics Corporation
Common Shares
37
693,396
-6,240,561
02/15/2012
37
500,000
-4,500,000
4, 5
03/10/2012
50
750,000
250,000
4, 5
02/15/2012
37
166,667
-1,500,001
Options
Shirriff, Robert Lindsey
4
03/10/2012
50
310,000
50,000
Options
Webster, Judith Lynne
8
02/15/2012
37
50,000
-450,000
Options
Webster, Judith Lynne
8
03/10/2012
50
100,000
50,000
Common Shares
weill, david de jongh
4
02/15/2012
37
73,285
-659,560
Common Shares
4
02/15/2012
37
53,498
-481,482
Options
4
02/15/2012
37
0.1
250,000
-2,250,000
Options
4
03/10/2012
50
0.6
300,000
50,000
Common Shares
Wheeler, William Ball
4
05/21/2010
00
5,923,200
Common Shares
4
03/13/2012
90
0
Warrants
4
05/21/2010
00
1,786,000
Warrants
4
03/13/2012
90
0
-1,786,000
Options
Lee, Stephen Lawrence
5
08/08/2008
52
0
-190,000
Azure Dynamics Corporation Options
5
06/08/2010
50
200,000
200,000
Azure Dynamics Corporation Options
5
01/19/2011
50
300,000
100,000
BacTech Environmental
Corporation
Corporation
Corporation
Badger Daylighting Ltd.
Ballard Power Systems Inc.
Common Shares
Orr, Murray Ross
7
03/12/2012
10
803,000
1,000
Common Shares
Whalen, Donald Alexander
4
03/14/2012
00
125,000
Warrants Series D
Whalen, Donald Alexander
4
03/14/2012
00
62,500
Deferred Shares
Deferred Shares
Deferred Shares
Deferred Shares
Units Restricted Share
Units
calnan, david
Dillon, Derek Terrence
Kelly, Greg
Wilson, Tor David
Cass, Edward Paul
4
5
5
4, 5
5
03/16/2012
12/31/2011
12/31/2011
12/31/2011
03/12/2012
00
30
30
30
58 - Expiration
of rights
1,435
11,606
16,443
31,900
150,618
222
318
610
-16,666
Units
Foulds, William Thomas
5
03/12/2012
58 - Expiration
of rights
149,936
-16,806
Options
Units
Goldstein, Michael
Goldstein, Michael
5
5
03/15/2012
03/12/2012
52
58 - Expiration
of rights
210,406
74,706
-156,930
-16,666
Units
Goldstein, Michael
5
03/15/2012
58 - Expiration
of rights
0
-74,706
Units
Guzy, Christopher
5
03/12/2012
58 - Expiration
of rights
150,621
-16,666
Units
HILLIER, KERRY BRENT
5
03/12/2012
58 - Expiration
of rights
20,002
-1,736
Common Shares
Units
Masse, Roger
Masse, Roger
7
7
03/12/2012
03/12/2012
57
1.5
58 - Expiration
of rights
6,484
32,390
2,389
-3,851
Units
Units
Masse, Roger
7
03/12/2012
28,539
-3,851
Murray, Jay Francis
5
03/12/2012
58 - Expiration
of rights
26,254
-3,819
58 - Expiration
of rights
592,862
-34,722
4,845
961
Rel'n
Transaction
Date
T/O
4, 5
02/15/2012
Options
4, 5
Options
Warrants
Units
Sheridan, John W.
4
03/12/2012
Bank of Montreal
Common Shares
Flynn, Thomas Earl
7
12/31/2011
March 23, 2012
57
30
Unit
Price
0.6
0.6
0.6
0.1
1.5
59.65
-5,923,200
(2012) 35 OSCB 2874
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Bank of Montreal
Bank of Montreal
Bank of Montreal
Bankers Petroleum Ltd.
Barkerville Gold Mines Ltd.
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
5
5
5
4
4
4
4
4
4
4
4
4, 5
12/31/2011
12/31/2011
12/31/2011
03/12/2012
03/12/2012
03/12/2012
03/13/2012
03/13/2012
03/13/2012
02/21/2006
03/13/2012
02/01/2012
30
30
30
51
10
51
90
90
90
00
90
50
59.73
59.68
59.68
24.4
53.7709
3,198
14,067
15,300
11,930
10,600
2,670
61,119
60,033
40,047
292
1,372
661
1,330
-1,330
-1,330
-4,880
-1,086
4,880
0.89
1,086
3,833,934
1,086
500,000
Barkerville Gold Mines Ltd.
Baytex Energy Corp.
Baytex Energy Corp.
Baytex Energy Corp.
Baytex Energy Corp.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
Bengal Energy Ltd.
Bengal Energy Ltd.
Bengal Energy Ltd.
Bengal Energy Ltd.
Bengal Energy Ltd.
Bengal Energy Ltd.
Bengal Energy Ltd.
Bengal Energy Ltd.
Bengal Energy Ltd.
Bengal Energy Ltd.
Bengal Energy Ltd.
Bengal Energy Ltd.
Bengal Energy Ltd.
Bengal Energy Ltd.
Bennett Environmental Inc.
Bennett Environmental Inc.
BIOX Corporation
Options
Common Shares
Common Shares
Incentive Rights
Incentive Rights
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Common Shares
Common Shares
Common Shares
4
4
4
4
4
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
7
7
7
7
7
7
7
7
7
7
7
7
5
4, 5
5
4
5
4
4
4
5
4
4
4
4
5
4, 5
4, 5
5
02/01/2012
01/01/2011
01/01/2011
01/01/2011
01/01/2011
03/06/2012
03/06/2012
03/06/2012
03/06/2012
03/06/2012
03/06/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/09/2012
03/09/2012
03/12/2012
03/12/2012
09/05/2006
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
01/06/2012
03/12/2012
03/12/2012
01/06/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
06/29/2011
06/29/2011
03/12/2012
50
22
22
22
22
38
38
38
38
38
38
38
38
38
38
38
38
38
38
38
38
38
38
38
38
00
51
51
51
10
10
51
10
51
51
51
51
50
50
50
50
50
50
00
50
50
00
50
50
50
50
00
00
10
0.89
582,500
250,000
188,320
198,320
57,000
47,000
493,300
493,300
-493,300
-493,300
493,300
-493,300
287,600
287,600
-287,600
-287,600
287,600
-287,600
325,000
325,000
325,000
-325,000
275,500
-275,500
139
-139
Bird Construction Inc.
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Milroy, Thomas
Ouellette, Gilles Gerard
Rajpal, Surjit
Kerr, John Custance
Kerr, John Custance
Kerr, John Custance
Brown, Eric
Brown, Eric
Brown, Eric
Brown, Eric
Brown, Eric
Callaghan, James Frances
Gerard
Shirvani, Farshad
Brussa, John Albert
Brussa, John Albert
Brussa, John Albert
Brussa, John Albert
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
BCE Inc.
Brown, Charles
Brown, Charles
Brown, Charles
Brown, Charles
Brown, Charles
Brown, Charles
Brown, Charles
Brown, Charles
Brown, Charles
Brown, Charles
Brown, Charles
Brown, Charles
Allford, Richard Bruce
Chakrabarty, Chayan
Edgar, Richard Norman
Gaffney, Peter Dominie
Goudie, Bryan
Howe, James Brian
Inbusch, Stephen Norris
Inbusch, Stephen Norris
MacMahon, Gordon R
Moss, Brian
Moss, Brian
Steele, Robert David
Towers, Ian James
Wilson, Garrett
Haber, Lawrence P.
Haber, Lawrence P.
Clinning, Christopher
Anthony
Boyd, Ian Jeffrey
Boyd, Ian Jeffrey
Boyd, Ian Jeffrey
Boyd, Ian Jeffrey
Boyd, Ian Jeffrey
Boyd, Ian Jeffrey
Boyd, Ian Jeffrey
Boyd, Ian Jeffrey
Boyd, Ian Jeffrey
Boyd, Ian Jeffrey
Boyd, Ian Jeffrey
5
5
5
5
5
5
5
5
5
5
5
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/13/2012
10
10
10
10
10
10
10
10
10
10
10
March 23, 2012
198,320
47,000
41.01
41.01
41.01
493,300
0
41.0239
41.0239
41.0239
41.5749
41.5749
41.5749
41.476
41.6
40.8
30.72
30.72
41.12
41.12
30.72
41.12
287,600
0
325,000
0
275,500
0
139
0
136,826
100,000
637,500
240,000
145,000
420,000
282,500
40,000
40,000
40,000
-40,000
-40,000
40,000
-40,000
-40,000
-40,000
-40,000
-40,000
20,000
100,000
50,000
85,000
75,000
75,000
85,000
300,000
85,000
100,000
85,000
165,000
270,000
300,000
85,000
65,000
75,000
100,000
1.25
50,000
164,700
-25,000
14.12
14.14
14.11
14.1
14.05
14.06
14.02
14
14.01
14.1
13.91
53,325
53,125
52,925
52,325
50,725
50,425
50,125
46,725
46,625
46,325
37,061
-2,264
-200
-200
-600
-1,600
-300
-300
-3,400
-100
-300
-9,264
1.15
1.15
1.15
40,000
0
(2012) 35 OSCB 2875
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Bird River Resources Inc.
Black Diamond Group
Limited
Black Diamond Group
Limited
Black Diamond Group
Limited
Black Diamond Group
Limited
Black Smoker Ventures Inc.
Blackline GPS Corp.
Blackline GPS Corp.
Blackline GPS Corp.
Blackline GPS Corp.
Blackline GPS Corp.
Blackline GPS Corp.
Blackline GPS Corp.
Blackline GPS Corp.
Blue Horizon Industries Inc.
Blue Note Mining Inc.
Common Shares
Common Shares
Common Shares
Common Shares
Boyd, Ian Jeffrey
Boyd, Ian Jeffrey
Kushniruk, David
Gallacher, William
5
5
3
4
03/14/2012
03/14/2012
03/14/2012
08/26/2011
10
10
10
37
14
14.01
0.107
28,295
27,795
1,055,000
300,000
-8,766
-500
-40,000
150,000
Common Shares
Gallacher, William
4
03/14/2012
10
20.0001
0
-300,000
Common Shares
Klukas, Harry Henry
5
03/13/2012
10
38,000
-10,000
Common Shares
Klukas, Harry Henry
5
03/15/2012
10
28,000
-10,000
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Options
Options
Common Shares
Debentures
Options
4, 5
4
4
4
4
4
4
4
4
3, 4, 5
4
4, 5
3
3
3
03/14/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/09/2012
03/09/2012
03/12/2012
09/28/2011
09/28/2011
08/30/2011
08/30/2011
08/30/2011
03/16/2012
10
10
10
10
10
10
10
10
10
50
50
99
99
99
52
0.08
1.35
1.33
1.26
1.38
1.25
1.39
1.35
1.35
29,700
747,000
752,000
752,100
754,500
755,500
755,700
760,500
765,500
2,750,000
1,100,000
0
0
$0
0
10,000
200
5,000
100
2,400
1,000
200
4,800
5,000
250,000
600,000
-200,000
-15,250,000
-$100,000
-833,333
Trust Units
Dumaresq, Joel
Slater, Cody
Slater, Cody
Slater, Cody
Slater, Cody
Slater, Cody
Slater, Cody
Slater, Cody
Slater, Cody
Allan, Clayton Donald
Leslie, Eric M.
Ray, Christopher Robin
Ray, Lisa
Ray, Lisa
Consolidated International
Investment Holdings Inc.
GEREMIA, ROBERTO
Boardwalk Real Estate
Investment Trust
Investment Trust
Investment Trust
Bombardier Inc.
5
03/06/2012
10
56.485
-479
Trust Units
GEREMIA, ROBERTO
5
03/06/2012
10
56.485
-479
Trust Units
Guyette, Michael
5
03/06/2012
10
56.485
4,100
479
Deferred Stock
Units/Unités d'actions
différées
Deferred Stock
Units/Unités d'actions
différées
Options
Options
Options
Common Shares
Common Shares
Arcamone, Michele
5
02/01/2012
00
Arcamone, Michele
5
03/08/2012
56
4.11
70,000
70,000
Arcamone, Michele
Arcamone, Michele
Arcamone, Michele
Pettigrew, William Curtis
MacPhail, Keith A.J.
5
5
5
4
4, 5
02/01/2012
03/08/2012
03/12/2012
02/15/2012
03/12/2012
00
50
50
11
10
90,000
167,334
3,348,937
90,000
90,000
-25,000
-12,250
Common Shares
Poelzer, Ronald J.M.
4, 5
03/15/2012
90
169,896
89,000
Common Shares
4, 5
03/15/2012
90
548,663
69,500
Common Shares
4, 5
03/15/2012
90
242,469
-158,500
Common Shares
Common Shares
Common Shares
Units
Tews, Troy George
Tews, Troy George
Lévesque, Gino
Cowperthwaite, John
5
5
6
4
12/31/2010
07/01/2011
03/13/2012
03/13/2012
30
30
00
10
1.35
1.35
53,281
5,317
5,317
17.1516
4,600
600
Units
Cowperthwaite, John
4
03/13/2012
10
17.1533
4,900
300
Units
Cowperthwaite, John
4
03/13/2012
10
17.15
5,000
100
Units
1
03/09/2012
10
400
400
1
03/09/2012
38
0
-400
Brand Leaders Income Fund Units
Brand Leaders Income
Fund
Brand Leaders Income
Fund
Kovacs, Michael
4, 5
02/24/2012
10
11.45
4,100
600
Kovacs, Michael
4, 5
02/27/2012
10
11.62
4,500
400
Kovacs, Michael
4, 5
02/29/2012
10
11.75
4,200
-300
Kovacs, Michael
4, 5
03/02/2012
10
11.38
5,100
900
Kovacs, Michael
4, 5
03/05/2012
10
11.49
5,300
200
Kovacs, Michael
4, 5
03/06/2012
10
11.18
5,700
400
Kovacs, Michael
4, 5
03/08/2012
10
11.2
5,800
100
Brookfield Asset
Management Inc.
Gray, James K.
4
08/04/2010
51
5.4667
Bombardier Inc.
Bombardier Inc.
Bombardier Inc.
Bombardier Inc.
Bonaparte Resources Inc.
Bonavista Energy
Corporation
Bonavista Energy
Corporation
Bonavista Energy
Corporation
Bonavista Energy
Corporation
Bonnett's Energy Corp.
Bonnett's Energy Corp.
Boralex Inc.
Boston Pizza Royalties
Income Fund
Income Fund
Income Fund
Brand Leaders Income Fund
March 23, 2012
Options
20.49
16,875
(2012) 35 OSCB 2876
Insider Reporting
Issuer Name
Security
Insider Name
Brookfield Asset
Management Inc.
Brookfield Asset
Management Inc.
Brookfield Asset
Management Inc.
Brookfield Asset
Management Inc.
Brookfield Asset
Management Inc.
Brookfield Infrastructure
Partners L.P.
Brookfield New Horizons
Income Fund
Brookfield Office Properties
Inc.
Inc.
Inc.
Inc.
Cadillac Mining Corporation
Cadillac Mining Corporation
Cadillac Ventures Inc.
Cadillac Ventures Inc.
Options
Gray, James K.
Caledonia Mining
Corporation
Caledonia Mining
Corporation
Calfrac Well Services Ltd.
Calian Technologies Ltd.
Calloway Real Estate
Investment Trust
Investment Trust
March 23, 2012
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
4
08/04/2010
51
5.4667
16,875
-16,875
Common Shares Class A Powell, William Mitchell
Limited Voting
Deferred Share Units
Powell, William Mitchell
5
03/12/2012
00
37,912
5
03/12/2012
00
17,823
Options
5
03/12/2012
00
795,500
Restricted Shares-US
5
03/12/2012
00
31,930
Limited Partnership Units Hamill, David John
4
12/31/2011
30
3,467
91
Units
Myhal, George
7
03/15/2012
10
102,160
40
Option Equivalents
Tang, Ricky
5
07/11/2007
00
Option Equivalents
Tang, Ricky
5
03/05/2012
50
21,500
21,500
Option Equivalents
Wilkinson, Kurt Andrew
7
03/02/2011
00
100,000
Option Equivalents
Wilkinson, Kurt Andrew
7
03/05/2012
50
159,000
59,000
Options
Options
Common Shares
Common Shares
4
4
5
3
07/31/2005
03/16/2012
03/14/2012
03/14/2012
00
50
10
10
0.17
0.19
0.18
200,000
2,009,000
1,753,125
200,000
60,000
-200,000
Common Shares
Childs, David William
Childs, David William
Brewster, Norman
Inwentash, Sheldon
3
03/09/2012
10
0.11
51,288,000
50,000
Common Shares
3
03/09/2012
10
0.11
51,288,000
50,000
Common Shares
Common Shares
Options 2004 Stock
Option Plan
Common Shares
Common Shares
Options 2004 Stock
Option Plan
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options 2004 Stock
Option Plan
Options 2004 Stock
Option Plan
Options 2004 Stock
Option Plan
Options 2004 Stock
Option Plan
Options 2004 Stock
Option Plan
Common Shares
Common Shares
Options 2004 Stock
Option Plan
Common Shares
Common Shares
Common Shares
Common Shares
Options 2004 Stock
Option Plan
Options 2004 Stock
Option Plan
Common Shares
Common Shares
Options 2004 Stock
Option Plan
Options 2004 Stock
Option Plan
Common Shares
Deferred Units
Grisdale, John Lindsay
5
5
5
03/15/2012
03/15/2012
03/15/2012
51
10
51
16.56
31.754
16.56
35,527
23,027
123,000
12,500
-12,500
-12,500
Medvedic, Tom
Medvedic, Tom
Medvedic, Tom
5
5
5
03/13/2012
03/13/2012
03/13/2012
51
10
51
16.56
31.54
16.56
17,441
4,941
92,500
12,500
-12,500
-12,500
Mignault, Matthew
Mignault, Matthew
Mignault, Matthew
Mignault, Matthew
Mignault, Matthew
Mignault, Matthew
Mignault, Matthew
5
5
5
5
5
5
5
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
51
51
51
10
51
10
51
22.48
22.48
22.48
32.942
20.74
32.862
22.48
Mignault, Matthew
5
03/13/2012
51
22.48
Mignault, Matthew
5
03/13/2012
51
22.48
45,750
-1,250
Mignault, Matthew
5
03/13/2012
51
20.74
38,250
-7,500
Montgomery, Robert
5
03/12/2012
50
32.48
60,500
8,000
Olinek, Michael Dean
5
5
5
03/13/2012
03/13/2012
03/13/2012
51
10
51
16.56
32.7018
16.56
3,285
785
52,750
2,500
-2,500
-2,500
Paslawski, Basil Mark
5
5
5
5
5
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
51
10
51
10
51
16.56
32.6041
22.48
32.6293
16.56
9,250
0
6,750
0
107,250
9,250
-9,250
6,750
-6,750
-9,250
5
03/13/2012
51
22.48
100,500
-6,750
Payne, Frederick Bruce
5
5
5
03/13/2012
03/13/2012
03/12/2012
51
10
50
16.56
33
32.48
6,399
5,899
87,750
500
-500
3,000
5
03/13/2012
51
16.56
87,250
-500
4, 5
4
03/09/2012
03/13/2012
10
97
19.62
178,000
38,620
-5,000
1,359
4
03/14/2012
38
0
-38,620
Deferred Units
O'Brien, Larry
Mawani, Al
Mawani, Al
9.5
11,250
10,000
17,500
10,000
1,250
1,250
1,250
-1,250
7,500
-7,500
-1,250
-1,250
(2012) 35 OSCB 2877
Insider Reporting
Issuer Name
Security
Insider Name
Investment Trust
Canaccord Capital Inc.
Canaccord Capital Inc.
Canaccord Financial Inc.
Canada Coal Inc.
Canada Coal Inc.
Canada Coal Inc.
Canada Coal Inc.
Canada Coal Inc.
Canada Coal Inc.
Canada Coal Inc.
Canada Fluorspar Inc.
Canada Lithium Corp.
Canadian Apartment
Properties Real Estate
Investment Trust
Canadian Apartment
Investment Trust
Canadian Apartment
Investment Trust
Canadian Apartment
Investment Trust
Canadian Apartment
Investment Trust
Canadian Apartment
Investment Trust
Canadian Apartment
Investment Trust
Canadian Apartment
Investment Trust
Canadian Apartment
Investment Trust
Canadian Apartment
Investment Trust
Canadian Apartment
Investment Trust
Canadian Apartment
Investment Trust
Canadian Apartment
Investment Trust
Canadian Apartment
Investment Trust
Canadian Energy Services &
Technology Corp.
Technology Corp.
Technology Corp.
Technology Corp.
Technology Corp.
Technology Corp.
Technology Corp.
Technology Corp.
Trust Units
Mawani, Al
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Rights Restricted Unit
Rights
Virvilis, Peter
Virvilis, Peter
HIGGINS, LYNN MARIE
Zaozirny, John Brian
Duncan, Robert Bruce
Power, Leo Patrick
Power, Leo Patrick
Power, Leo Patrick
Cudney, Robert Douglas
Amaral, Maria
Rights Deferred Units
March 23, 2012
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
4
03/14/2012
38
27.35
63,320
38,620
7
7
7
4
4
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4
4
4
4
4
4
5
12/31/2006
12/31/2006
03/14/2012
12/31/2009
12/31/2009
03/08/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
04/15/2009
04/15/2009
03/09/2012
03/08/2012
03/08/2012
03/09/2012
12/31/2011
30
30
10
30
30
10
10
10
10
10
10
10
00
00
10
10
10
10
30
18.19
18.19
8.7
10.9
10.9
0.27
0.27
0.26
0.25
0.23
0.225
0.22
2,224
2,020,500
2,025,000
2,050,000
2,070,000
2,090,000
2,190,000
2,197,000
248
236
-9
30
10
20,500
4,500
25,000
20,000
20,000
100,000
7,000
0.45
0.67
0.67
0.6721
19.45
55,556
135,056
9,895,000
9,928,500
10,394,000
18,051
69,500
6,500
33,500
465,500
882
Burke, Harold
4
12/31/2011
30
20.88
9,868
4,228
Rights
Cryer, Scott
5
12/31/2011
30
19.61
Rights
Cryer, Scott
5
12/31/2011
30
20.14
1,140
30
Options
Harris, Paul
4
03/15/2012
51
13.73
0
-20,000
Harris, Paul
4
12/31/2011
30
20.78
19,621
4,620
Hawken, Edwin F.
4
12/31/2011
30
20.73
13,112
2,443
Rights
Kenney, Mark
5
12/31/2011
30
19.45
30,721
1,502
Rights
Lapointe, Yann
5
12/31/2011
30
19.4
10,234
516
Rights
MacPherson, Patricia
5
12/31/2011
30
19.4
5,458
275
Rights
Schwartz, Thomas
4, 5
12/31/2011
30
19.45
66,630
3,257
Stein, Michael
4, 5
12/31/2011
30
20.76
22,013
4,716
Swartzman, Stanley
4
12/31/2011
30
20.76
22,013
4,716
Williams, David Michael
4
12/31/2011
30
20.76
22,013
4,716
Restricted Share Units
Nieboer, Craig Frederick
5
01/01/2010
00
Nieboer, Craig Frederick
5
03/13/2012
56
13.01
51,159
51,159
Simons, Thomas James
4, 5
01/01/2010
00
Simons, Thomas James
4, 5
03/13/2012
56
13.01
51,159
51,159
Zandee, Kenneth Dale
6, 5
01/01/2010
00
6, 5
03/13/2012
56
13.01
6, 5
03/13/2012
56
13.01
Zinger, Kenneth Earl
5
01/01/2010
00
236
2,719
51
51,109
51,159
51,159
(2012) 35 OSCB 2878
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Technology Corp.
Technology Corp.
Canadian National Railway
Company
Company
Company
Canadian Oil Recovery &
Remediation Enterprises Ltd.
Date/Month End
Holdings
Acquired/
Disposed
5
03/13/2012
56
13.01
5
03/13/2012
56
13.01
51,159
51,159
Common Shares
Liepelt, Jeff A.
5
03/15/2012
51
44.67
12,382
6,000
Common Shares
Liepelt, Jeff A.
5
03/15/2012
10
79.4978
6,382
-6,000
Options
Liepelt, Jeff A.
5
03/15/2012
51
44.67
40,800
-6,000
Common Shares
Lorenzo, John Michael
4
03/09/2012
10
0.375
3,412,342
4,500
Common Shares
4
03/12/2012
10
0.3639
3,424,342
12,000
Common Shares
4
03/13/2012
10
0.3483
3,427,342
3,000
Common Shares
4
03/14/2012
10
0.345
3,429,842
2,500
Common Shares
4
03/15/2012
10
0.345
3,433,842
4,000
Canadian Oil Sands Limited Common Shares
Bourne, Ian Alexander
4
03/15/2012
10
22.03
16,142
907
Dawson, Robert
5
03/09/2012
51
19.15
8,510
4,500
Canadian Oil Sands Limited Options
Dawson, Robert
5
03/09/2012
51
19.15
97,116
-4,500
Canadian Oil Sands Limited Deferred Share Units
Grandey, Gerald Wayne
4
03/15/2012
56
5,345
1,977
LOWRY, Donald James
4
03/15/2012
10
22.03
18,984
1,461
Raiss, Sarah
4
01/01/2012
00
Raiss, Sarah
4
03/15/2012
10
22.03
907
907
6,836
1,469
1,469
1,469
51,109
Read, John K.
4
03/15/2012
56
Sangster, Brant G.
4
12/31/2010
00
Sangster, Brant G.
4
03/15/2012
56
Shultz, C.E. (Chuck)
4
03/15/2012
10
22.03
105,442
907
Twiss, Wesley R.
4
03/15/2012
10
22.03
49,015
1,032
4
03/15/2012
56
6,836
1,469
Canadian Quantum Energy
Corporation
Corporation
Corporation
Corporation
Corporation
Corporation
Corporation
Corporation
Corporation
Corporation
Corporation
Corporation
Canadian Real Estate
Investment Trust
Canadian REIT Income
Fund
Options
Brett, Douglas James
3, 4, 5
10/31/2011
38
0
-770,000
Options
Brett, Douglas James
3, 4, 5
01/24/2012
50
1,000,000
1,000,000
Common Shares
KOENIG, MICHAEL K.
4
11/20/2009
37
412,664
309,498
Options
KOENIG, MICHAEL K.
4
11/20/2009
37
372,500
270,000
Options
KOENIG, MICHAEL K.
4
11/20/2009
37
410,000
37,500
Options
KOENIG, MICHAEL K.
4
10/31/2011
38
50,000
-360,000
Options
KOENIG, MICHAEL K.
4
10/31/2011
38
0
-50,000
Options
KOENIG, MICHAEL K.
4
01/24/2012
50
500,000
500,000
Options
Leslie, Eric M.
4
10/31/2011
38
50,000
-360,000
Options
Leslie, Eric M.
4
10/31/2011
38
0
-50,000
Options
Leslie, Eric M.
4
01/24/2012
50
500,000
500,000
Options
Munro, Neil David
4
10/30/2011
52
0
-410,000
Units Real Estate
Investment Trust Units
Units
Brough, John A.
4
03/12/2012
30
3,636
74
Dinelle, Paul Vincent
4
08/29/2011
00
March 23, 2012
(2012) 35 OSCB 2879
Insider Reporting
Issuer Name
Security
Insider Name
Canadian REIT Income
Fund
Canadian Spirit Resources
Inc.
Inc.
Inc.
Inc.
Inc.
Inc.
Inc.
Canadian Tire Corporation,
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Units
March 23, 2012
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Dinelle, Paul Vincent
4
03/12/2012
10
10.1292
5,000
5,000
Common Shares
Elmag Investments inc.
3
01/24/2012
10
0.58
11,017,500
20,000
Common Shares
3
03/01/2012
10
0.63
13,002,500
50,000
Common Shares
3
03/02/2012
10
0.63
13,207,500
140,000
Common Shares
3
03/05/2012
10
0.635
13,402,500
195,000
Common Shares
3
03/06/2012
10
0.62
13,517,500
115,000
Common Shares
3
03/14/2012
10
0.59
13,994,500
477,000
Common Shares
3
03/15/2012
10
0.59
14,017,500
23,000
Options
Arnett, Michael George
5
03/13/2012
50
63.668
157,899
27,128
Performance Share Units Arnett, Michael George
5
03/13/2012
56
63.668
25,646
5,507
7, 5
03/13/2012
56
63.668
24,265
10,012
Collver, Robyn Anne
3, 7, 5
03/13/2012
50
63.668
44,302
10,358
Performance Share Units Collver, Robyn Anne
3, 7, 5
03/13/2012
56
63.668
8,567
2,102
Drysdale, Linda Janet
7
03/13/2012
50
63.668
13,090
3,481
Performance Share Units Drysdale, Linda Janet
7
03/13/2012
56
63.668
3,392
706
Options
5
03/13/2012
50
63.668
46,024
10,358
5
03/13/2012
56
63.668
8,465
2,102
5
03/13/2012
50
63.668
14,407
8,269
Performance Share Units Butt, Glenn Gerard
Options
Options
Freudenthaler, Kristine
Elizabeth
Performance Share Units Freudenthaler, Kristine
Elizabeth
Options
Fulton, Duncan Stanley
Allpress
Performance Share Units Fulton, Duncan Stanley
Allpress
Options
MacLean, Candace Ann
5
03/13/2012
56
63.668
3,815
1,678
7, 5
03/13/2012
50
63.668
28,323
3,481
Performance Share Units MacLean, Candace Ann
7, 5
03/13/2012
56
63.668
3,922
706
Marrone, Marco
5
03/13/2012
50
63.668
184,666
55,320
Performance Share Units Marrone, Marco
5
03/13/2012
56
63.668
19,247
5,615
Options
McCann, Dean Charles
5
03/13/2012
50
63.668
73,711
23,429
Performance Share Units McCann, Dean Charles
5
03/13/2012
56
63.668
12,983
4,756
63.668
27,128
27,128
Options
Options
Medline, Michael Bennett
7, 5
08/18/2011
00
Options
Medline, Michael Bennett
7, 5
03/13/2012
50
Performance Share Units Medline, Michael Bennett
7, 5
08/18/2011
00
Performance Share Units Medline, Michael Bennett
7, 5
03/13/2012
56
63.668
5,507
5,507
Options
Mindorff, Christopher
Robert
Performance Share Units Mindorff, Christopher
Robert
Common Shares
Nathanson, Douglas Bigler
7
03/13/2012
50
63.668
11,314
3,868
7
03/13/2012
56
63.668
3,988
785
5
08/24/2009
00
Common Shares
5
03/05/2012
97
1
1
CTC Share Unit Fund
(DPSP)
CTC Share Unit Fund
(DPSP)
Non-Voting Shares Class
A
Options
5
08/24/2009
00
5
03/05/2012
97
39
39
5
03/05/2012
97
302
244
5
03/05/2012
97
10,677
2,739
Options
5
03/13/2012
50
19,719
9,042
Performance Share Units Nathanson, Douglas Bigler
5
08/24/2009
00
63.668
(2012) 35 OSCB 2880
Insider Reporting
Issuer Name
Security
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Canadian Utilities Limited
Canadian Utilities Limited
Canadian Western Bank
March 23, 2012
Rel'n
Transaction
Date
T/O
Date/Month End
Holdings
Acquired/
Disposed
5
03/05/2012
97
3,653
3,653
5
03/13/2012
56
5,488
1,835
CTC Share Unit Fund
(DPSP)
CTC Share Unit Fund
(DPSP)
A
Options
Salt, John Douglas
5
01/09/2009
00
Salt, John Douglas
5
03/05/2012
97
356
356
Salt, John Douglas
5
03/05/2012
97
5,378
1,580
Salt, John Douglas
5
03/05/2012
97
28,939
2,255
Options
Salt, John Douglas
5
03/13/2012
50
38,803
9,864
Performance Share Units Salt, John Douglas
5
01/09/2009
00
5
03/05/2012
97
5,256
5,256
5
03/13/2012
56
63.668
7,258
2,002
Silver, Kenneth
7, 5
03/13/2012
50
63.668
76,860
13,646
Performance Share Units Silver, Kenneth
7, 5
03/13/2012
56
63.668
11,657
2,770
Silver, Kenneth
7, 5
03/13/2012
56
63.668
8,398
1,963
Options
Sinnott, Patrick Ronan
5
03/13/2012
59
76,533
-22,979
Options
Sinnott, Patrick Ronan
5
03/13/2012
50
63.668
98,293
21,760
Performance Share Units Sinnott, Patrick Ronan
5
03/13/2012
56
63.668
19,756
4,417
CTC Share Unit Fund
Taylor, Henry (Harry) Park
(DPSP)
Non-Voting Shares Class Taylor, Henry (Harry) Park
A
Options
5
03/05/2012
00
5
03/05/2012
00
5
03/05/2012
00
Options
5
03/13/2012
50
Performance Share Units Taylor, Henry (Harry) Park
5
03/05/2012
00
Performance Share Units Taylor, Henry (Harry) Park
5
03/13/2012
56
Turner, Mary Louise
7, 5
03/05/2012
Turner, Mary Louise
7, 5
Options
Insider Name
Unit
Price
63.668
63.668
122
8,217
63.668
25,625
17,408
2,407
63.668
5,940
3,533
97
1,673
65
03/05/2012
97
6,062
752
CTC Share Unit Fund
(DPSP)
A
A
Options
Turner, Mary Louise
7, 5
03/05/2012
97
0
-2,550
Turner, Mary Louise
7, 5
03/05/2012
97
21,986
-6,761
Options
Turner, Mary Louise
7, 5
03/13/2012
50
36,130
14,144
Performance Share Units Turner, Mary Louise
7, 5
03/05/2012
97
3,849
809
Performance Share Units Turner, Mary Louise
7, 5
03/13/2012
56
63.668
6,720
2,871
Wetmore, Stephen Gerald
4, 7, 5
03/13/2012
50
63.668
727,304
193,429
Performance Share Units Wetmore, Stephen Gerald
4, 7, 5
03/13/2012
56
63.668
94,272
19,633
4
03/14/2012
51
28.64
11,171
750
Charlton, Loraine M.
Addington, William James
Baker, Adrian
Baker, Adrian
Baker, Adrian
Baker, Adrian
4
5
5
5
5
5
5
5
4, 5
4, 5
4, 5
4, 5
03/14/2012
03/12/2012
03/12/2012
03/12/2012
03/14/2012
03/14/2012
03/15/2012
03/14/2012
12/31/2011
06/10/2011
12/13/2011
06/10/2011
51
10
10
10
51
10
10
51
30
50
50
56
0
18,183
17,183
16,183
26,183
25,583
25,183
84,695
15,232
26,026
31,555
5,979
-750
-3,000
-1,000
-1,000
10,000
-600
-400
-10,000
933
3,723
5,529
813
Baker, Adrian
4, 5
06/10/2011
56
6,793
814
Options
A
Options 57.29
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Common Shares
Options
Options
Rights Restricted Share
Units
Units
Charlton, Loraine M.
63.668
29.6
29.75
29.8
11.758
29.6
29.85
11.758
29.26
25.464
(2012) 35 OSCB 2881
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Baker, Adrian
4, 5
06/10/2011
Baker, Adrian
4, 5
Baker, Adrian
Units
Units
Units
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Options
Units
Units
Units
Units
Units
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Options
Units
Units
Units
Units
Units
Common Shares
Canam Group Inc.
Canam Group Inc.
Canam Group Inc.
Canam Group Inc.
Canam Group Inc.
Canam Group Inc.
Canam Group Inc.
Canam Group Inc.
Canam Group Inc.
Canam Group Inc.
Canam Group Inc.
Canam Group Inc.
Canam Group Inc.
CanElson Drilling Inc.
Common Shares
Common Shares
Common Shares
Options
Common Shares
Common Shares
Options
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Options
Common Shares
March 23, 2012
Date/Month End
Holdings
Acquired/
Disposed
56
7,607
814
06/11/2011
59
6,496
-1,111
4, 5
06/11/2011
59
5,515
-981
5
12/31/2011
30
29.26
726
718
5
03/12/2012
10
29.25
1,440
-1,000
5
03/12/2012
10
29.64
1,340
-100
5
03/12/2012
10
29.61
540
-800
5
03/12/2012
10
29.62
440
-100
5
03/12/2012
10
29.75
40
-400
5
5
5
5
5
5
5
5
12/31/2011
03/14/2012
12/31/2011
12/31/2011
12/31/2011
06/10/2011
12/14/2011
06/10/2011
30
10
30
30
30
50
50
56
29.26
29.65
29.26
27.945
29.43
7,890
7,390
16,042
16,273
1,820
75,336
101,958
9,123
905
-500
1,496
231
33
14,074
26,622
1,367
Fowler, Christopher Hector
5
06/10/2011
56
10,490
1,367
5
06/10/2011
56
11,857
1,367
5
06/11/2011
59
10,278
-1,579
5
06/11/2011
59
8,746
-1,532
Furlan, Mario Vittorio
Halliwell, Michael Norman
5
5
5
5
5
5
5
5
5
5
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
12/31/2011
06/10/2011
12/14/2011
06/10/2011
10
10
10
10
10
10
30
50
50
56
38,986
36,686
35,086
29,946
29,746
29,646
13,392
44,344
55,525
8,748
-700
-2,300
-1,600
-5,140
-200
-100
1,123
7,446
11,181
1,085
5
06/10/2011
56
9,833
1,085
5
06/10/2011
56
10,918
1,085
5
06/11/2011
59
30.757
9,640
-1,278
5
06/11/2011
59
30.757
8,363
-1,277
Hohol, Linda Margaret
Owerri
Knaak, Uve
Knaak, Uve
Knaak, Uve
Knaak, Uve
Logan, Nicholas Robert
Pollock, Laurence Malcolm
Pollock, Laurence Malcolm
Dussault, Serge
Dussault, Serge
Dutil, Marcel E.
Dutil, Marcel E.
GROUPE CANAM INC.
GROUPE CANAM INC.
GROUPE CANAM INC.
GROUPE CANAM INC.
GROUPE CANAM INC.
GROUPE CANAM INC.
GROUPE CANAM INC.
GROUPE CANAM INC.
GROUPE CANAM INC.
Hawkins, Rodger Glen
Hawkins, Rodger Glen
Logan, John Robert
4
03/14/2012
10
29.47
3,800
1,000
5
5
5
5
7
4, 5
4, 5
5
5
3, 4, 5
3, 4, 5
1
1
1
1
1
1
1
1
1
4
4
4
03/12/2012
03/13/2012
03/13/2012
03/12/2012
12/31/2011
03/12/2012
03/12/2012
03/14/2012
03/14/2012
03/12/2012
03/12/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
03/12/2012
03/13/2012
03/13/2012
03/14/2012
03/14/2012
11/11/2011
11/11/2011
03/08/2012
10
10
10
51
30
51
51
10
10
11
11
38
38
38
38
38
38
38
38
38
50
50
51
29.9
29.83
29.8
11.758
29.26
29.9
21.459
5.07
5.08
5
5
4.91
4.94
5
17,130
16,730
16,130
13,466
106,606
417,490
475,995
6,549
6,249
0
4,824,515
16,998
18,398
21,298
16,098
19,898
26,096
28,096
31,696
36,294
1,213
-400
-600
-2,000
1,660
16,938
-60,000
-3,700
-300
-33,476
33,476
500
1,400
2,900
-5,200
3,800
6,198
2,000
3,600
4,598
40,000
40,000
21,000
Bobinski, Trent Carey
Raymond
Raymond
Raymond
Raymond
Raymond
Raymond
Christensen, Lars Kurt
Christensen, Lars Kurt
Unit
Price
29.2928
29.2404
29.305
29.2527
29.28
29.27
29.26
30.757
25.464
5.01
5.1
5.09
5.07
5.1
4
4
3
103,000
57,000
(2012) 35 OSCB 2882
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Canexus Corporation
Canexus Corporation
Canexus Corporation
Canexus Corporation
Canexus Corporation
Canexus Corporation
Options
Common Shares
Common Shares
Common Shares
Options
Rights Options Bonus
Rights
Common Shares
Common Shares
Common Shares
Options
Options
Options
Rights
Rights
Rights
Common Shares
Logan, John Robert
dos Santos, Pericles
4
7
7
7
7
7
03/08/2012
10/18/2011
10/18/2011
10/18/2011
10/18/2011
10/18/2011
51
51
57
10
51
57
3
7.82
138,000
88,742
102,595
68,742
75,000
81,147
-21,000
20,000
13,853
-33,853
-20,000
-13,853
Kreuz, Hazel Ann Blair
5
5
5
5
5
5
5
12/07/2011
12/07/2011
12/07/2011
07/08/2011
07/08/2011
12/07/2011
07/08/2011
51
57
10
00
00
51
00
6.394
37,612
42,875
28,612
9,000
5,263
-14,263
4.89
64,000
80,000
-9,000
5
07/08/2011
00
67,917
5
12/07/2011
57
62,654
-5,263
McLellan, Richard Thomas
5
03/14/2012
51
62,094
25,000
Canexus Corporation
Common Shares
5
03/14/2012
57
73,239
11,145
Canexus Corporation
Common Shares
5
03/14/2012
10
8.1303
37,094
-36,145
Canexus Corporation
Options
5
03/14/2012
51
3.12
223,000
-25,000
Canexus Corporation
Rights
Combined Units
5
03/14/2012
57
234,037
-11,145
Chernoff, M. Bruce
3
02/24/2012
10
9.75
-252,000
Combined Units
Chernoff, M. Bruce
3
02/24/2012
10
9.75
-252,000
Units Class A Units
7
03/14/2012
10
9.3692
Canyon Services Group Inc. Common Shares
Canso Investment Counsel
Ltd.
Antony, Raymond Peter
4
03/09/2012
10
Canyon Services Group Inc. Common Shares
Grad, Stan
4
03/09/2012
47
Capital Power Corporation
Common Shares
Options
Performance Share Units
5
5
5
5
4
12/31/2011
03/21/2011
03/21/2011
12/31/2011
12/31/2011
30
50
56
30
56
23.04
24.9
24.84
25.55
24.87
4
12/31/2011
30
Common Shares
Arnold, Hugh Peter
Arnold, Hugh Peter
Arnold, Hugh Peter
Arnold, Hugh Peter
Bellstedt, Albrecht Wilhelm
Albert
Bellstedt, Albrecht Wilhelm
Albert
Bennett, William E.
Bennett, William E.
Bentz, Brian C.
Bentz, Brian C.
Bolton, Hugh John
Bolton, Hugh John
Chisholm, Burness Kathryn
4
4
4
4
4
4
5
12/31/2011
12/31/2011
12/31/2011
12/31/2011
12/31/2011
12/31/2011
12/31/2011
56
30
56
30
56
30
30
Options
Chisholm, Burness Kathryn
5
03/21/2011
Performance Share Units Chisholm, Burness Kathryn
5
03/21/2011
Performance Share Units Chisholm, Burness Kathryn
5
Options
Options
Canexus Corporation
Canexus Corporation
Canexus Corporation
Canexus Corporation
Canexus Corporation
Canexus Corporation
Canexus Corporation
Canexus Corporation
Canexus Corporation
Canoe 'GO CANADA'
Income Fund
Canoe 'GO CANADA'
Income Fund
Canso Credit Income Fund
March 23, 2012
Cruickshank, Richard
Herbert
Cruickshank, Richard
Herbert
Danroth, Allan
Danroth, Allan
Danroth, Allan
DeNeve, Bryan
DeNeve, Bryan
DeNeve, Bryan
Lachambre, Philip
Lachambre, Philip
MacNeill, Brian F.
MacNeill, Brian F.
Phillips, Robert L.
Phillips, Robert L.
Phillips, Robert L.
Rennie, Janice Gaye
Rennie, Janice Gaye
5.5027
7.82
4.89
3.12
120,900
4,800
40,000
-10,000
2,226,758
-1,358
1,675
138,490
7,030
7,334
7,862
84
37,426
3,803
304
3,217
25.45
8,156
294
24.87
25.45
24.87
25.45
24.87
25.45
23.04
10,073
10,450
7,862
8,156
11,302
11,725
3,376
4,122
377
3,217
294
4,625
423
844
50
24.9
155,893
42,665
56
24.84
7,980
4,336
12/31/2011
30
25.55
8,325
345
4
12/31/2011
56
24.87
11,302
4,625
4
12/31/2011
30
25.45
11,725
423
5
5
5
5
5
5
4
4
4
4
4
4
4
4
4
03/21/2011
03/21/2011
12/31/2011
03/21/2011
03/21/2011
12/31/2011
12/31/2011
12/31/2011
12/31/2011
12/31/2011
12/31/2011
12/31/2011
12/31/2011
12/31/2011
12/31/2011
50
56
30
50
56
30
56
30
56
30
56
30
30
56
30
24.9
24.84
25.55
24.9
24.84
25.55
24.87
25.45
24.87
25.45
24.87
25.45
25.45
24.87
25.45
41,587
3,049
3,178
80,715
5,067
5,273
7,911
8,207
10,687
11,087
11,793
17,729
1,802
129
35,929
3,651
206
3,237
296
4,373
400
4,826
441
442
4,625
423
12,235
11,302
11,725
(2012) 35 OSCB 2883
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Capstone Infrastructure
Corporation
Corporation
Corporation
Corporation
Corporation
Corporation
CardioComm Solutions, Inc.
Carlisle Goldfields Limited
Carmanah Technologies
Corporation
Corporation
Corporation
Corporation
Corporation
Corporation
Corporation
Corporation
Cascades Inc.
Cascades Inc.
Cascades Inc.
Cascades Inc.
Cascades Inc.
Cascades Inc.
Cascades Inc.
Cascades Inc.
Catch the Wind Ltd.
Catch the Wind Ltd.
CBM Asia Development
Corp.
Corp.
Corp.
Corp.
Corp.
Corp.
Corp.
Corp.
Corp.
Corp.
Corp.
Corp.
Corp.
Corp.
Corp.
Celestica Inc.
Options
Common Shares
Vaasjo, Brian Tellef
Brown, Derek
4, 5
4, 5
4, 5
4, 5
03/21/2011
03/21/2011
12/31/2011
03/13/2012
50
56
30
10
24.9
24.84
25.55
4.1
615,251
42,845
44,728
93,493
206,591
20,995
1,883
20,000
Common Shares
Brown, Derek
4, 5
03/13/2012
10
4.09
98,693
5,200
Common Shares
Brown, Derek
4, 5
03/13/2012
10
4.08
103,493
4,800
Preferred Shares
Cowan, James Charles
Strathy
Cowan, James Charles
Strathy
Sardo, Vincent James
4
04/18/2011
00
4
03/12/2012
10
18.25
3,000
3,000
4
03/12/2012
10
4.07
10,000
2,500
4
4
3
03/09/2012
03/13/2012
03/05/2012
10
10
10
0.4945
0.27
0.48
74,000
15,040,000
4,593,000
22,000
144,000
10,000
3
03/06/2012
10
0.48
4,602,000
9,000
3
03/07/2012
10
0.49
4,622,000
20,000
3
03/08/2012
10
0.5
4,672,000
50,000
3
03/08/2012
10
0.51
4,725,000
53,000
3
03/09/2012
10
0.5
4,758,000
33,000
3
03/13/2012
10
0.5
4,819,000
61,000
3
03/13/2012
10
0.51
4,854,500
35,500
3, 4, 5
3, 4, 5
3, 4, 5
3, 4, 5
3, 4, 5
3, 4, 5
3, 4, 5
7
3
3
4, 5
03/14/2012
03/14/2012
03/14/2012
03/15/2012
03/15/2012
03/15/2012
03/15/2012
03/13/2012
03/09/2012
03/09/2012
03/09/2012
10
10
10
10
10
10
10
00
10
10
50
4.14
4.15
4.16
4.16
4.17
4.18
4.19
12,142,286
12,154,486
12,155,186
12,159,186
12,162,386
12,164,186
12,165,186
2,300
12,200
700
4,000
3,200
1,800
1,000
0.135
0.13
1,063,000
0
1,380,000
-100,000
-1,063,000
680,000
4, 5
03/09/2012
50
2,131,000
1,131,000
4
03/09/2012
50
1,852,000
1,192,000
4, 5
03/09/2012
50
2,046,000
1,486,000
Celestica Inc.
Celtic Exploration Ltd.
March 23, 2012
Preferred Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Grima, Etienne Anthony
Reid, Bruce
Sonnenfeldt, Michael
William
William
William
William
William
William
William
William
Lemaire, Laurent
Lemaire, Laurent
Lemaire, Laurent
Lemaire, Laurent
Lemaire, Laurent
Lemaire, Laurent
Lemaire, Laurent
Lévesque, Gino
Dakin, Elizabeth Anne
Dakin, Elizabeth Anne
Bloomquist, Charles
William
Charuk, Alan Timothy
Options
Charuk, James M.
Options
Clarke, Adam Quinton
Options
Friberg, James Frederick
4
03/09/2012
50
525,000
325,000
Options
Hurren, James Douglas
5
03/09/2012
50
656,000
406,000
Common Shares
Indus Capital Partners, LLC
3
03/08/2012
00
Common Shares
3
03/08/2012
16
0.18
15,000,000
15,000,000
Warrants
3
03/08/2012
00
Warrants
3
03/08/2012
16
0.18
15,000,000
15,000,000
Options
Moroney, Donna
5
03/09/2012
50
100,000
50,000
Options
Potter, Keith
5
11/21/2011
00
Options
Potter, Keith
5
03/09/2012
50
98,000
98,000
Options
Sharples, Clint
4
03/09/2012
50
393,000
193,000
Options
Stevens, Scott H.
4, 5
03/09/2012
50
2,197,000
897,000
Subordinate Voting
Shares
Subordinate Voting
Shares
Stock Options
Stock Options
Peri, John
5
03/12/2012
10
9.3668
239,751
-50,000
Peri, John
5
03/13/2012
10
9.7147
189,751
-50,000
Dales, Robert John
Franks, Alan G.
4
5
03/13/2012
03/13/2012
50
50
15.5
15.5
145,000
378,338
15,000
75,000
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
0.19
(2012) 35 OSCB 2884
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Cenovus Energy Inc.
Cenovus Energy Inc.
Centerra Gold Inc.
Centerra Gold Inc.
Centerra Gold Inc.
Centerra Gold Inc.
Centerra Gold Inc.
Centerra Gold Inc.
Centerra Gold Inc.
CGI Group Inc.
Guinan, William Charles
Lalani, Sadiq
McIntyre, Eldon Angus
Shea, Michael
Sinclair, Neil Graham
Wilson, David John
Hofstetter, Larry Allen
Robertson, Neil William
Girard, Raphael Arthur
d'Aquino, Thomas Paul
4, 5
5
4
5
4
3, 4, 5
7
5
4
4
4
4
4
4
4
4
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/12/2012
03/12/2012
09/30/2010
03/15/2012
09/30/2010
03/15/2012
03/15/2012
03/15/2012
03/15/2012
03/15/2012
50
50
50
50
50
50
56
56
00
10
00
10
10
10
10
47
15.5
15.5
15.5
15.5
15.5
15.5
145,000
605,000
198,000
560,200
198,000
842,500
11,905
32,806
15,000
75,000
15,000
75,000
15,000
75,000
5,304
8,017
16.79
294
294
16.8
16.82
16.79
16.8
200
294
8,860
8,954
0
200
94
200
94
-245
Rancourt, Suzanne
Rancourt, Suzanne
Rancourt, Suzanne
5
5
5
03/14/2012
03/14/2012
03/14/2012
51
51
51
8.55
7.72
8.55
19,563
17,563
4,000
-4,000
-2,000
4,000
Rancourt, Suzanne
5
03/14/2012
51
7.72
6,000
2,000
Rancourt, Suzanne
5
03/14/2012
10
21.77
0
-6,000
Rancourt, Suzanne
5
03/12/2012
10
21.35
0
-2,350
Sheldon, Donald A.
Sheldon, Donald A.
Sheldon, Donald A.
4
4
4
09/30/2008
03/12/2012
09/30/2008
00
54
00
2,500
2,500
Sheldon, Donald A.
4
03/12/2012
11
1.5
2,500
2,500
Sheldon, Donald A.
4
03/12/2012
54
1.5
0
-2,500
Sheldon, Donald A.
4
03/12/2012
11
1.5
Sheldon, Donald A.
4
03/12/2012
11
1.5
Charger Energy Corp.
Stock Options
Stock Options
Stock Options
Stock Options
Stock Options
Stock Options
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Subordinate Voting
Shares Classe A
Options
Options
Subordinate Voting
Shares Classe A
Subordinate Voting
Shares Classe A
Subordinate Voting
Shares Classe A
Subordinate Voting
Shares Classe A
Common Shares
Common Shares
Warrants expiring April
30, 2012
30, 2012
30, 2012
30, 2012
30, 2012
Common Shares Class A
Buchanan, Thomas William
4, 5
03/06/2012
00
123,638
Common Shares Class A Buchanan, Thomas William
4, 5
03/06/2012
00
90,983
4, 5
03/06/2012
00
2,909,120
4, 5
03/16/2012
10
Replacement Options
4, 5
03/06/2012
00
163,638
Replacement Warrants
4, 5
03/06/2012
00
2,909,120
Replacement Options
Replacement Options
Replacement Options
Replacement Options
Cowan, Kelly Dean
Cowan, Kelly Dean
Cowan, Kelly Dean
Cowan, Kelly Dean
Cowan, Kelly Dean
Cowan, Kelly Dean
Cowan, Kelly Dean
Findlay, Randall J.
Findlay, Randall J.
Findlay, Randall J.
Findlay, Randall J.
Findlay, Randall J.
Fournier, Daniel Paul-Emile
5
5
5
5
5
5
5
4
4
4
4
4
5
03/06/2012
03/09/2012
03/06/2012
03/06/2012
03/06/2012
03/06/2012
03/06/2012
03/06/2012
03/06/2012
03/06/2012
03/06/2012
03/06/2012
03/06/2012
00
10
00
00
00
00
00
00
00
00
00
00
00
Replacement Options
Fournier, Daniel Paul-Emile
5
03/06/2012
00
145,456
Replacement Options
Replacement Options
Replacement Options
Milford, John Calverley
O'Byrne, Daniel James
Shaikh, Mazhar H. (Mike)
Walker, Mark Nicholas
5
5
5
5
5
4, 5
4, 5
4, 5
4
4
4
4
5
03/06/2012
03/06/2012
03/06/2012
03/06/2012
03/06/2012
03/06/2012
03/06/2012
03/06/2012
03/06/2012
03/06/2012
03/06/2012
03/06/2012
03/06/2012
00
00
00
00
00
00
00
00
00
00
00
00
00
349,095
72,728
163,638
163,638
72,728
1,185,540
163,638
1,090,920
727,280
6,960
90,910
727,280
800
CGI Group Inc.
CGI Group Inc.
CGI Group Inc.
CGI Group Inc.
CGI Group Inc.
CGI Group Inc.
Champion Minerals Inc.
March 23, 2012
1.4
1.62
2,500
0
2,959,120
20,000
596,443
132,365
163,638
596,369
130,910
437,808
-2,500
50,000
20,000
90,910
363,640
327,276
(2012) 35 OSCB 2885
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Chartwell Seniors Housing
Real Estate Investment Trust
Replacement Options
Replacement Options
Subscription Receipts
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
WRIGHT, JOHN DAVID
WRIGHT, JOHN DAVID
WRIGHT, JOHN DAVID
Harris, Michael Deane
5
5
5
4
4
4
4
03/06/2012
03/06/2012
03/06/2012
03/06/2012
03/06/2012
03/06/2012
03/09/2012
00
00
00
00
00
00
15
4
11/14/2003
00
4
03/09/2012
15
8.2
Trust Units
4
03/09/2012
15
8.2
10,000
Trust Units
4
03/09/2012
15
8.2
10,000
Choice Gold Corp
Choice Gold Corp
Chorus Aviation Inc.
CI Financial Corp.
Class B Voting Shares
Debentures 3.30%
Debentures due 2012
CI Financial Corp.
Debentures 3.30%
Debentures due 2012
CI Financial Corp.
Debentures 3.30%
Debentures due 2012
CI Financial Corp.
Debentures 3.30%
Debentures due 2012
CI Financial Corp.
Common Shares
CI Financial Corp.
Common Shares
CI Financial Corp.
Common Shares
CI Financial Corp.
Common Shares
CI Financial Corp.
Common Shares
CI Financial Corp.
Common Shares
CI Financial Corp.
Common Shares
CI Financial Corp.
Options
CI Financial Corp.
Options
Cineplex Inc.
Options
Cineplex Inc.
Options
Cineplex Inc.
Options
Cineplex Inc.
Options
Cineplex Inc.
Common Shares
Cineplex Inc.
Common Shares
Cinram International Income Units
Fund
Fund
Fund
Cipher Pharmaceuticals Inc. Common Shares
Riverside Resources Inc.
Riverside Resources Inc.
Falconer, Richard Douglas
STEER, Richard A.
STEER, Richard A.
STEER, Richard A.
TAPSON, Scott
3
3
4
5
5
5
5
3
12/13/2011
02/02/2012
03/01/2012
12/31/2010
03/08/2012
03/08/2012
03/15/2012
03/09/2012
45
45
00
00
90
90
10
10
3
03/12/2012
3
1,147,339
163,638
1,090,920
363,640
90,910
363,640
8.2
10,000
10,000
10,000
8,850,000
9,100,000
15,000
250,000
250,000
3.52
100.89
1,497
90,624
7,760
$3,422,000
1,497
-1,497
-9,350
$4,000
10
100.89
$3,449,000
$27,000
03/13/2012
10
100.89
$3,489,000
$40,000
3
03/14/2012
10
100.86
$3,515,000
$26,000
Chang, G. Raymond
Chang, G. Raymond
Chang, G. Raymond
Chang, G. Raymond
Chang, G. Raymond
MacPhail, Stephen A.
Jacob, Ellis
Kent, Jeff
Mandryk, Suzanna
Mandryk, Suzanna
Stanghieri, Fabrizio
Stanghieri, Fabrizio
Brown, Steven George
7
7
7
7
7
5
5
5
5
5
5
5
5
5
5
5
03/09/2012
03/12/2012
03/13/2012
03/14/2012
03/15/2012
03/15/2012
03/16/2012
03/15/2012
03/15/2012
03/12/2012
03/12/2012
03/13/2012
03/13/2012
03/09/2012
03/13/2012
03/08/2012
10
10
10
10
10
51
10
51
51
59
59
59
59
10
10
97
22.05
22.2
22.23
22.55
22.64
22.75
22.7476
11.6
15.59
11,812,340
11,802,340
11,792,340
11,777,340
11,770,540
783,571
736,811
601,934
580,967
891,905
48,605
40,106
37,106
4,890
4,290
0
-10,000
-10,000
-10,000
-15,000
-6,800
46,760
-46,760
-111,667
-20,967
-50,000
-30,000
-4,855
-3,000
-400
-600
-807,900
Cinram International
Income Fund
Cinram International
Income Fund
Aigner, Stefan
1
03/08/2012
97
1,273,400
1,273,400
1
03/08/2012
38
0
-1,273,400
4
03/15/2012
30
1.05
21,209
3,480
Andrews, Larry
5
03/15/2012
30
1.05
132,031
2,341
Claypool, William
4
03/15/2012
30
1.05
58,150
3,479
Evans, Norman Charles
5
03/15/2012
30
1.05
49,417
1,596
Garriock, William Charles
4
03/15/2012
30
1.05
11,151
1,932
McDole, Gerald P.
4
03/15/2012
30
1.05
29,952
3,092
Citation Resources Inc.
Clairvest Group Inc.
Bartos, Paul
Barnett, John Robert
4
4
03/13/2012
12/31/2011
00
30
100,000
7,908
2,754
Cooper, Sydney Charles
1
1
4
03/12/2012
03/13/2012
12/31/2011
38
38
30
116,600
117,600
14,968
1,000
1,000
2,881
Heffernan, Gerald Robert
3, 4
12/31/2011
30
29,812
2,930
4
12/31/2011
30
49,144
4,095
March 23, 2012
Options
Rights Deferred Share
Units
Common Shares
Common Shares
Units
Units
Units
Heffernan, Joseph John
28.4
28.15
16.89
17.12
(2012) 35 OSCB 2886
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Units
Units
Units
Units
7.25% Convertible
Unsecured Subordinated
Debt. due 03/31/14
7.25% Convertible
Unsecured Subordinated
Debt. due 03/31/14
Common Shares
Orsino, Philip
4
12/31/2011
Rotman, Joseph L.
6
Schipper, Lionel Howard
Common Shares
Clearwater Seafoods
Incorporated
Clearwater Seafoods
Incorporated
Clearwater Seafoods
Incorporated
Clearwater Seafoods
Incorporated
Clearwater Seafoods
Incorporated
Cliffmont Resources Ltd.
Coastal Contacts Inc.
Coastal Energy Company
COM DEV International Ltd.
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
March 23, 2012
Date/Month End
Holdings
Acquired/
Disposed
30
24,437
2,975
12/31/2011
30
8,539
2,440
4
12/31/2011
30
5,927
2,726
Sharp, Isadore
4
12/31/2011
30
18,596
2,321
Cotie, Daniel Tyrone
5
10/02/2011
00
Cotie, Daniel Tyrone
5
03/15/2012
10
1
$100,000
$100,000
Giles, Harold
4
03/15/2012
10
2.37
4,000
3,000
MacDonald, Colin
5
03/15/2012
10
2.32
113,100
9,500
7
03/09/2012
00
100
3
02/28/2012
00
3,000,000
3, 4, 5
3, 4, 5
3, 4, 5
3, 4, 5
3, 4, 5
3, 4, 5
3, 4, 5
3, 4, 5
3, 4, 5
3, 4, 5
3
5
2
2
5
5
5
2
4
4
2
5
2
2
2
2
2
5
09/12/2004
09/12/2004
04/04/2005
04/05/2005
04/01/2010
04/01/2010
07/13/2011
04/07/2010
04/07/2010
04/07/2010
03/09/2012
03/12/2012
03/12/2012
03/12/2012
04/22/2009
04/22/2009
03/12/2012
03/12/2012
02/23/2011
06/13/2011
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
12/31/2011
10
10
10
10
30
30
10
10
10
10
10
59
59
59
00
00
59
59
00
56
59
59
59
59
59
59
59
30
0.66
0.66
1.05
1.03
1.45
1.45
2.9
1.4236
1.43
1.4464
19.4774
2.09
2.09
2.09
6,788,077
31,800
32,000
128,500
10,544,100
0
17,718
26,822
3,000
3,500
5,000
3,300
100,000
100,000
-100,000
3,300
200
96,500
-22,800
-56,361
-19,594
-29,717
2.09
2.09
10,272
23,122
13,633
-10,272
-32,172
2.09
2.09
2.09
2.09
2.09
2.09
2.09
22
1,457
15,718
0
17,124
14,536
29,186
24,591
25,699
1,247
1,457
-16,939
-64,860
-26,946
-25,831
-40,440
-27,263
-56,989
713
Common Shares
Penney Menafra, Christine
Alice
Common Shares
Alfonso Roa, Rafael
Antonio
Common Shares
Hardy, Roger
Common Shares
Hardy, Roger
Common Shares
Hardy, Roger
Common Shares
Hardy, Roger
Common Shares
Hardy, Roger
Common Shares
Hardy, Roger
Common Shares
Hardy, Roger
Common Shares
Hardy, Roger
Common Shares
Hardy, Roger
Common Shares
Hardy, Roger
Common Shares
Ingalls & Snyder, LLC
Calhoun, Gary
Doran, Nigel Neil
KANE, JOSEPH
Lizius, David
Lizius, David
Lizius, David
Mabson, Peter Kenneth
Performance Share Units Masotti, David
Performance Share Units Masotti, David
Maybee, Sean
Pley, Michael Everett
Stajcer, Tony
Stuart, John
White, Dan
Wiesel, Jeffrey Martin
Williams, Michael Brian
Trust Units
Bechard, Todd Patrick
Unit
Price
4,768,444
4,822,944
4,826,244
Trust Units
Bechard, Todd Patrick
5
12/31/2011
35
21.94
1,311
64
Options
Berthelot, Michel
5
03/13/2012
51
18.68
160,500
-27,000
Options
Berthelot, Michel
5
03/13/2012
51
15.14
127,300
-33,200
Trust Units
Berthelot, Michel
5
12/31/2011
30
22
31,629
1,401
Trust Units
Berthelot, Michel
5
12/31/2011
35
21.94
33,157
1,528
Trust Units
Berthelot, Michel
5
03/13/2012
51
18.68
60,157
27,000
Trust Units
Berthelot, Michel
5
03/13/2012
51
15.14
93,357
33,200
Trust Units
Berthelot, Michel
5
03/13/2012
10
24.1
81,657
-11,700
Trust Units
Berthelot, Michel
5
03/13/2012
10
24.12
81,057
-600
Trust Units
Berthelot, Michel
5
03/13/2012
10
24.14
80,657
-400
Trust Units
Berthelot, Michel
5
03/13/2012
10
24.15
73,757
-6,900
Trust Units
Berthelot, Michel
5
03/13/2012
10
24.16
72,757
-1,000
Trust Units
Berthelot, Michel
5
03/13/2012
10
24.18
69,557
-3,200
(2012) 35 OSCB 2887
Insider Reporting
Issuer Name
Security
Insider Name
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Trust Units
March 23, 2012
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Berthelot, Michel
5
03/13/2012
10
24.19
68,157
-1,400
Trust Units
Berthelot, Michel
5
03/13/2012
10
24.2
66,257
-1,900
Trust Units
Berthelot, Michel
5
03/15/2012
10
24.05
41,058
-25,199
Trust Units
Berthelot, Michel
5
03/15/2012
10
24.06
39,792
-1,266
Trust Units
Berthelot, Michel
5
03/15/2012
10
24.07
39,687
-105
Trust Units
Berthelot, Michel
5
03/15/2012
10
24.08
39,317
-370
Trust Units
Berthelot, Michel
5
03/15/2012
10
24.1
37,526
-1,791
Trust Units
Berthelot, Michel
5
03/15/2012
10
24.11
36,471
-1,055
Trust Units
Berthelot, Michel
5
03/15/2012
10
24.12
34,257
-2,214
Trust Units
Berthelot, Michel
5
03/16/2012
10
24.05
33,157
-1,100
Trust Units
Coulombe, Gérard
4
12/31/2011
35
21.94
2,689
145
Options
Dallaire, Alain
3, 4, 6, 5
03/14/2012
51
18.68
129,500
-25,500
Options
Dallaire, Alain
3, 4, 6, 5
03/14/2012
51
15.14
106,500
-23,000
Trust Units
Dallaire, Alain
3, 4, 6, 5
12/31/2011
30
22
46,292
1,183
Trust Units
Dallaire, Alain
3, 4, 6, 5
12/31/2011
35
21.94
47,077
785
Trust Units
Dallaire, Alain
3, 4, 6, 5
03/14/2012
30
23.9
47,394
317
Trust Units
Dallaire, Alain
3, 4, 6, 5
03/14/2012
51
18.68
72,894
25,500
Trust Units
Dallaire, Alain
3, 4, 6, 5
03/14/2012
51
15.14
95,894
23,000
Trust Units
Dallaire, Alain
3, 4, 6, 5
03/14/2012
10
23.9
70,394
-25,500
Trust Units
Dallaire, Alain
3, 4, 6, 5
03/15/2012
10
23.9
47,394
-23,000
Trust Units
Dallaire, Andrée
5
12/31/2011
35
21.94
3,979
169
Trust Units
Dallaire, Michel
3, 4, 6, 5
12/31/2011
30
22
136,102
931
Trust Units
Dallaire, Michel
3, 4, 6, 5
12/31/2011
35
21.94
136,422
320
Trust Units
Laberge, Ghislaine
4
12/31/2011
35
21.94
6,805
447
Trust Units
Nadeau, Sylvie
3
12/31/2011
30
22
14,307
1,040
Trust Units
Nadeau, Sylvie
3
12/31/2011
35
21.94
15,316
1,009
Trust Units
Ouellette, Michel
5
12/31/2011
30
22
27,138
956
Trust Units
Ouellette, Michel
5
12/31/2011
35
21.94
28,102
964
Options
Paquet, Michel
3, 4, 5
03/13/2012
51
18.68
144,000
-27,000
Options
Paquet, Michel
3, 4, 5
03/13/2012
51
15.14
114,300
-29,700
Trust Units
Paquet, Michel
3, 4, 5
12/31/2011
30
22
21,927
1,183
Trust Units
Paquet, Michel
3, 4, 5
12/31/2011
35
21.94
22,905
978
Trust Units
Paquet, Michel
3, 4, 5
03/13/2012
51
18.68
49,905
27,000
Trust Units
Paquet, Michel
3, 4, 5
03/13/2012
51
15.14
79,605
29,700
Trust Units
Paquet, Michel
3, 4, 5
03/13/2012
10
24.15
73,605
-6,000
Trust Units
Paquet, Michel
3, 4, 5
03/15/2012
10
24.1
50,996
-22,609
Trust Units
Paquet, Michel
3, 4, 5
03/15/2012
10
24.05
28,395
-22,601
Trust Units
Paquet, Michel
3, 4, 5
03/15/2012
10
24.06
27,261
-1,134
Trust Units
Paquet, Michel
3, 4, 5
03/15/2012
10
24.07
27,166
-95
(2012) 35 OSCB 2888
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Cominar Real Estate
Investment Trust
Commercial Solutions Inc.
COMPASS Income Fund
COMPASS Income Fund
COMPASS Income Fund
Comstock Metals Ltd.
Constellation Software Inc.
Continental Nickel Limited
Trust Units
Paquet, Michel
3, 4, 5
03/15/2012
10
24.08
26,836
-330
Trust Units
Paquet, Michel
3, 4, 5
03/15/2012
10
24.11
25,891
-945
Trust Units
Paquet, Michel
3, 4, 5
03/15/2012
10
24.12
23,905
-1,986
Trust Units
Paquet, Michel
3, 4, 5
03/16/2012
10
24.05
22,905
-1,000
Trust Units
Pepin, Carl
5
12/31/2011
30
22
12,400
623
Trust Units
Pepin, Carl
5
12/31/2011
35
21.94
13,138
738
Common Shares
Trust Units
Trust Units
Trust Units
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Options
4
1
1
1
4, 5
4, 5
4, 5
4, 5
7
5
5
5
5
5
5
5
5
5
5
5
5
5
5
4
4
03/13/2012
03/06/2012
03/07/2012
03/08/2012
03/13/2012
03/15/2012
03/15/2012
03/15/2012
03/13/2012
01/31/2012
01/31/2012
03/14/2012
03/14/2012
01/31/2012
01/31/2012
03/14/2012
03/14/2012
01/31/2012
01/31/2012
01/31/2012
03/14/2012
01/31/2012
03/14/2012
03/12/2012
03/12/2012
10
38
38
38
10
10
10
10
10
00
00
10
10
00
00
10
10
00
00
00
10
00
10
50
50
0.91
12.22
12.15
12.22
0.235
0.24
0.25
0.245
94.2125
107,300
30,469,429
30,469,729
30,470,829
3,408,000
3,383,000
3,361,000
3,343,000
5,500
4,000
1,100
300
1,100
-25,000
-25,000
-22,000
-18,000
-1,000
Options
Options
Options
Options
Options
Options
Common Shares
Harrison, Kenneth
COMPASS Income Fund
COMPASS Income Fund
COMPASS Income Fund
johnson, larry
johnson, larry
johnson, larry
johnson, larry
Gernega, Boris
Sucher, Benjamin
Sucher, Benjamin
Sucher, Benjamin
Sucher, Benjamin
Sucher, Benjamin
Sucher, Benjamin
Sucher, Benjamin
Sucher, Benjamin
Sucher, Benjamin
Sucher, Benjamin
Sucher, Benjamin
Sucher, Benjamin
Sucher, Benjamin
Sucher, Benjamin
Feiner, Stuart Franklin
Haggarty, Anthony James
(Tony)
Hill, Gary Allan
MacNabb, Bert E. (Elliott)
Massola, David
Nitschke, John Stephen
Tirschmann, Patricia
Watkins, Stewart Thomas
Wolfin, David
5
4
4, 5
4
5
5
4
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/09/2012
50
50
50
50
50
50
10
Options
Bois, Fernand
3
01/07/2011
Options
Bois, Fernand
3
Options
Bois, Francis
Options
Dion, Dominique
Options
CORAL GOLD
RESOURCES LTD.
CORPORATION NUVOLT
INC.
CORPORATION NUVOLT
INC.
CORPORATION NUVOLT
INC.
CORPORATION NUVOLT
INC.
CORPORATION NUVOLT
INC.
CORPORATION NUVOLT
INC.
CORPORATION NUVOLT
INC.
CORPORATION NUVOLT
INC.
CORPORATION NUVOLT
INC.
CORUS Entertainment Inc.
March 23, 2012
87.49
87.49
68
68
87.48
87.48
66
66
87.48
66
66
87.49
0.878
0.878
68
150,000
150,000
68
50,000
50,000
0.878
0.878
0.878
0.878
0.878
0.848
0.355
535,000
150,000
1,000,000
300,000
750,000
200,000
544,300
60,000
50,000
250,000
100,000
75,000
150,000
5,000
51
0
-500,000
03/14/2012
50
2,445,834
1,845,834
4
03/14/2012
50
325,000
100,000
5
03/14/2012
50
376,000
100,000
Dion, Jacques
3, 4, 6
03/14/2012
50
1,720,834
320,834
Options
Gingras, Pierre
4
03/14/2012
50
500,000
275,000
Options
GUILBAULT, Jean
4
03/14/2012
50
1,920,833
1,420,833
Options
Lambert, Jean
4, 5
03/14/2012
50
1,625,000
425,000
Options
Montreuil, Michel
3, 5
03/14/2012
50
1,700,000
300,000
B
B
B
B
B
B
B
Adam, Judy Chieh
5
12/31/2011
30
20.45
7,719
583
Adam, Judy Chieh
5
12/31/2011
30
19.88
7,971
252
Cassaday, John
3
12/31/2011
30
20.44
488,364
2,324
Cassaday, John
3
12/31/2011
30
19.87
489,891
1,527
Dyer, Donald Scott
5
12/31/2011
30
20.46
8,955
982
Dyer, Donald Scott
5
12/31/2011
30
19.87
9,518
563
Maavara, Gary Aksel
5
12/31/2011
30
20.46
15,903
895
(2012) 35 OSCB 2889
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Maavara, Gary Aksel
5
12/31/2011
30
19.84
16,111
208
McNair, Kathleen
5
12/31/2011
30
20.46
12,374
840
McNair, Kathleen
5
12/31/2011
30
19.86
12,659
285
Murphy, Douglas Donovan
5
12/31/2011
30
20.46
26,946
1,143
Murphy, Douglas Donovan
5
12/31/2011
30
20.46
27,183
237
Pandoff, Chris
5
12/31/2011
30
20.45
28,409
955
Pandoff, Chris
5
12/31/2011
30
19.87
28,972
563
Peddie, Tom
5
12/31/2011
30
20.46
60,317
1,196
Peddie, Tom
5
12/31/2011
30
19.87
61,073
756
Shaw, Heather Ann
4
12/31/2011
30
20.44
Shaw, Heather Ann
4
12/31/2011
30
20.49
Shaw, Heather Ann
4
12/31/2011
30
19.87
19.9
B
CORUS Entertainment Inc. Non-Voting Shares Class
B
B
B
B
B
B
B
B
B
B
B
B
Crescent Point Energy Corp. Restricted Share Units
Shaw, Heather Ann
4
12/31/2011
30
Balutis, David
7
03/15/2012
Borggard, Bradley Harlan
5
Christie, Derek Wayne
Gritzfeldt, Ryan Chad
Raymond
LAMONT, KENNETH
Crescent Point Energy Corp. Common Shares
MacDonald, Tamara
2,195
164,431
2,636
1,320
165,889
1,458
56
168,316
12,689
03/15/2012
56
51,556
13,333
5
03/15/2012
56
101,533
6,338
5
03/15/2012
56
104,045
6,889
5
03/15/2012
56
121,252
18,253
7
03/14/2012
99
169,442
74
MacDonald, Tamara
7
03/15/2012
56
165,738
10,131
Saxberg, Scott
4
03/15/2012
56
329,609
26,641
Smith, Clifford Neil
7
03/13/2012
99
217,847
-39
Smith, Clifford Neil
7
03/15/2012
56
180,465
14,593
Stangl, Trent Terry
5
11/16/2011
90
339
Stangl, Trent Terry
5
11/16/2011
90
1,211
Stangl, Trent Terry
5
11/16/2011
90
Stangl, Trent Terry
5
01/01/2012
57
Stangl, Trent Terry
5
01/01/2012
57
98,535
33,154
Stangl, Trent Terry
5
03/13/2012
99
87,217
144
Stangl, Trent Terry
5
01/01/2012
57
4,648
519
Stangl, Trent Terry
5
03/15/2012
56
96,281
8,454
TISDALE, GREGORY
5
05/15/2011
30
40.51
34
TISDALE, GREGORY
5
06/15/2011
30
43.08
32
TISDALE, GREGORY
5
07/16/2011
30
40.44
35
TISDALE, GREGORY
5
08/15/2011
30
38.18
37
TISDALE, GREGORY
5
09/15/2011
30
40.03
36
TISDALE, GREGORY
5
10/16/2011
30
37.52
38
TISDALE, GREGORY
5
11/16/2011
30
40.53
36
TISDALE, GREGORY
5
12/15/2011
30
41.9
35
TISDALE, GREGORY
5
03/13/2012
99
March 23, 2012
1,355
1,355
33,673
-33
(2012) 35 OSCB 2890
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
TISDALE, GREGORY
5
03/13/2012
99
33
TISDALE, GREGORY
5
03/13/2012
99
33
TISDALE, GREGORY
5
05/15/2011
30
40.51
6,172
34
TISDALE, GREGORY
5
06/15/2011
30
43.08
6,204
32
TISDALE, GREGORY
5
07/16/2011
30
40.44
6,239
35
TISDALE, GREGORY
5
08/15/2011
30
38.18
6,276
37
TISDALE, GREGORY
5
09/15/2011
30
40.03
6,312
36
TISDALE, GREGORY
5
10/16/2011
30
37.52
6,350
38
TISDALE, GREGORY
5
11/16/2011
30
40.53
6,386
36
TISDALE, GREGORY
5
12/15/2011
30
41.9
6,421
35
TISDALE, GREGORY
5
03/15/2012
56
202,376
11,143
Toews, Steven George
5
03/15/2012
56
85,816
9,033
Crocodile Gold Corp.
Currency Exchange
International, Corp.
CWC Well Services Corp.
Cynapsus Therapeutics Inc.
Davies, Brianna Kirsten
Lavoie, Chantal
Lavoie, Chantal
Lavoie, Chantal
Woodhead, Stephen
white, james david
alexander
Hill, David
5
5
5
5
5
4
03/15/2012
03/15/2012
03/08/2012
03/08/2012
03/15/2012
03/09/2012
16
11
50
50
11
10
0.5
0.5
0.62
0.72
0.5
6.65
30,000
500,000
5,500,000
10,000,000
100,000
7,100
30,000
200,000
4,500,000
4,500,000
100,000
3,100
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
4, 5
03/09/2012
03/09/2012
03/09/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/09/2012
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
16
0.68
0.69
0.7
0.72
0.74
0.74
0.72
0.73
0.71
0.72
0.72
0.73
0.79
0.8
0.77
0.78
0.75
0.77
0.82
0.82
0.77
0.77
0.77
0.77
0.77
0.77
0.77
0.77
0.77
0.77
0.77
0.77
0.77
0.77
0.77
0.78
0.05
140,500
152,500
158,500
206,000
231,000
256,000
281,000
306,000
327,500
331,000
344,000
357,500
387,000
442,000
447,000
501,000
511,000
611,000
711,000
714,500
719,500
724,500
729,500
734,500
739,500
744,500
749,500
754,500
759,500
764,500
769,500
774,500
779,500
829,500
848,500
879,500
7,341,636
7,000
12,000
6,000
47,500
25,000
25,000
25,000
25,000
21,500
3,500
13,000
13,500
29,500
55,000
5,000
54,000
10,000
100,000
100,000
3,500
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
50,000
19,000
31,000
100,000
Cynapsus Therapeutics Inc. Debentures
Hill, David
4, 5
07/16/2010
16
Hill, David
4, 5
07/16/2010
16
$52,874
$52,874
Hill, David
4, 5
03/09/2012
16
$110,345
$28,736
Cypress Development Corp.
Data Group Inc.
Chow, Amanda
Huston, Donald Carl
Myers, Donald George
PETTIT, JIM, GAYDON
Barron, Frederick William
4
4, 5
4
4
7
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/12/2012
52
52
52
52
30
472,000
1,618,000
1,484,576
1,618,000
8,283
-120,000
-300,000
-300,000
-300,000
2,137
March 23, 2012
Common Shares
Common Shares
Options
Options
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Options
Options
Options
Common Shares
$50,000
0.345
0.345
0.345
0.345
5.3943
(2012) 35 OSCB 2891
Insider Reporting
Issuer Name
Security
Insider Name
Data Group Inc.
Data Group Inc.
Data Group Inc.
Data Group Inc.
Data Group Inc.
Davis + Henderson
Corporation
Davis + Henderson
Corporation
Davis + Henderson
Corporation
Davis + Henderson
Corporation
Davis + Henderson
Corporation
Davis + Henderson
Corporation
Davis + Henderson
Corporation
Davis + Henderson
Corporation
Davis + Henderson
Corporation
Davis + Henderson
Corporation
Davis + Henderson
Corporation
Davis + Henderson
Corporation
Davis + Henderson
Corporation
DDS Wireless International
Inc.
DELPHI ENERGY CORP.
DELPHI ENERGY CORP.
DELPHI ENERGY CORP.
DELPHI ENERGY CORP.
DELPHI ENERGY CORP.
DELPHI ENERGY CORP.
Delrand Resources Limited
Delrand Resources Limited
Denison Mines Corp.
(formerly International
Uranium Corporation)
Denison Mines Corp.
Denison Mines Corp.
Denison Mines Corp.
Denison Mines Corp.
Denison Mines Corp.
Denison Mines Corp.
Denison Mines Corp.
Denison Mines Corp.
Denison Mines Corp.
Denison Mines Corp.
Denison Mines Corp.
Detour Gold Corporation
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Deramo, Elaine Marie
Galarneau, Steven Albert
O'Shea, Paul Edward
Schwind, Diane Lorraine
Suksi, Michael Ronald
Alderson, John Chadwick
Options
March 23, 2012
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
7
7
6, 5
5
5
5
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
30
30
30
30
30
50
5.3943
5.3943
5.3943
5.3943
5.3943
10,858
29,341
39,384
24,132
36,210
18,737
1,173
3,206
2,816
2,816
3,669
11,737
Caldwell, David Alan
7
03/12/2012
50
40,474
23,474
Options
Denomme, Yves
5
03/12/2012
50
62,559
37,559
Options
Dinn, Judy
5
03/12/2012
50
18,737
11,737
Options
Kyle, Brian Scott
5
03/12/2012
50
126,897
93,897
Options
Louis Fahim, Alfy
7
03/12/2012
50
72,211
35,211
Options
McIntosh, Gregory Wilson
5
03/12/2012
50
12,042
7,042
Common Shares
Neville, William W.
4
03/13/2012
10
11,000
3,500
Options
Noftall, Robert Clar
7
03/12/2012
50
40,474
23,474
Common Shares
Schmid, Gerrard Bruce
7
12/31/2009
30
15.15
46
46
Common Shares
7
12/31/2010
30
17.88
362
316
Common Shares
7
12/31/2011
30
18.31
10,692
295
Options
7
03/12/2012
50
334,690
281,690
Common Shares
Joseph, Mark
4
03/06/2012
50
2.1
35,000
10,000
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Angelidis, Tony
Batteke, Hugo
Galvin, Michael
Hume, Rod Allan
Kohlhammer, Brian
Reid, David James
KONDRAT, ARNOLD T.
KONDRAT, ARNOLD T.
Anderson, James Robert
4, 5
5
5
5
5
4, 5
4
4
5
03/16/2012
03/16/2012
03/16/2012
03/16/2012
03/16/2012
03/16/2012
03/09/2012
03/14/2012
03/08/2012
30
30
30
30
30
30
10
10
50
1.79
1.79
1.79
1.79
1.79
1.79
0.31
0.31
691,862
132,578
60,965
107,102
93,629
174,291
5,596,950
5,652,950
1,220,000
3,078
2,693
2,723
3,078
3,435
3,848
19,000
56,000
150,000
Options
Craig, John Hunter
4
03/08/2012
50
137,500
40,000
Options
Dengler, W. Robert
4
03/08/2012
50
1.52
330,300
40,000
Options
Edgar, Brian Douglas
4
03/08/2012
50
1.52
137,500
40,000
Options
Frydenlund, David C.
5
03/08/2012
50
1.52
554,000
85,000
Options
Hochstein, Ronald F.
4, 5
03/08/2012
50
1.52
821,500
200,000
Options
Lundin, Lukas Henrik
4, 5
03/09/2012
50
1.52
175,000
40,000
Options
Rand, William Archibald
4
03/08/2012
50
1.52
137,500
40,000
Options
Roberts, Harold
5
03/08/2012
50
554,000
85,000
Options
Schoonderwoerd, Michael
James
5
03/08/2012
50
231,800
55,000
Options
steel, curt douglas
5
03/08/2012
50
1.52
176,000
65,000
Options
Stefan, Catherine Jean
Garrett
4
03/08/2012
50
1.52
268,020
40,000
Common Shares
Common Shares
Hibbard, Ingrid Jo-Ann
4
4
03/12/2012
03/12/2012
51
10
4.24
26.77
220,311
168,891
51,420
-51,420
18.56
(2012) 35 OSCB 2892
Insider Reporting
Issuer Name
Security
Insider Name
Discovery Air Inc.
DNI Metals Inc.
Options
Common Shares
Common Shares
DNI Metals Inc.
Common Shares
DNI Metals Inc.
Common Shares
DNI Metals Inc.
Common Shares
DNI Metals Inc.
Common Shares
DNI Metals Inc.
Common Shares
DNI Metals Inc.
Common Shares
DNI Metals Inc.
Common Shares
DNI Metals Inc.
Common Shares
DNI Metals Inc.
Warrants
DNI Metals Inc.
Warrants
DNI Metals Inc.
DNI Metals Inc.
DNI Metals Inc.
DragonWave Inc.
DragonWave Inc.
DragonWave Inc.
Dunav Resources Ltd.
Duncan Park Holdings
Corporation
Dundee International Real
Estate Investment Trust
DXStorm.Com Inc.
Eastern Platinum Limited
Edleun Group, Inc.
Edleun Group, Inc.
Edleun Group, Inc.
Edleun Group, Inc.
Edleun Group, Inc.
Edleun Group, Inc.
Edleun Group, Inc.
Edleun Group, Inc.
Edleun Group, Inc.
Edleun Group, Inc.
EGI Financial Holdings Inc.
EGI Financial Holdings Inc.
Eldorado Gold Corporation
Eldorado Gold Corporation
Emerald Bay Energy Inc.
Common Shares
Common Shares
Common Shares
Common Shares
Options
Options
Options
Options
Options
Options
Common Shares
Panneton, Gerald
Loutitt, Sean
mitchell, raymond
mitchell, raymond
mitchell, raymond
Becke, Peter
Becke, Peter
Becke, Peter
Crombie, James A.
Fennell, David
Krushnisky, Alain
Plante, Carole
Salsberg, Eric
Units
Sullivan, John
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
March 23, 2012
Common Shares
Options
Options
Options
Options
Options
Options
Options
Options
Options
Common Shares
Common Shares
Options
Common Shares
Common Shares
Options
Options
Options
Common Shares
Common Shares
Common Shares
Options
Common Shares
Popovic, Zoran
Andrews, John Edward
Cohen, David William
Cohen, David William
Hawkrigg, John R.
Roberts, John Merfyn
Rozier, Ian Terry
Rozier, Ian Terry
Berkowitz, Adam
Clarke, Colley
Durekas, Ty
Durekas, Ty
Gallivan, Daniel F.
Goodman, Gary Michael
Olin, Jeffrey
Rosen, Mitchell
Czerwinski, John
LITTLE, PAUL F.
Lenton, Wayne Douglas
Common Shares
Common Shares
Options
Common Shares
Balko, Jody
Common Shares
Balko, Jody
Options $38.34 - March 2, Balko, Jody
2022 Expiry
Options $38.34 - March 2, Balko, Jody
2022 Expiry
Rights - 2009
Balko, Jody
Performance Units (PUs)
- December 31, 2011
Expiry
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
4
4, 5
5
3
03/12/2012
03/27/2009
02/15/2012
12/09/2010
51
22
00
00
10.99
189,275
611,014
-51,420
514
3
03/13/2012
54
0.12
80,000
80,000
3
03/13/2012
54
0.12
280,000
200,000
3
03/13/2012
10
0.665
210,000
-70,000
3
03/14/2012
10
0.6412
110,000
-100,000
3
03/14/2012
10
0.6318
60,000
-50,000
3
03/09/2012
10
0.68
888,500
-43,000
3
03/12/2012
10
0.68
762,500
-126,000
3
03/13/2012
10
0.68
640,500
-122,000
3
03/13/2012
54
0.12
252,500
-80,000
3
03/13/2012
54
0.12
52,500
-200,000
4
4
4
5
5
5
4, 5
4, 5
5
5
4
03/13/2012
03/14/2012
03/15/2012
01/04/2012
01/04/2012
01/04/2012
03/01/2012
03/01/2012
03/01/2012
03/01/2012
03/12/2012
10
10
10
00
00
50
52
52
52
52
11
0.65
0.62
0.63
85,000
55,000
40,500
1,200
-15,000
-30,000
-14,500
3.51
35,000
1,045,000
1,058,333
166,667
166,667
3,905,907
35,000
-96,667
-83,333
-50,000
-50,000
650,000
4
11/08/2011
00
4
4
4, 5
4, 5
4
4
4, 5
4, 5
4
4
5
5
4
4
4
4
6
4, 5
5
4
4
4
3
03/14/2012
03/07/2012
03/07/2012
03/08/2012
03/07/2012
03/08/2012
03/07/2012
03/08/2012
03/09/2012
03/09/2012
03/12/2012
03/13/2012
03/09/2012
05/18/2011
03/12/2012
03/09/2012
03/09/2012
03/09/2012
03/08/2012
03/13/2012
03/02/2012
03/02/2012
08/23/2010
10
52
52
38
52
50
52
50
50
50
10
10
50
00
10
50
50
50
10
10
51
51
00
0.1
1.82
1.82
1.55
3
03/13/2012
3
0.08
100,000
2,495,916
2,750,000
7,820,000
7,520,000
1,000,000
1,598,000
17,425,000
19,425,000
24,000
404,000
124,500
196,500
207,000
3,000
-250,000
-7,000,000
-300,000
-750,000
298,000
-7,000,000
2,000,000
12,000
112,000
71,500
72,000
12,000
1.1
7.6
7.7
6.44
6.44
10,000
24,000
307,000
363,797
7,556
479,267
129,100
82,126
10,000
12,000
112,000
112,000
-34,900
2,500
80,000
-80,000
54
0.05
400,000
400,000
03/13/2012
10
0.075
0
-400,000
3
03/13/2012
51
0.05
0
-400,000
5
5
5
03/09/2012
03/07/2012
06/05/2003
30
30
00
35.61
37.1
6,904
6,150
313
92
5
03/02/2012
50
63,050
63,050
5
12/01/2011
30
4,645
67
0.6
1.82
0.6
0.75
0.75
0.76
(2012) 35 OSCB 2893
Insider Reporting
Issuer Name
Security
Insider Name
Enbridge Inc.
Rights - 2009
- December 31, 2011
Expiry
Rights - 2010
- December 31, 2012
Expiry
Rights - 2011
- December 31, 2013
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Common Shares
Options $38.34 - March 2,
2022 Expiry
2022 Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2010
- December 31, 2012
Expiry
Rights - 2011
- December 31, 2013
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Common Shares
2022 Expiry
2022 Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2010
- December 31, 2012
Expiry
Rights - 2011
- December 31, 2013
Expiry
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
March 23, 2012
Rel'n
Transaction
Date
T/O
Balko, Jody
5
03/15/2012
Balko, Jody
5
Balko, Jody
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
59
0
-4,645
03/01/2012
30
5,371
117
5
03/01/2012
30
4,985
108
Balko, Jody
5
06/05/2003
00
Balko, Jody
5
03/02/2012
56
4,250
4,250
Balko, Jody
5
03/02/2012
30
4,281
31
Bird, John Richard
Bird, John Richard
5
5
03/09/2012
06/06/2003
30
00
31,837
620
Bird, John Richard
5
03/02/2012
50
112,300
112,300
Bird, John Richard
5
12/01/2011
30
22,121
319
Bird, John Richard
5
03/15/2012
59
0
-22,121
Bird, John Richard
5
03/01/2012
30
52,637
1,139
Bird, John Richard
5
03/01/2012
30
14,542
315
Bird, John Richard
5
06/06/2003
00
Bird, John Richard
5
03/02/2012
56
16,100
16,100
Bird, John Richard
5
03/02/2012
30
16,218
118
Bloxom, Steven Ray
Bloxom, Steven Ray
5
5
03/09/2012
01/01/2004
30
00
17,543
1,552
Bloxom, Steven Ray
5
03/02/2012
50
42,850
42,850
Bloxom, Steven Ray
5
12/01/2011
30
4,645
67
Bloxom, Steven Ray
5
03/15/2012
59
0
-4,645
Bloxom, Steven Ray
5
03/01/2012
30
4,512
97
Bloxom, Steven Ray
5
03/01/2012
30
3,531
76
37.61
35.2
(2012) 35 OSCB 2894
Insider Reporting
Issuer Name
Security
Insider Name
Enbridge Inc.
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Common Shares
2022 Expiry
2022 Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2010
- December 31, 2012
Expiry
Rights - 2011
- December 31, 2013
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Common Shares
2022 Expiry
2022 Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2010
- December 31, 2012
Expiry
Rights - 2011
- December 31, 2013
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Common Shares
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
March 23, 2012
Rel'n
Transaction
Date
T/O
Bloxom, Steven Ray
5
01/01/2004
00
Bloxom, Steven Ray
5
03/02/2012
Bloxom, Steven Ray
5
Cruess II, Leigh Saunders
Date/Month End
Holdings
Acquired/
Disposed
56
2,700
2,700
03/02/2012
30
2,720
20
5
5
03/09/2012
02/13/2003
30
00
26,133
140
5
03/02/2012
50
62,100
62,100
5
12/01/2011
30
5,751
83
5
03/15/2012
59
0
-5,751
5
03/01/2012
30
6,875
148
5
03/01/2012
30
4,985
108
5
02/13/2003
00
5
03/02/2012
56
3,850
3,850
5
03/02/2012
30
3,878
28
Daniel, Patrick Darold
4, 5
4, 5
03/09/2012
06/05/2003
30
00
639,158
1,870
4, 5
03/02/2012
50
404,300
404,300
4, 5
12/01/2011
30
77,425
1,118
4, 5
03/15/2012
59
0
-77,425
4, 5
03/01/2012
30
141,799
3,068
4, 5
03/01/2012
30
53,181
1,151
4, 5
06/05/2003
00
4, 5
03/02/2012
56
58,000
58,000
4, 5
03/02/2012
30
58,427
427
5
03/09/2012
30
10,859
116
Gruending, Colin Kenneth
Unit
Price
35.43
37.61
35.43
(2012) 35 OSCB 2895
Insider Reporting
Issuer Name
Security
Insider Name
Enbridge Inc.
2022 Expiry
2022 Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2010
- December 31, 2012
Expiry
Rights - 2011
- December 31, 2013
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Common Shares
Common Shares
2022 Expiry
2022 Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2010
- December 31, 2012
Expiry
Rights - 2011
- December 31, 2013
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Common Shares
Options USD$38.65 March 2, 2022 Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2009
- December 31, 2011
Expiry
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
March 23, 2012
Rel'n
Transaction
Date
T/O
5
08/01/2005
00
5
03/02/2012
5
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
50
69,750
69,750
12/01/2011
30
5,087
73
5
03/15/2012
59
0
-5,087
5
03/01/2012
30
6,445
140
5
03/01/2012
30
5,401
117
5
08/01/2005
00
5
03/02/2012
56
4,500
4,500
5
03/02/2012
30
4,533
33
Holder, Janet Arlene
5
5
5
03/09/2012
03/09/2012
12/01/2004
30
30
00
38,531
316
422
2
5
03/02/2012
50
56,300
56,300
5
12/01/2011
30
5,087
111
5
03/15/2012
59
0
-5,087
5
03/01/2012
30
7,305
213
5
03/01/2012
30
12,464
362
5
12/01/2004
00
5
03/02/2012
56
8,100
8,100
5
03/02/2012
30
8,160
60
Krenz, Douglas Vernon
5
5
03/07/2012
01/24/2005
30
00
13,952
305
5
03/02/2012
50
64,050
64,050
5
12/01/2011
30
6,195
90
5
03/15/2012
59
0
-6,195
37.61
37.62
37.34
(2012) 35 OSCB 2896
Insider Reporting
Issuer Name
Security
Insider Name
Enbridge Inc.
Rights - 2010
- December 31, 2012
Expiry
Rights - 2011
- December 31, 2013
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Common Shares
Common Shares
Common Shares
Common Shares
Options $18.235 ($36.47)
- February 13, 2016
Expiry
2022 Expiry
2022 Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2010
- December 31, 2012
Expiry
Rights - 2011
- December 31, 2013
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Common Shares
Common Shares
Common Shares
Rights - 2009
- December 31, 2011
Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2010
- December 31, 2012
Expiry
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
March 23, 2012
Rel'n
Transaction
Date
T/O
5
03/01/2012
5
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
30
6,235
135
03/01/2012
30
6,648
144
5
01/24/2005
00
5
03/02/2012
56
4,650
4,650
5
03/02/2012
30
4,684
34
Love, Alison Taylor
Love, Alison Taylor
Love, Alison Taylor
Love, Alison Taylor
Love, Alison Taylor
5
5
5
5
5
03/01/2012
03/09/2012
03/13/2012
03/13/2012
03/13/2012
30
30
51
10
51
12,892
13,404
27,404
13,404
0
21
512
14,000
-14,000
-14,000
Love, Alison Taylor
5
06/16/2005
00
Love, Alison Taylor
5
03/02/2012
50
46,600
46,600
Love, Alison Taylor
5
12/01/2011
30
3,097
45
Love, Alison Taylor
5
03/15/2012
59
0
-3,097
Love, Alison Taylor
5
03/01/2012
30
5,371
116
Love, Alison Taylor
5
03/01/2012
30
3,324
72
Love, Alison Taylor
5
06/16/2005
00
Love, Alison Taylor
5
03/02/2012
56
3,200
3,200
Love, Alison Taylor
5
03/02/2012
30
3,224
24
Maki, Mark Andrew
Maki, Mark Andrew
Maki, Mark Andrew
Maki, Mark Andrew
7
7
7
7
03/01/2012
03/01/2012
03/07/2012
02/12/2003
30
30
30
00
29,744
760
11,720
58
5
165
Maki, Mark Andrew
7
03/02/2012
50
61,650
61,650
Maki, Mark Andrew
7
12/01/2011
30
5,531
80
Maki, Mark Andrew
7
03/15/2012
59
0
-5,531
Maki, Mark Andrew
7
03/01/2012
30
6,449
139
34.45
35.43
18.235
38.75
37.62
37.62
37.57
(2012) 35 OSCB 2897
Insider Reporting
Issuer Name
Security
Insider Name
Enbridge Inc.
Rights - 2011
- December 31, 2013
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Common Shares
Rights - 2009
- December 31, 2011
Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2010
- December 31, 2012
Expiry
Rights - 2011
- December 31, 2013
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Common Shares
Common Shares
2022 Expiry
2022 Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2010
- December 31, 2012
Expiry
Rights - 2011
- December 31, 2013
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
March 23, 2012
Rel'n
Transaction
Date
T/O
Maki, Mark Andrew
7
03/01/2012
30
Maki, Mark Andrew
7
02/12/2003
00
Maki, Mark Andrew
7
03/02/2012
Maki, Mark Andrew
7
McGill, Terrance Leslie
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
6,232
135
56
4,450
4,450
03/02/2012
30
4,483
33
7
7
03/07/2012
02/13/2003
30
00
15,884
438
7
03/02/2012
50
68,050
68,050
7
12/01/2011
30
8,849
128
7
03/15/2012
59
0
-8,849
7
03/01/2012
30
9,029
196
7
03/01/2012
30
6,440
140
7
02/13/2003
00
7
03/02/2012
56
4,950
4,950
7
03/02/2012
30
4,986
36
Meyer, Arthur Donald
7
7
7
03/09/2012
03/09/2012
02/14/2003
30
30
00
63,318
3,148
293
70
7
03/02/2012
50
88,800
88,800
7
12/01/2011
30
7,963
114
7
03/15/2012
59
0
-7,963
7
03/01/2012
30
12,246
265
7
03/01/2012
30
7,271
157
7
02/14/2003
00
7
03/02/2012
56
5,500
5,500
37.34
35.43
34.53
(2012) 35 OSCB 2898
Insider Reporting
Issuer Name
Security
Insider Name
Enbridge Inc.
Rights - 2012
- December 31, 2014
Expiry
Common Shares
Common Shares
2022 Expiry
2022 Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2010
- December 31, 2012
Expiry
Rights - 2011
- December 31, 2013
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Common Shares
2022 Expiry
2022 Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2010
- December 31, 2012
Expiry
Rights - 2011
- December 31, 2013
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
2022 Expiry
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
March 23, 2012
Rel'n
Transaction
Date
T/O
7
03/02/2012
30
Monaco, Albert
Monaco, Albert
Monaco, Albert
4, 5
4, 5
4, 5
03/01/2012
03/09/2012
02/13/2003
30
30
00
Monaco, Albert
4, 5
03/02/2012
Monaco, Albert
4, 5
Monaco, Albert
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
5,540
40
95,253
96,453
1,092
1,200
50
147,500
147,500
12/01/2011
30
17,697
255
4, 5
03/15/2012
59
0
-17,697
Monaco, Albert
4, 5
03/01/2012
30
52,637
1,139
Monaco, Albert
4, 5
03/01/2012
30
14,542
315
Monaco, Albert
4, 5
02/13/2003
00
Monaco, Albert
4, 5
03/02/2012
56
21,200
21,200
Monaco, Albert
4, 5
03/02/2012
30
21,356
156
Neiles, Byron Craig
Neiles, Byron Craig
5
5
03/09/2012
06/01/2003
30
00
44,839
178
Neiles, Byron Craig
5
03/02/2012
50
83,850
83,850
Neiles, Byron Craig
5
12/01/2011
30
5,087
73
Neiles, Byron Craig
5
03/15/2012
59
0
-5,087
Neiles, Byron Craig
5
03/01/2012
30
6,875
150
Neiles, Byron Craig
5
03/01/2012
30
5,817
126
Neiles, Byron Craig
5
06/01/2003
00
Neiles, Byron Craig
5
03/02/2012
56
5,200
5,200
Neiles, Byron Craig
5
03/02/2012
30
5,238
38
Opheim, Wanda Marie
Opheim, Wanda Marie
Opheim, Wanda Marie
Opheim, Wanda Marie
Opheim, Wanda Marie
Opheim, Wanda Marie
Opheim, Wanda Marie
5
5
5
5
5
5
5
12/30/2011
12/30/2011
03/09/2012
12/30/2011
03/09/2012
12/30/2011
09/01/2006
30
30
30
30
30
30
00
2,081
12,022
3,331
15,179
15,523
5,208
30
177
560
198
344
75
38.18
37.61
35.2
32.985
32.985
35.43
32.985
35.43
32.985
(2012) 35 OSCB 2899
Insider Reporting
Issuer Name
Security
Insider Name
Enbridge Inc.
2022 Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2010
- December 31, 2012
Expiry
Rights - 2011
- December 31, 2013
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Common Shares
Common Shares
2022 Expiry
2022 Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2010
- December 31, 2012
Expiry
Rights - 2011
- December 31, 2013
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Common Shares
2022 Expiry
2022 Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2009
- December 31, 2011
Expiry
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
March 23, 2012
Rel'n
Transaction
Date
T/O
Opheim, Wanda Marie
5
03/02/2012
Opheim, Wanda Marie
5
Opheim, Wanda Marie
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
50
70,150
70,150
12/01/2011
30
4,866
70
5
03/15/2012
59
0
-4,866
Opheim, Wanda Marie
5
03/01/2012
30
6,445
141
Opheim, Wanda Marie
5
03/01/2012
30
5,193
112
Opheim, Wanda Marie
5
09/01/2006
00
Opheim, Wanda Marie
5
03/02/2012
56
4,450
4,450
Opheim, Wanda Marie
5
03/02/2012
30
4,482
32
Robottom, David Thomas
5
5
5
12/01/2011
03/09/2012
06/01/2006
30
30
00
4,864
36,446
34
432
5
03/02/2012
50
59,400
59,400
5
12/01/2011
30
11,945
172
5
03/15/2012
59
0
-11,945
5
03/01/2012
30
36,094
781
5
03/01/2012
30
11,010
238
5
06/01/2006
00
5
03/02/2012
56
8,600
8,600
5
03/02/2012
30
8,663
63
Ross, William George
7
7
03/09/2012
09/01/2006
30
00
8,347
264
7
03/02/2012
50
37,500
37,500
7
12/01/2011
30
1,991
30
7
03/15/2012
59
0
-1,991
38.09
36.24
35.43
(2012) 35 OSCB 2900
Insider Reporting
Issuer Name
Security
Insider Name
Enbridge Inc.
Rights - 2010
- December 31, 2012
Expiry
Rights - 2011
- December 31, 2013
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Common Shares
Common Shares
2022 Expiry
2022 Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2010
- December 31, 2012
Expiry
Rights - 2011
- December 31, 2013
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Common Shares
Common Shares
2022 Expiry
2022 Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2010
- December 31, 2012
Expiry
Rights - 2011
- December 31, 2013
Expiry
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
March 23, 2012
Rel'n
Transaction
Date
T/O
7
03/01/2012
7
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
30
2,148
46
03/01/2012
30
2,700
58
7
09/01/2006
00
7
03/02/2012
56
2,350
2,350
7
03/02/2012
30
2,367
17
Whelen, John Kendall
5
5
5
03/09/2012
03/09/2012
02/14/2003
30
30
00
34,586
1,477
239
33
5
03/02/2012
50
77,050
77,050
5
12/01/2011
30
6,857
98
5
03/15/2012
59
0
-6,857
5
03/01/2012
30
8,379
182
5
03/01/2012
30
6,025
130
5
02/14/2003
00
5
03/02/2012
56
5,500
5,500
5
03/02/2012
30
5,540
40
Wuori, Stephen John
Wuori, Stephen John
Wuori, Stephen John
5
5
5
03/09/2012
03/07/2012
02/13/2003
30
30
00
252,300
2,123
1,947
19
Wuori, Stephen John
5
03/02/2012
50
117,300
117,300
Wuori, Stephen John
5
12/01/2011
30
22,121
319
Wuori, Stephen John
5
03/15/2012
59
0
-22,121
Wuori, Stephen John
5
03/01/2012
30
52,637
1,139
Wuori, Stephen John
5
03/01/2012
30
14,542
315
35.43
34.53
37.8
37.44
(2012) 35 OSCB 2901
Insider Reporting
Issuer Name
Security
Insider Name
Enbridge Inc.
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Common Shares
Common Shares
Common Shares
2022 Expiry
2022 Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2009
- December 31, 2011
Expiry
Rights - 2010
- December 31, 2012
Expiry
Rights - 2011
- December 31, 2013
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Rights - 2012
- December 31, 2014
Expiry
Common Shares
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Rel'n
Transaction
Date
T/O
Wuori, Stephen John
5
02/13/2003
00
Wuori, Stephen John
5
03/02/2012
Wuori, Stephen John
5
Zupan, Leon Anthony
Zupan, Leon Anthony
Zupan, Leon Anthony
Zupan, Leon Anthony
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
56
16,800
16,800
03/02/2012
30
16,924
124
5
5
5
5
12/01/2011
03/09/2012
12/01/2011
02/13/2003
30
30
30
00
55,587
55,294
1,611
139
407
11
Zupan, Leon Anthony
5
03/02/2012
50
82,850
82,850
Zupan, Leon Anthony
5
12/01/2011
30
3,540
51
Zupan, Leon Anthony
5
03/15/2012
59
0
-3,540
Zupan, Leon Anthony
5
03/01/2012
30
4,941
107
Zupan, Leon Anthony
5
03/01/2012
30
6,647
144
Zupan, Leon Anthony
5
02/13/2003
00
Zupan, Leon Anthony
5
03/02/2012
56
5,150
5,150
Zupan, Leon Anthony
5
03/02/2012
30
5,188
38
Opheim, Wanda Marie
6
12/30/2011
30
19.12
3,000
158
Common Shares
Opheim, Wanda Marie
6
12/30/2011
30
19.12
10,424
558
Common Shares
Opheim, Wanda Marie
6
12/30/2011
30
19.67
2,726
26
Common Shares
Opheim, Wanda Marie
6
12/30/2011
30
19.12
3,539
186
Common Shares
Roberts, Ernest F. H.
4
02/06/2012
00
33.6
35.43
33.6
Enbridge Income Fund
Holdings Inc.
Holdings Inc.
Holdings Inc.
Holdings Inc.
Holdings Inc.
Holdings Inc.
Energizer Resources Inc.
Common Shares
Roberts, Ernest F. H.
4
03/09/2012
10
22.392
10,000
10,000
Options
Options
Options
Options
De Bruin, Johann
De Bruin, Johann
Harder, Vernon Peter
Heng, Joseph, Ching-Hiang
4
4
4
5
02/01/2012
03/07/2012
03/07/2012
03/07/2012
00
50
50
50
0.28
0.28
0.28
200,000
675,000
780,000
200,000
100,000
180,000
Energy Fuels Inc.
Energy Fuels Inc.
Energy Fuels Inc.
Energy Fuels Inc.
Energy Fuels Inc.
Energy Fuels Inc.
Common Shares
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Liabotis, Peter
Liabotis, Peter
McKinnon, Jacob
McKinnon, Kirk
Nykoliation, Brent
Sanderson, John Peter
Scherba, Craig
Schler, Richard
Yarie, Quentin
Antony, Stephen
Bovaird, James Birks
Goldberg, Larry
Goldberg, Larry
Hansen, Bruce Douglas
Inwentash, Sheldon
5
5
5
4
5
4
4
4
4
5
4
4
4
4
4
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
02/29/2012
03/07/2012
03/07/2012
03/07/2012
00
00
50
50
50
50
50
50
50
50
50
00
50
50
50
0.28
0.28
0.28
0.28
0.28
0.28
0.28
0.31
0.31
131,000
1,350,000
1,410,000
4,995,000
1,275,000
575,000
1,400,000
4,540,000
1,100,000
2,010,000
810,000
865,000
220,000
425,000
150,000
400,000
850,000
350,000
960,000
360,000
0.31
0.31
360,000
810,000
March 23, 2012
360,000
360,000
340,000
(2012) 35 OSCB 2902
Insider Reporting
Issuer Name
Security
Insider Name
Energy Fuels Inc.
Energy Fuels Inc.
Energy Fuels Inc.
Energy Fuels Inc.
Energy Fuels Inc.
ENERGY INDEXPLUS
Dividend Fund
ENERGY INDEXPLUS
Dividend Fund
ENERGY INDEXPLUS
Dividend Fund
ENERGY INDEXPLUS
Dividend Fund
Enerplus Corporation
Options
Options
Options
Options
Options
Trust Units
March 23, 2012
Trust Units
Trust Units
Trust Units
Common Shares
(Performance Share Unit
Plan ("PSU"))
Common Shares
(Restricted Share Unit
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Options (Stock Option
Plan)
Common Shares
Plan ("PSU"))
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Plan)
Common Shares
Plan ("PSU"))
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Plan)
Common Shares
Plan ("PSU"))
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Plan)
Common Shares
Plan ("PSU"))
Common Shares
Plan ("RSU"))
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Inwentash, Sheldon
Inwentash, Sheldon
Inwentash, Sheldon
Steele, Gary
Vigil, Jeffrey L.
Energy Indexplus Dividend
Fund
Fund
Fund
Fund
Caza, Jo-Anne M.
4
4
4
5
5
1
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/06/2012
50
50
50
50
50
38
340,000
700,000
670,000
620,000
283,300
340,000
360,000
360,000
300,000
300,000
1,700
0.31
0.31
9.37
1
03/09/2012
38
9.15
284,200
900
1
03/12/2012
38
9.18
284,700
500
1
03/15/2012
38
8.95
285,400
700
5
03/08/2012
50
25.81
10,716
6,316
Caza, Jo-Anne M.
5
03/07/2012
57
26.02
9,299
-2,222
Caza, Jo-Anne M.
5
03/08/2012
57
28.18
7,435
-1,864
Caza, Jo-Anne M.
5
03/09/2012
57
30.34
4,085
-3,350
Caza, Jo-Anne M.
5
03/08/2012
50
23
95,074
64,432
Daniels, Raymond John
5
03/08/2012
56
25.81
25,039
15,765
5
03/07/2012
57
26.02
16,071
-3,460
5
03/07/2012
57
26.02
14,824
-1,247
5
03/08/2012
57
28.18
11,930
-2,894
5
03/09/2012
57
30.34
7,600
-4,330
5
03/08/2012
50
23
225,273
160,821
DUNDAS, Ian Charles
5
03/08/2012
56
25.81
43,447
28,333
DUNDAS, Ian Charles
5
03/07/2012
57
26.02
27,791
-7,632
DUNDAS, Ian Charles
5
03/08/2012
57
28.18
21,943
-5,848
DUNDAS, Ian Charles
5
03/09/2012
57
30.34
13,479
-8,464
DUNDAS, Ian Charles
5
03/08/2012
50
23
394,296
289,032
Gray, Rodney
5
03/08/2012
56
25.81
15,540
9,447
Gray, Rodney
5
03/07/2012
57
26.02
12,683
-3,077
Gray, Rodney
5
03/08/2012
57
28.18
10,094
-2,589
Gray, Rodney
5
03/09/2012
57
30.34
5,665
-4,429
Gray, Rodney
5
03/08/2012
50
23
138,803
96,368
Jenson Labrie, Jodine
Julene
5
03/08/2012
56
25.81
4,942
2,438
Julene
5
03/07/2012
57
26.02
6,070
-1,265
(2012) 35 OSCB 2903
Insider Reporting
Issuer Name
Security
Insider Name
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Plan)
Common Shares
Plan ("PSU"))
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Plan)
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Plan ("PSU"))
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Plan)
Rights (Rights Incentive
Plan)
Common Shares
Plan ("PSU"))
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Plan)
Common Shares
Plan ("PSU"))
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Plan)
Common Shares
Plan ("PSU"))
Common Shares
Plan ("RSU"))
March 23, 2012
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Julene
5
03/08/2012
57
28.18
4,577
-1,493
Julene
5
03/09/2012
57
30.34
2,757
-1,820
Julene
Johnson, Dana William
5
03/08/2012
50
23
42,307
24,869
5
03/08/2012
56
25.81
24,166
14,457
5
03/07/2012
57
26.02
18,931
-4,814
5
03/08/2012
57
28.18
15,188
-3,743
5
03/09/2012
57
30.34
8,556
-6,632
5
03/08/2012
50
23
210,111
143,818
Kehrig, Robert Anthony
5
5
5
5
5
5
5
5
03/12/2012
03/12/2012
01/01/2011
03/12/2012
03/12/2012
01/01/2011
03/12/2012
03/08/2012
57
10
00
10
10
00
10
56
17.11
23.38
13,246
3,220
10,026
-10,026
23.409
23.409
23.409
25.81
2,100
20,087
2,100
11,900
5
03/07/2012
57
26.02
15,311
-4,134
5
03/08/2012
57
28.18
11,928
-3,383
5
03/09/2012
57
30.34
7,517
-4,411
5
03/08/2012
50
23
178,412
121,394
5
03/12/2012
57
17.11
67,044
-10,026
KERR, GORDON J.
4, 5
03/08/2012
56
25.81
58,784
39,892
KERR, GORDON J.
4, 5
03/07/2012
57
26.02
34,501
-9,539
KERR, GORDON J.
4, 5
03/08/2012
57
28.18
28,702
-5,799
KERR, GORDON J.
4, 5
03/09/2012
57
30.34
15,338
-13,364
KERR, GORDON J.
4, 5
03/08/2012
50
23
538,536
406,957
Le Dain, Eric G.C.
5
03/08/2012
56
25.81
23,448
14,159
Le Dain, Eric G.C.
5
03/07/2012
57
26.02
16,940
-4,690
Le Dain, Eric G.C.
5
03/08/2012
57
28.18
13,557
-3,383
Le Dain, Eric G.C.
5
03/09/2012
57
30.34
8,073
-5,484
Le Dain, Eric G.C.
5
03/08/2012
50
23
209,130
144,437
MCCOY, David
5
03/08/2012
56
25.81
18,024
10,845
MCCOY, David
5
03/07/2012
57
26.02
14,287
-3,625
2,100
2,100
(2012) 35 OSCB 2904
Insider Reporting
Issuer Name
Security
Insider Name
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Plan)
Common Shares
Plan ("PSU"))
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Plan)
Common Shares
Plan ("PSU"))
Plan)
Common Shares
Plan ("PSU"))
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Plan)
Common Shares
Plan ("PSU"))
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Common Shares
Plan ("RSU"))
Plan)
Options Employee Stock
Option
Option
Option
Options
Options
Options
Options Options granted
Units
Units
Units
Units
Enghouse Systems Limited
Epic Data International Inc.
Epsilon Energy Ltd.
Epsilon Energy Ltd.
Equitable Group Inc.
March 23, 2012
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
MCCOY, David
5
03/08/2012
57
28.18
11,429
-2,858
MCCOY, David
5
03/09/2012
57
30.34
6,483
-4,946
MCCOY, David
5
03/08/2012
50
23
160,633
110,633
Perry, Brien
5
03/08/2012
56
25.81
8,595
6,255
Perry, Brien
5
03/07/2012
57
26.02
7,694
-879
Perry, Brien
5
03/07/2012
57
26.02
6,330
-1,364
Perry, Brien
5
03/08/2012
57
28.18
4,953
-1,377
Perry, Brien
5
03/09/2012
57
30.34
3,620
-1,333
Perry, Brien
5
03/08/2012
50
23
80,864
63,810
Walsh, Patrick Scott
5
03/08/2012
56
25.81
10,663
6,530
Walsh, Patrick Scott
5
03/08/2012
50
23
95,528
66,611
WATERS, Robert J.
5
03/08/2012
56
25.81
31,643
20,245
WATERS, Robert J.
5
03/07/2012
57
26.02
22,612
-5,756
WATERS, Robert J.
5
03/08/2012
57
28.18
18,021
-4,591
WATERS, Robert J.
5
03/09/2012
57
30.34
10,346
-7,675
WATERS, Robert J.
5
03/08/2012
50
23
285,908
206,522
Young, Kenneth
5
03/08/2012
56
25.81
13,553
8,239
Young, Kenneth
5
03/07/2012
57
26.02
9,725
-2,683
Young, Kenneth
5
03/08/2012
57
28.18
7,795
-1,930
Young, Kenneth
5
03/09/2012
57
30.34
4,613
-3,182
Young, Kenneth
5
03/08/2012
50
23
121,049
84,042
Demirian, Eric
4
03/08/2012
50
14.13
60,000
10,000
Mosing, Christoph
2
03/08/2012
00
Mosing, Christoph
2
03/08/2012
50
14.13
Barnsley, John Michael
Bond, Bruce Lane
Bond, Bruce Lane
Downie, David
Downie, David
5
4
4
5
5
03/01/2012
03/01/2012
03/09/2012
03/05/2012
04/30/2010
00
50
50
50
00
3.24
3.24
29.32
Downie, David
5
03/08/2012
56
Edmunds, William Reid
Edmunds, William Reid
Farella, Isabelle
7
7
5
03/05/2012
03/05/2012
05/25/2010
50
50
00
Farella, Isabelle
5
03/08/2012
Fryer, Scott Allan
5
03/08/2012
15,000
65,000
100,000
50,000
50,000
22,380
20,000
20,000
2,380
595
595
71,450
5,950
5,950
56
355
355
56
18,630
1,430
29.32
29.32
(2012) 35 OSCB 2905
Insider Reporting
Issuer Name
Security
Insider Name
Date/Month End
Holdings
Acquired/
Disposed
Units
Units
Units
Units
Units
Units
Units
Units
Common Shares
Common Shares
Units
Units
Common Shares
Common Shares
Units
Units
56
355
355
05/19/2011
56
2,716
677
4
12/31/2011
30
2,755
39
Kukulowicz, Kimberly
7
7
03/05/2012
03/11/2004
50
00
17,380
2,380
7
03/08/2012
56
595
595
Leland, Brian
Leland, Brian
7
7
03/05/2012
07/07/2011
50
00
13,380
2,380
Leland, Brian
7
03/08/2012
56
595
595
Malozewski, Tamara
Malozewski, Tamara
Malozewski, Tamara
Malozewski, Tamara
Malozewski, Tamara
Malozewski, Tamara
7
7
7
7
7
7
03/08/2012
03/08/2012
03/05/2012
03/08/2012
03/08/2012
03/11/2004
51
51
50
51
51
00
955
1,955
16,880
16,380
15,380
500
1,000
2,380
-500
-1,000
Malozewski, Tamara
7
03/08/2012
56
595
595
McDonald, Lynn Marie
McDonald, Lynn Marie
Sperling, Jody Lynn
Sperling, Jody Lynn
Sperling, Jody Lynn
4
4
5
5
5
03/12/2012
03/14/2012
11/24/2011
11/24/2011
04/30/2010
10
10
52
52
00
1,200
1,300
400
100
-10,000
-10,000
Sperling, Jody Lynn
5
03/08/2012
56
595
595
Strube, Nicholas Robert
Christopher
Christopher
Christopher
Tratch, Ronald Walter
7
03/09/2012
50
32,380
2,380
7
03/11/2004
00
7
03/09/2012
56
595
595
7
7
03/05/2012
08/02/2011
50
00
9,405
1,905
7
03/08/2012
56
475
475
Yu, David
Yu, David
Yu, David
5
5
5
11/24/2011
03/05/2012
04/30/2010
52
50
00
11,000
13,380
-10,000
2,380
Yu, David
5
03/08/2012
56
595
595
4
03/14/2012
10
2.74
160,000
36,000
Common Shares
Common Shares
Common Shares
Common Shares
KIRTON, Nicholas
Grenville
Galdi, Richard Joseph
Galdi, Richard Joseph
Freeman, Gary Richard
Meyer, Doris
5
5
4, 5
5
03/09/2012
03/13/2012
03/14/2012
12/12/2008
10
10
10
00
0.08
0.07
1.03
1,064,000
1,065,000
227,900
1,000
1,000
1,000
Common Shares
Meyer, Doris
5
03/09/2012
10
0.4
9,000
9,000
Common Shares
Meyer, Doris
5
03/12/2012
10
0.4
15,500
6,500
Common Shares
Meyer, Doris
5
03/12/2012
10
0.39
18,000
2,500
Common Shares
Assalone, Antoniella
5
03/07/2012
10
13.77
13,118
-100
Evertz Technologies Limited Common Shares
5
03/07/2012
10
13.77
12,818
-300
5
03/08/2012
10
13.8
12,318
-500
5
03/08/2012
10
13.8
9,218
-3,100
Exall Energy Corporation
Excalibur Resources Ltd.
Common Shares
Common Shares
5
3
05/12/2009
03/08/2012
00
10
0.18
2,800
38,142
-105,000
Excalibur Resources Ltd.
Common Shares
3
03/09/2012
10
0.18
0
-38,142
Excellon Resources Inc.
Warrants
Kerr, Glen Douglas
Crossgrove, Peter
Alexander
4, 5
02/10/2012
55
0.83
0
-108,000
Essential Energy Services
Ltd.
Essex Angel Capital Inc.
Essex Angel Capital Inc.
Ethos Capital Corp.
European Uranium
Resources Ltd.
European Uranium
Resources Ltd.
European Uranium
Resources Ltd.
European Uranium
Resources Ltd.
Evertz Technologies Limited
March 23, 2012
Units
Units
Units
Units
Units
Units
Common Shares
Rel'n
Transaction
Date
T/O
Fryer, Scott Allan
5
12/14/2007
00
Fryer, Scott Allan
5
03/08/2012
Kirzner, Eric Franklin
4
Kirzner, Eric Franklin
Unit
Price
29.32
29.32
11.55
20.6
29.32
11.55
20.6
29.3
29.18
28.75
28.75
29.32
29.32
29.32
(2012) 35 OSCB 2906
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Excellon Resources Inc.
Exchange Income
Corporation
Exchange Income
Corporation
Exchange Income
Corporation
Exchange Income
Corporation
Exchange Income
Corporation
Exchange Income
Corporation
Exeter Resource
Corporation
Exeter Resource
Corporation
Exeter Resource
Corporation
Exeter Resource
Corporation
Exeter Resource
Corporation
Exeter Resource
Corporation
Exeter Resource
Corporation
Exeter Resource
Corporation
Exeter Resource
Corporation
EXFO Inc. (formerly know as
EXFO Electro-Optical
Engineering Inc.)
EXFO Inc. (formerly know as
EXFO Electro-Optical
Engineering Inc.)
Extorre Gold Mines Limited
Extorre Gold Mines Limited
Faircourt Gold Income Corp.
Warrants
Common Shares
Ryan, Timothy J.
Sparrow, Darwin
4
7
02/10/2012
03/28/2011
55
00
0.83
0
-54,000
Common Shares
Sparrow, Darwin
7
06/10/2011
54
10
632
632
Common Shares
Sparrow, Darwin
7
02/28/2012
90
19.55
0
-632
Common Shares
Sparrow, Darwin
7
02/28/2012
90
19.55
1,264
632
Common Shares
Sparrow, Darwin
7
03/14/2012
30
21.01
1,303
39
Warrants Expiry date of
June 22, 2011
Options
Sparrow, Darwin
7
06/10/2011
54
0
-632
Bond, Cecil Robert
5
03/08/2012
50
3.01
1,355,000
255,000
Options
4
03/07/2012
50
3.01
1,215,000
165,000
Options
Reynolds, Robert Gordon
4
03/07/2012
50
565,000
190,000
Options
4
03/08/2012
51
365,000
-200,000
Options
4
03/08/2012
51
565,000
200,000
Options
4
03/09/2012
38
0
-75,000
Options
Roxburgh, Bryce
4, 5
02/17/2012
38
6.84
2,330,500
-180,000
Options
Roxburgh, Bryce
4, 5
02/17/2012
38
7
2,030,500
-300,000
Options
Roxburgh, Bryce
4, 5
02/17/2012
38
6.2
1,830,500
-200,000
Mazzuca, Claudio
5
03/12/2012
00
10,000
Subordinate Voting
Shares
Mazzuca, Claudio
5
03/12/2012
00
629
Common Shares
Options
Common Shares
Faircourt Asset
Management Inc.
Faircourt Asset
Management Inc.
Faircourt Asset
Management Inc.
Barnard, Andrew
4, 5
4, 5
8
03/16/2012
03/16/2012
03/13/2012
51
51
10
0.6
0.6
8.88
200,000
677,500
4,300
200,000
-200,000
500
8
03/14/2012
10
8.628
5,300
1,000
8
03/15/2012
10
8.6
5,900
600
2
02/28/2012
97
38,257
3,138
Bennett, Robert
7
03/09/2012
97
2,161
497
Christiansen, Jan
7
03/09/2012
97
2,968
497
Lovell, Peter H.
7
03/09/2012
97
1,344
373
Salvesen, James B.
7
03/09/2012
97
572
156
Wacek, Michael
7
03/09/2012
97
5,161
497
Young, Brian David
7
03/09/2012
97
5,941
1,740
Anderson, Leon Frank
Bacarreza, Ricardo
4, 5
4
03/13/2012
03/16/2012
10
56
0.12
29.38
136,668
40,259
5,000
177
Carter, James Edward
Clark
Dickinson, Neil Robert
4
03/16/2012
56
29.38
27,135
120
5
03/16/2012
56
29.38
41,423
182
Emerson, David Lee
4
03/16/2012
56
29.38
15,968
70
Fraser, Andrew Stewart
5
03/16/2012
56
29.38
51,442
227
Harrod, Darcy Joel
5
03/16/2012
56
29.38
4,280
19
Marks, Anna Pia
5
03/16/2012
56
29.38
20,880
92
Merinsky, Thomas Michael
5
03/16/2012
56
29.38
4,280
19
O'Neill, Kathleen M.
4
03/16/2012
56
29.38
19,811
87
Faircourt Gold Income Corp. Common Shares
Faircourt Gold Income Corp. Common Shares
Fairfax Financial Holdings
Limited
Limited
Limited
Limited
Limited
Limited
Limited
Far Resources Ltd.
Finning International Inc.
March 23, 2012
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Common Shares
Units Deferred Share
Units
Units
Units
Units
Units
Units
Units
Units
Units
(2012) 35 OSCB 2907
Insider Reporting
Issuer Name
Security
Insider Name
Units
Units
Units
Units
Units
Units
Units
Units
Units
Common Shares
Patterson, Christopher
William
Primrose, David Francis
Neil
Reid, John McDonald
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Britten, Ronald Matthew
Gammon, John Blundell
Watts, Robert Arthur
Franco-Nevada
Corporation
Franco-Nevada
Corporation
Franco-Nevada
Corporation
Franco-Nevada
Corporation
First National Financial
Corporation
First Point Minerals Corp.
First Uranium Corporation
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
4
03/16/2012
56
29.38
2,790
12
5
03/16/2012
56
29.38
4,280
19
4
03/16/2012
56
29.38
19,632
86
Simon, Andrew Henry
4
03/16/2012
56
29.38
42,282
186
Thomas, Christopher
5
03/16/2012
56
29.38
49,189
217
Turner, Bruce Lyndon
4
03/16/2012
56
29.38
12,869
57
Villegas, Juan Carlos
5
03/16/2012
56
29.38
47,161
208
Waites, Michael T.
4, 5
03/16/2012
56
29.38
11,506
51
Whitehead, Douglas
William Geoffrey
Copestake, Peter
4, 5
03/16/2012
56
29.38
38,402
169
4
03/14/2012
10
15.6
25,000
4,400
5
4
4
4
4
4
4
3
03/16/2012
03/14/2012
03/14/2012
03/15/2012
03/15/2012
03/15/2012
03/12/2012
03/14/2011
10
10
10
10
10
10
10
00
0.62
0.55
0.58
0.55
0.56
0.59
0.65
548,744
215,000
195,000
185,000
176,500
175,000
767,142
-38,700
-20,000
-20,000
-10,000
-8,500
-1,500
-1,500
3
03/14/2011
00
3,500,000
3
03/14/2011
22
14,000,000
14,000,000
$20,000,000
$20,000,000
Common Shares
Common Shares
Convertible Notes
Canadian denominated
notes issued April 8, 2010
Options
Chander, Sunile D.
3
03/14/2011
22
5
03/14/2012
51
20.69
118,000
-6,500
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Chander, Sunile D.
5
03/14/2012
51
20.69
14,855
6,500
FirstService Corporation
1
03/08/2012
10
31.05
136,800
1,700
1
03/08/2012
10
31.07
138,600
1,800
1
03/08/2012
10
31.17
140,600
2,000
1
03/08/2012
10
31.2
144,600
4,000
1
03/08/2012
10
31.25
146,600
2,000
1
03/08/2012
10
31.27
151,600
5,000
1
03/08/2012
10
31.28
152,600
1,000
1
03/08/2012
10
31.3
153,600
1,000
1
03/08/2012
10
31.312
154,100
500
1
03/08/2012
10
31.32
155,100
1,000
1
03/09/2012
10
31.18
155,200
100
1
03/09/2012
10
31.2
155,300
100
1
03/09/2012
10
31.2
157,700
2,400
1
03/09/2012
10
31.205
158,000
300
1
03/09/2012
10
31.21
158,600
600
1
03/09/2012
10
31.22
159,600
1,000
1
03/09/2012
10
31.23
159,800
200
1
03/09/2012
10
31.24
160,900
1,100
1
03/09/2012
10
31.25
171,900
11,000
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
March 23, 2012
(2012) 35 OSCB 2908
Insider Reporting
Issuer Name
Security
Insider Name
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
Subordinate Voting
Shares
March 23, 2012
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
1
03/09/2012
10
31.27
172,900
1,000
1
03/09/2012
10
31.28
173,300
400
1
03/09/2012
10
31.3
175,100
1,800
1
03/12/2012
10
31.02
175,500
400
1
03/12/2012
10
31.08
175,800
300
1
03/12/2012
10
31.1
180,800
5,000
1
03/12/2012
10
31.11
184,300
3,500
1
03/12/2012
10
31.12
188,500
4,200
1
03/12/2012
10
31.13
191,000
2,500
1
03/12/2012
10
31.15
195,000
4,000
1
03/12/2012
10
31.16
195,100
100
1
03/13/2012
10
31.32
196,000
900
1
03/13/2012
10
30.94
196,100
100
1
03/13/2012
10
30.98
196,400
300
1
03/13/2012
10
30.98
196,700
300
1
03/13/2012
10
30.93
197,000
300
1
03/13/2012
10
31.34
198,500
1,500
1
03/13/2012
10
31.25
199,500
1,000
1
03/13/2012
10
31.35
200,000
500
Kocur, Roman
5
03/13/2012
10
31.2478
8,750
-7,000
Kocur, Roman
5
03/13/2012
10
31
5,000
-3,750
Kocur, Roman
5
03/13/2012
10
31.32
3,000
-2,000
Kocur, Roman
5
03/14/2012
10
30.97
2,100
-900
Kocur, Roman
5
03/14/2012
10
31
300
-1,800
Kocur, Roman
5
03/14/2012
10
31.054
100
-200
Kocur, Roman
5
03/14/2012
10
31.05
0
-100
Mayer, Christian
5
03/09/2012
10
31.25
59,627
-2,000
Mayer, Christian
5
03/09/2012
10
31.3
55,627
-4,000
Mayer, Christian
5
03/14/2012
10
31
53,327
-2,300
Mayer, Christian
5
03/15/2012
10
31
50,827
-2,500
Mayer, Christian
5
03/15/2012
10
31.1
48,827
-2,000
Mayer, Christian
5
03/15/2012
10
31.2
47,527
-1,300
Roy, Kevin
2
03/09/2012
10
31.34
66,300
-500
Roy, Kevin
2
03/09/2012
10
31.25
65,800
-500
Roy, Kevin
2
03/13/2012
10
31.3
63,800
-2,000
Roy, Kevin
2
03/13/2012
10
31.25
63,300
-500
Roy, Kevin
2
03/13/2012
10
31.34
59,300
-4,000
Roy, Kevin
2
03/13/2012
10
31.308
58,300
-1,000
Roy, Kevin
2
03/13/2012
10
31.3063
57,300
-1,000
(2012) 35 OSCB 2909
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
FIRSTSERVICE
CORPORATION
FIRSTSERVICE
CORPORATION
Foraco International SA
Subordinate Voting
Shares
Subordinate Voting
Shares
Common Shares
Roy, Kevin
2
03/13/2012
10
31.3116
56,300
-1,000
Roy, Kevin
2
03/13/2012
10
31.32
54,300
-2,000
4
05/26/2010
00
4
05/26/2010
00
4
03/12/2012
10
4
4
5
5
4
4
3
03/15/2012
03/15/2012
03/16/2012
03/16/2012
03/08/2012
03/08/2012
03/15/2012
50
50
51
51
54
54
30
Options
Van Wersch, Gonzalo
Calderon
Van Wersch, Gonzalo
Calderon
Van Wersch, Gonzalo
Calderon
Campoy, Ricardo Moreno
Matysek, Paul Frank
Gosse, Karen J.
Gosse, Karen J.
Knight, David Allan
Knight, David Allan
Company, Administrator of
the CN Trust Funds
Blair, Jeffrey Dean
Common Shares
Common Shares
Forsys Metals Corp
Forsys Metals Corp
Fortis Inc.
Fortis Inc.
Freegold Ventures Limited
Freegold Ventures Limited
Freehold Royalties Ltd.
Options
Options
Common Shares
Options
Common Shares
Warrants
Common Shares
Genesis Land Development
Corp.
Corp.
Corp.
Corp.
Corp.
Corp.
Genworth MI Canada Inc.
Geologix Explorations Inc.
5
03/09/2012
50
Options
Blair, Jeffrey Dean
5
03/12/2012
52
Common Shares
Salov, Val
7
03/16/2012
Common Shares
Salov, Val
7
Options
Salov, Val
Options
Common Shares
Options
Options
George Weston Limited
Options
Options
Options
Options
Options
Options
Options
2,004,370
114,064
200,000
200,000
4,530
13,931
40,000
0
3,378,481
100,000
100,000
564
-564
20,000
-20,000
24,558
285,000
100,000
4.4
250,000
-35,000
51
0.9
10,000
10,000
03/16/2012
51
2.01
11,250
1,250
7
03/16/2012
51
0.9
3,750
-10,000
Salov, Val
7
03/16/2012
51
2.01
2,500
-1,250
Kirby, Robert
Abbott, Evelyn Elizabeth
Candiani, Mauricio Enrique
7
5
4
03/12/2012
03/13/2012
03/13/2012
10
50
50
21.55
0.38
0.38
0
860,000
425,000
-270
200,000
175,000
4, 5
4
4
5
5
5
5
5
5
5
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/08/2012
05/06/2009
03/08/2012
03/08/2012
03/08/2012
50
50
50
50
50
50
00
56
56
50
0.38
0.38
0.38
0.38
0.38
62.96
2,300,000
975,000
1,075,000
1,090,000
780,000
253,041
500,000
175,000
225,000
250,000
100,000
93,633
62.96
18,530
41,049
323,147
18,530
18,530
34,778
5
09/12/2005
00
5
03/08/2012
56
6,883
6,883
5
03/08/2012
56
31,157
6,883
5
03/09/2012
30
3,127
511
7
7
7
7
3, 4, 5
7
7
7
5
5
5
7
5
5
5
5
5
4, 5
4, 5
4
4, 5
03/05/2012
03/08/2012
03/05/2012
03/08/2012
03/08/2012
03/14/2012
03/14/2012
03/14/2012
10/21/2011
01/17/2012
03/13/2012
12/31/2011
12/31/2011
12/31/2011
12/31/2011
12/31/2011
12/31/2011
03/14/2012
03/14/2012
03/14/2012
03/23/2011
00
50
00
56
50
51
51
51
30
30
90
35
35
35
30
35
35
16
16
16
00
39,226
39,226
0.1
23,605
276,497
0
95,519
55,493
508
514
0
7,631
18,855
6,312
4,423
13,637
9,590
570,000
580,331
1,050,887
23,605
80,257
-69,258
-43,417
-50,000
8
6
-514
46
124
40
320
88
65
300,000
300,000
250,000
4, 5
03/05/2012
10
9.1
200
200
Craig, Dunham Lewis
Smallwood, Randy
Thody, Graham Campbell
Weidner, Siegfried (Sig)
Wilson, Jeffrey
Binning, Paviter Singh
Currie, Gordon Andrew
McDonald
Performance Share Units Currie, Gordon Andrew
McDonald
Performance Share Units Currie, Gordon Andrew
McDonald
McDonald
Rights -Deferred Share
Units
McDonald
Options
Senise, Jairo
Options
Senise, Jairo
Senise, Jairo
Senise, Jairo
Options
Weston, W. Galen
Gibson Energy Inc.
Options
Bunz, Gary John
Gibson Energy Inc.
Options
McGowan, Michael
Gibson Energy Inc.
Options
Osatiuk, Warren Frederick
Gibson Energy Inc.
Common Shares
Taylor, Richard Gordon
Gibson Energy Inc.
Common Shares
Gibson Energy Inc.
Common Shares
Gildan Activewear Inc.
Albright, Michael
Beaudoin, Yannick
Bell, Garry
Common Shares
Bertin, Claude
Bertin, Claude
Brito, Luis Alonso
Gimus Resources Inc.
Common Shares
barnard, pierre
Common Shares
Girard, Guy
Common Shares
Lafleur, Jean
Global Advantaged Telecom Trust Units
Kovacs, Michael
& Utilities Income Fund
Global Advantaged Telecom Trust Units
& Utilities Income Fund
March 23, 2012
1,870,306
Kovacs, Michael
5
0.95
564
0.59
19.12
25.46
0.1
(2012) 35 OSCB 2910
Insider Reporting
Issuer Name
Security
Insider Name
Gold Canyon Resources Inc. Common Shares
Inwentash, Sheldon
Gold-Ore Resources Ltd.
Goldbrook Ventures Inc.
Common Shares
Common Shares
Options
Common Shares
Common Shares
Options
Options
Common Shares
Options
Common Shares
Common Shares
Common Shares
Common Shares
Options
Warrants
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Common Shares
Options
Warrants
Common Shares
Options
Options
Options
Common Shares
Warrants
Common Shares
Common Shares
Options
Warrants
Common Shares
Common Shares
Rights
Common Shares
Common Shares
Rights
Common Shares
Goldcorp Inc.
Common Shares
Goldcorp Inc.
Rights
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Common Shares
Rights
Common Shares
Common Shares
Rights
Common Shares
Common Shares
Rights
Common Shares
Common Shares
Rights
Common Shares
Common Shares
Rights
Common Shares
Common Shares
Rights
Common Shares
Common Shares
Rights
Common Shares
Common Shares
Rights
Common Shares
Common Shares
Rights
Common Shares
Rights
Common Shares
Rights
Common Shares
Dickson, Glen Dale
AUYEUNG, MARTIN
AUYEUNG, MARTIN
Baker, David
Baker, David
Baker, David
Baker, David
gardner, edward
gardner, edward
Gorman, Alan Peter
Francis
Gorman, Alan Peter
Francis
Gorman, Alan Peter
Francis
Gorman, Alan Peter
Francis
Gorman, Alan Peter
Francis
Gorman, Alan Peter
Francis
Grant, Donald Brian
Grant, Donald Brian
Grant, Donald Brian
GU, VIVIAN
GU, VIVIAN
GU, VIVIAN
LeClair, William Raymond
Lupien, William A.
Lupien, William A.
Terris, J. Earl
Terris, J. Earl
Terris, J. Earl
Terris, J. Earl
Allan, John Grant
Allan, John Grant
Allan, John Grant
Aloi, Dina
Aloi, Dina
Aloi, Dina
ATKINSON, GERARD
WILLIAM
ATKINSON, GERARD
WILLIAM
ATKINSON, GERARD
WILLIAM
Belanger, Maryse
Belanger, Maryse
BERGERON, BRENT
BERGERON, BRENT
BERGERON, BRENT
Bruna, Horacio
Bruna, Horacio
Bruna, Horacio
Burns, George Raymond
Chan, Kathy
Chan, Kathy
Chan, Kathy
Crema, Frank
Crema, Frank
Crema, Frank
DEISLEY, DAVID LEE
DEISLEY, DAVID LEE
DEISLEY, DAVID LEE
FARROW, PAUL
FARROW, PAUL
FARROW, PAUL
GARCIA, SALVADORE
GARCIA, SALVADORE
GARCIA, SALVADORE
Hall, Lindsay Albert
Hall, Lindsay Albert
Hazelton, Rohan
Hazelton, Rohan
Jauristo, Timo
March 23, 2012
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
6
03/13/2012
10
1.9968
3,417,800
40,000
4, 5
4
4
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
5
03/09/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
10
22
51
22
22
51
52
22
51
22
0.88
0.39
0.39
0.39
0.39
0.39
2,035,920
0
0
0
0
450,000
0
0
0
5,000
-114,000
-561,000
-300,000
-1,000,000
-3,230,000
-450,000
-75,000
-2,000,000
800,000
5
03/12/2012
22
0.39
0
-800,000
5
03/12/2012
22
0.39
-1,600,000
5
03/12/2012
22
0.39
-1,600,000
5
03/12/2012
51
0.2
0
-1,500,000
5
03/12/2012
54
0.25
0
-100,000
4, 5
4, 5
4, 5
5
5
5
4
3
3
4
4
4
4
5
5
5
5
5
5
5
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/13/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
22
51
54
22
51
52
22
22
22
22
22
51
54
57
10
57
57
10
57
57
0.39
46.72
0
0
0
0
20,000
0
0
0
0
0
0
0
0
4,218
2,551
10,736
2,841
1,174
7,643
8,922
-400,000
-2,250,000
-100,000
-154,000
-756,000
-20,000
-1,500,000
-27,000,000
-10,000,000
-650,000
-520,500
-280,000
-400,000
1,667
-1,667
-1,667
1,667
-1,667
-1,667
5,334
5
03/08/2012
10
46.72
6,589
-2,333
5
03/08/2012
57
23,166
-5,334
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
57
57
57
10
57
57
10
57
57
10
57
57
10
57
57
10
57
57
10
57
57
10
57
57
10
57
57
57
57
57
57
858
7,070
2,104
1,374
9,983
3,334
0
16,144
29,291
27,211
34,990
2,247
580
8,661
4,194
3,464
8,998
34,297
31,237
45,265
1,953
286
8,977
1,667
0
8,856
101,854
65,334
4,418
20,943
17,868
334
-334
1,667
-730
-1,667
3,334
-3,334
-3,334
5,334
-2,080
-5,334
1,667
-1,667
-1,667
1,667
-730
-1,667
7,000
-3,060
-7,000
1,667
-1,667
-1,667
1,667
-1,667
-1,667
8,667
-8,667
1,667
-1,667
6,667
0.39
0.39
0.39
0.26
0.39
0.14
0.39
0.39
46.72
46.72
46.72
46.72
47.12
46.72
46.72
46.72
46.72
47.01
47.01
46.85
46.85
46.72
46.72
46.72
46.72
46.72
46.72
47.15
47.15
47.12
47.12
46.72
(2012) 35 OSCB 2911
Insider Reporting
Issuer Name
Security
Insider Name
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Goldcorp Inc.
Golden Dawn Minerals Inc.
Golden Dawn Minerals Inc.
Golden Fame Resources
Corp.
GOLDEN HOPE MINES
LIMITED
Golden Share Mining
Corporation
Golden Share Mining
Corporation
Golden Share Mining
Corporation
Golden Share Mining
Corporation
Golden Share Mining
Corporation
Golden Star Resources Ltd.
Golden Valley Mines Ltd.
Goldgroup Mining Inc.
Goldgroup Mining Inc.
Gran Tierra Energy Inc.
Common Shares
Rights
Common Shares
Rights
Common Shares
Common Shares
Rights
Common Shares
Common Shares
Rights
Common Shares
Rights
Common Shares
Rights
Common Shares
Common Shares
Rights
Common Shares
Rights
Common Shares
Rights
Common Shares
Common Shares
Rights
Common Shares
Rights
Common Shares
Rights
Common Shares
Common Shares
Rights
Common Shares
Common Shares
Rights
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Great-West Lifeco Inc.
Great-West Lifeco Inc.
Greenscape Capital Group
Inc.
Greenscape Capital Group
Inc.
GSI Group Inc.
GSI Group Inc.
GSI Group Inc.
GSI Group Inc.
GSI Group Inc.
GSI Group Inc.
March 23, 2012
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Jauristo, Timo
Jauristo, Timo
Jeannes, Charles A.
Jeannes, Charles A.
Louie, Wendy
Louie, Wendy
Louie, Wendy
OLSON, BARRY
OLSON, BARRY
OLSON, BARRY
OLSON, STANLEY MARK
OLSON, STANLEY MARK
Parsons, David
Parsons, David
Reid, Steven Paul
Reid, Steven Paul
Reid, Steven Paul
Ronkos, Charles Joseph
Ronkos, Charles Joseph
Rustad, Colette
Rustad, Colette
Ruus, Mark Adrian
Ruus, Mark Adrian
Ruus, Mark Adrian
Sedestrom, Cheryl
Sedestrom, Cheryl
Tudela, Anna Maria
Tudela, Anna Maria
Villacorta, Eduardo
Villacorta, Eduardo
Villacorta, Eduardo
Wilhoit, Jeffrey
Wilhoit, Jeffrey
Wilhoit, Jeffrey
Wiese, Wolfgang
Wiese, Wolfgang
Hughes, Peter Robert
5
5
5
5
8
8
8
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
4, 5
4, 5
5
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/08/2012
03/15/2012
03/16/2012
03/06/2012
10
57
57
57
57
10
57
57
10
57
57
57
57
57
57
10
57
57
57
57
57
57
10
57
57
57
57
57
57
10
57
57
10
57
10
10
10
46.72
0.025
0.025
0.175
14,953
43,777
200,851
118,179
9,605
8,510
18,208
25,334
23,919
33,948
1,939
9,833
3,496
8,503
82,474
72,807
70,211
74,554
31,814
7,410
28,523
47,937
45,604
31,003
75,818
32,121
9,579
18,498
21,808
16,474
23,609
4,774
3,607
18,867
2,579,333
2,639,333
562,000
-2,915
-6,667
18,334
-18,334
2,500
-1,095
-2,500
5,334
-1,415
-5,334
1,667
-1,667
1,667
-1,667
9,667
-9,667
-9,667
5,334
-5,334
5,334
-5,334
5,334
-2,333
-5,334
5,334
-5,334
2,667
-2,667
5,334
-5,334
-5,334
2,667
-1,167
-2,667
140,000
60,000
-38,000
Common Shares
Needham, William Cort Jr
4
02/17/2012
51
0.12
430,000
430,000
Common Shares
Libra Advisors, LLC
3
03/09/2012
10
0.075
7,350,000
-100,000
Common Shares
Libra Advisors, LLC
3
03/12/2012
10
0.071
7,278,000
-72,000
Common Shares
Libra Advisors, LLC
3
03/13/2012
10
0.075
7,265,000
-13,000
Common Shares
Libra Advisors, LLC
3
03/14/2012
10
0.08
6,740,000
-525,000
Common Shares
Libra Advisors, LLC
3
03/15/2012
10
0.098
6,340,000
-400,000
Common Shares
Options
Common Shares
Common Shares
Options
Options
Options
Common Shares
4
4
4
4
4
8
8
5
5
4
03/12/2012
03/12/2012
01/31/2012
01/31/2012
03/15/2012
02/27/2012
03/14/2012
03/01/2010
03/03/2010
03/15/2012
51
51
56
56
10
10
52
50
50
10
0.135
1.36
290,000
280,000
19,234
17,538
223,054
0
150,000
150,000
40,750
40,000
-40,000
7,312
7,312
73,000
-30,000
-150,000
150,000
150,000
14,200
4
03/15/2012
10
5.99
41,550
800
4
03/15/2012
10
6.02
2,540
761
4
03/15/2012
10
6.02
2,471
800
Common Shares
Common Shares
Common Shares
Askew, James
Askew, James
Doyle, Robert Emmet
Nelsen, Craig Joseph
Williams, Chad
Irvine, Richard Michael
Irvine, Richard Michael
HARDY, DAVID ELDON
HARDY, DAVID ELDON
KIRTON, Nicholas
Grenville
KIRTON, Nicholas
Grenville
KIRTON, Nicholas
Grenville
KIRTON, Nicholas
Grenville
Allison, Brian Robert
Allison, Brian Robert
Scharfe, Bradley Nixon
7
7
3, 4
03/12/2012
03/12/2012
03/14/2012
47
10
10
23.57
23.5
0.105
40,092
39,592
8,907,493
-2,000
-500
8,500
Common Shares
Scharfe, Bradley Nixon
3, 4
03/15/2012
10
0.1
8,909,993
2,500
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Bader, Jamie
Buckley, Robert
Buckley, Robert
Buckley, Robert
Buckley, Robert
Chang, Peter
5
5
5
5
5
5
03/08/2012
03/08/2012
03/09/2012
03/09/2012
03/09/2012
03/08/2012
56
56
57
57
10
56
11.5
11.5
54,457
192,364
175,698
192,364
186,936
22,400
16,957
44,348
-16,666
16,666
-5,428
10,400
47.12
46.72
46.72
47.85
47.85
47.12
47.12
46.72
46.72
47.51
47.12
46.72
46.72
47.51
47.12
47.15
47.15
46.72
46.72
5.9
5.9
6
11.29
11.5
(2012) 35 OSCB 2912
Insider Reporting
Issuer Name
Security
Insider Name
GSI Group Inc.
GSI Group Inc.
GSI Group Inc.
GSI Group Inc.
GSI Group Inc.
GSI Group Inc.
GTA Resources and Mining
Inc.
Inc.
Inc.
Inc.
Inc.
Inc.
Inc.
Inc.
Inc.
Inc.
Inc.
Inc.
Inc.
Inc.
Inc.
Inc.
Inc.
Inc.
Guyana Goldfields Inc.
Guyana Precious Metals Inc.
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Clarke, David
Mulryan, Deborah
Roush, John A
Roush, John A
Roush, John A
Roush, John A
Barr, Clinton
Common Shares
H&R Finance Trust
H&R Finance Trust
H&R Finance Trust
H&R Finance Trust
H&R Finance Trust
H&R Finance Trust
H&R Finance Trust
H&R Finance Trust
H&R Finance Trust
H&R Finance Trust
H&R Finance Trust
H&R Finance Trust
H&R Finance Trust
H&R Finance Trust
H&R Finance Trust
H&R Finance Trust
H&R Finance Trust
H&R Real Estate Investment
Trust
Trust
Trust
Trust
Trust
March 23, 2012
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
5
5
4, 5
4, 5
4, 5
4, 5
4
03/08/2012
03/08/2012
03/08/2012
03/09/2012
03/09/2012
03/09/2012
03/12/2012
56
56
56
57
57
10
11
11.5
11.5
11.5
11.29
0.9
20,000
30,217
523,704
79,260
123,704
109,231
1,064,971
10,000
10,217
91,304
-444,444
44,444
-14,473
10,000
Barr, Clinton
4
03/12/2012
11
1.2
1,074,971
10,000
Warrants
Barr, Clinton
4
03/12/2012
11
1.25
45,000
5,000
Common Shares
Clausi, Peter Michael
4, 5
03/12/2012
16
0.9
268,723
47,222
Warrants
4, 5
10/20/2006
00
Warrants
4, 5
03/12/2012
16
1.25
23,611
23,611
Warrants
4, 5
12/16/2011
16
Warrants
4, 5
12/23/2011
16
Common Shares
Crawford, Brian Lorne
4, 5
03/12/2012
16
Warrants
Crawford, Brian Lorne
4, 5
03/12/2012
Common Shares
Duess, Robert L.
5
Warrants
Duess, Robert L.
Warrants
20,000
20,000
20,000
0.9
332,112
4,444
16
1.25
10,556
2,222
03/12/2012
16
0.9
275,000
40,000
5
06/21/2010
00
Duess, Robert L.
5
03/12/2012
53
1.25
20,000
20,000
Common Shares
Stares, Michael
4
03/12/2012
11
1.2
1,154,971
10,000
Common Shares
Stares, Stephen
4
03/13/2012
10
0.86
1,078,971
-26,000
Common Shares
Stares, Stephen
4
03/13/2012
10
0.87
1,072,471
-6,500
Common Shares
Stares, Stephen
4
03/13/2012
10
0.85
Common Shares
Stares, Stephen
4
03/13/2012
10
0.85
1,054,971
-17,500
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Murphy, Paul
Sheridan, Patrick John
Lewis, Doug Grinslade
5
4
4
4
4
4
4
4
03/15/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
09/07/2005
03/13/2012
01/05/2012
10
10
10
10
10
00
10
10
4.46
4.86
4.85
4.83
4.8
40,000
355,391
371,391
381,391
386,391
20,000
4,000
16,000
10,000
5,000
4.6
0.24
50,000
170,000
50,000
20,000
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Options
Froom, Larry
Froom, Larry
Froom, Larry
Froom, Larry
Froom, Larry
Froom, Larry
Froom, Larry
Froom, Larry
Froom, Larry
Froom, Larry
Froom, Larry
Froom, Larry
Froom, Larry
Froom, Larry
Froom, Larry
Hofstedter, Thomas J.
Dickson, Robert Earl
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
4
4
4
03/14/2012
03/16/2012
03/16/2012
03/16/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
11/24/2011
12/31/2011
12/31/2011
03/13/2012
47
10
10
10
51
51
47
10
10
10
10
10
10
10
10
30
30
51
24.5
24.51
24.52
24.53
24.535
24.54
24.55
22.35
20.66
20.66
16.56
3,000
2,600
1,700
0
75,072
78,072
75,072
54,372
46,372
42,072
21,172
16,072
12,072
10,072
0
878,815
2,175,900
155,246
3,000
-400
-900
-1,700
65,000
3,000
-3,000
-20,700
-8,000
-4,300
-20,900
-5,100
-4,000
-2,000
-1,500
24,121
48,664
-16,667
Options
4
03/13/2012
51
15.42
121,913
-33,333
Options
4
03/13/2012
51
19.57
105,246
-16,667
Units
4
03/13/2012
51
16.56
24,167
16,667
Units
4
03/13/2012
51
15.42
57,500
33,333
24.37
24.36
24.35
15.42
9.3
17,500
(2012) 35 OSCB 2913
Insider Reporting
Issuer Name
Security
Insider Name
Trust
Trust
Trust
Trust
Trust
Trust
Trust
Trust
Trust
Trust
Trust
Trust
Trust
Trust
Trust
Trust
Trust
Trust
Trust
Trust
Trust
Trust
Trust
Trust
Trust
Trust
Trust
Trust
Trust
Hardwoods Distribution Inc.
Harte Gold Corp.
Harte Gold Corp.
Harte Gold Corp.
Harte Gold Corp.
High Liner Foods
Incorporated
Home Capital Group Inc.
Units
March 23, 2012
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
4
03/13/2012
51
19.57
74,167
16,667
Units
4
03/13/2012
10
24.5193
66,667
-7,500
Units
4
03/14/2012
10
24.5778
25,267
-41,400
Units
4
03/15/2012
10
24.5626
7,500
-17,767
Units
Fried, Cheryl
5
01/12/2012
10
16.03
0
-600
Options
Froom, Larry
5
03/14/2012
51
15.42
565,500
-65,000
Options
Froom, Larry
5
03/14/2012
51
9.3
562,500
-3,000
Units
Froom, Larry
5
03/14/2012
47
3,000
3,000
Units
Froom, Larry
5
03/16/2012
10
24.37
2,600
-400
Units
Froom, Larry
5
03/16/2012
10
24.36
1,700
-900
Units
Froom, Larry
5
03/16/2012
10
24.35
0
-1,700
Units
Froom, Larry
5
12/31/2011
30
20.96
-1,890
Units
Froom, Larry
5
12/31/2011
30
20.96
-1,890
Units
Froom, Larry
5
12/31/2011
30
20.96
11,962
1,890
Units
Froom, Larry
5
03/14/2012
51
15.42
76,962
65,000
Units
Froom, Larry
5
03/14/2012
51
9.3
79,962
3,000
Units
Froom, Larry
5
03/14/2012
47
76,962
-3,000
Units
Froom, Larry
5
03/14/2012
10
24.5
56,262
-20,700
Units
Froom, Larry
5
03/14/2012
10
24.51
48,262
-8,000
Units
Froom, Larry
5
03/14/2012
10
24.52
43,962
-4,300
Units
Froom, Larry
5
03/14/2012
10
24.53
23,062
-20,900
Units
Froom, Larry
5
03/14/2012
10
24.535
17,962
-5,100
Units
Froom, Larry
5
03/14/2012
10
24.54
13,962
-4,000
Units
Froom, Larry
5
03/14/2012
10
24.55
11,962
-2,000
Units
Froom, Larry
5
11/24/2011
10
22.35
0
-1,500
Units
Froom, Larry
5
09/30/2006
00
Units
Froom, Larry
5
12/31/2011
30
20.92
468
468
Units
4, 5
12/31/2011
30
20.66
878,815
24,121
Units
4, 5
12/31/2011
30
20.66
2,175,900
48,664
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Bull, Peter Morris
Roman, Stephen G.
Roman, Stephen G.
Roman, Stephen G.
Roman, Stephen G.
Shea, Robert Edward
3
4, 5
4, 5
4, 5
4, 5
4
03/09/2012
03/09/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
10
10
10
10
10
59
3.88
0.23
0.275
0.28
0.29
8.65
2,760,000
301,000
304,000
341,000
351,000
28,875
10,000
25,000
3,000
37,000
10,000
-2,000
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
1
1
1
1
1
1
1
1
1
1
1
1
1
03/08/2012
03/08/2012
03/08/2012
03/09/2012
03/09/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/15/2012
03/15/2012
30
38
38
38
38
38
38
38
38
38
38
38
38
49.65
49.65
49.65
49.9
49.9
50.4
50.4
50.48
50.48
50.51
50.51
50.75
50.75
2,000
0
600
0
100
0
1,000
0
2,000
0
2,000
0
2,000
2,000
-2,000
600
-600
100
-100
1,000
-1,000
2,000
-2,000
2,000
-2,000
(2012) 35 OSCB 2914
Insider Reporting
Issuer Name
Security
Insider Name
Date/Month End
Holdings
Acquired/
Disposed
HRT Participações em
Petróleo S.A.
Petróleo S.A.
Petróleo S.A.
Petróleo S.A.
Petróleo S.A.
Petróleo S.A.
Petróleo S.A.
Petróleo S.A.
HudBay Minerals Inc.
Common Shares
10
3,240
-200
03/13/2012
51
37,267
1,203
4
03/13/2012
51
2,406
-1,203
Takaki, Tikae
7
02/10/2012
10
24,143
-1,000
Common Shares
Takaki, Tikae
7
02/13/2012
10
23,543
-600
Common Shares
Takaki, Tikae
7
02/14/2012
10
23,143
-400
Common Shares
Takaki, Tikae
7
02/15/2012
10
22,143
-1,000
Common Shares
Takaki, Tikae
7
02/16/2012
10
20,143
-2,000
Common Shares
Rights Share Units
Common Shares
Rights Share Units
Common Shares
7
7
5
5
5
12/31/2011
12/31/2011
12/31/2011
12/31/2011
02/01/2011
30
30
30
30
00
13.54
2,314
9,806
15,354
42,497
2,055
126
4,531
561
5
12/31/2011
30
12.03
532
532
5
12/31/2011
30
7,619
72
5
03/07/2012
56
20,105
12,486
Common Shares
Rights Share Units
Rights Share Units
Rights Share Units
Rights Share Units
Rights Share Units
Options
Antila, Dianne Lynn
Antila, Dianne Lynn
Bryson, David Stewart
Bryson, David Stewart
Clarry, David Gordon
Cameron
Cameron
Cameron
Cameron
Donnelly, Patrick James
Donnelly, Patrick James
Fiebelkorn, Cheryl Lynn
Fiebelkorn, Cheryl Lynn
Garofalo, David
Garofalo, David
Goodman, Thomas Andrew
Common Shares
Rights Share Units
Rights Share Units
5
5
5
5
7, 5
7, 5
7, 5
12/31/2011
12/31/2011
03/08/2010
03/08/2010
03/07/2012
03/07/2012
05/17/2005
30
30
56
56
56
56
50
13.32
2,651
10,624
2,380
136
760
760
911,489
78,985
225,000
Options
7, 5
05/17/2005
50
2.59
Rights Share Units
7, 5
12/31/2011
30
Common Shares
5
12/31/2011
30
Rights Share Units
5
12/31/2011
Rights Share Units
5
Common Shares
Rights Share Units
Rights Share Units
Rights Share Units
Common Shares
Common Shares
Rights Share Units
Rights Share Units
Huldra Silver Inc.
HUMBOLDT CAPITAL
CORPORATION
HUMBOLDT CAPITAL
CORPORATION
Hunt Mining Corp
Hunt Mining Corp
Hunt Mining Corp
Hunt Mining Corp
Hunt Mining Corp
Hunt Mining Corp
Hunt Mining Corp
Hunt Mining Corp
Hunt Mining Corp
Hunt Mining Corp
Hunt Mining Corp
Hunt Mining Corp
Huntingdon Capital Corp.
IAMGOLD Corporation
IAMGOLD Corporation
IAMGOLD Corporation
IAMGOLD Corporation
Common Shares
Rights Share Units
Common Shares
Common Shares
Hair, Alan Thomas
Chalmers
Hair, Alan Thomas
Chalmers
LANTZ, BRADLEY
WALTER
Meagher, Cashel Aran
SANZO, SHARON ANNE
SANZO, SHARON ANNE
SANZO, SHARON ANNE
Soza, Hernan Eduardo
Gatica
Vincic, John
Vincic, John
Espig, Peter Edward
Humboldt Capital
Corporation
Humboldt Capital
Corporation
Chan, Alan Pui Fai
Chan, Alan Pui Fai
Fowler, Matthew
Fowler, Matthew
Gertler, Andrew
Gertler, Andrew
Gertler, Andrew
Harman, Bryn
Harman, Bryn
Hunt, Darrick
Hunt, Timothy
Perron, Jacques
George, Zachary R.
Olmsted, Paul Burton
March 23, 2012
Rel'n
Transaction
Date
T/O
4
02/03/2012
Common Shares
Adeodato, Carlos
Tersandro
Azambuja, Nilo
4
Options
Azambuja, Nilo
Common Shares
Common Shares
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Unit
Price
13.9
760
236,743
2.59
225,000
225,000
44,125
570
4,628
4,373
30
40,953
535
12/31/2011
30
26,154
342
5
5
5
5
5
5
5
5
12/31/2011
12/31/2011
03/07/2012
03/07/2012
01/10/2011
12/31/2011
12/31/2011
12/31/2011
30
30
56
56
00
30
30
30
12.79
2,765
13,056
29,702
2,551
158
16,713
16,646
12.89
1,788
8,571
4,460
1,788
81
42
5
5
4
1
12/31/2011
12/31/2011
03/07/2012
03/12/2012
30
30
10
10
13.54
1.33
2.1
2,789
17,721
292,000
500
2,485
233
-20,000
500
1
03/12/2012
38
2.1
0
-500
4, 5
4, 5
5
5
4
4
4
4, 5
4, 5
4
3, 4, 5
4
4, 5
5
5
5
5
02/28/2012
03/15/2012
03/01/2012
03/15/2012
02/27/2012
02/28/2012
03/15/2012
02/27/2012
03/15/2012
02/27/2012
02/27/2012
03/15/2012
03/01/2012
12/08/2010
02/08/2011
02/08/2011
12/31/2011
50
50
00
50
50
50
50
50
50
50
50
50
46
57
57
57
30
0.3
0.3
550,000
50,000
50,000
13.37
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
10.23
21.12
21.12
16.18
250,000
550,000
550,000
550,000
1,050,000
550,000
104,499
49,910
48,736
50,035
250,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
8,609
2,500
-1,326
-1,174
1,299
(2012) 35 OSCB 2915
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
IAMGOLD Corporation
IAMGOLD Corporation
IAMGOLD Corporation
IAMGOLD Corporation
IAMGOLD Corporation
IAMGOLD Corporation
IAMGOLD Corporation
IC Potash Corp.
IC Potash Corp.
IMAX Corporation
IMAX Corporation
IMAX Corporation
Imperial Metals Corporation
Common Shares
Common Shares
Common Shares
Common Shares
Options
Options
Restricted Share Awards
Common Shares
Options
Common Shares
Common Shares
Options 1:1
Common Shares
Lane, Terre Anna
Lane, Terre Anna
Copland, Kenneth G.
Copland, Kenneth G.
Copland, Kenneth G.
Imperial Metals Corporation
5
5
5
5
5
5
5
5
5
4
4
4
1
03/05/2012
03/05/2012
03/09/2012
03/09/2012
03/05/2012
03/09/2012
02/08/2011
03/09/2012
03/09/2012
03/12/2012
03/12/2012
03/12/2012
03/08/2012
51
51
51
51
51
51
57
00
00
51
10
51
38
10.11
14.11
10.11
14.2
10.11
10.11
85,035
50,035
90,035
50,035
181,066
141,066
0
35,000
-35,000
40,000
-40,000
-35,000
-40,000
-2,500
300,000
10,592
0
62,214
711
10,592
-10,592
-10,592
200
Imperial Oil Limited
Imvescor Restaurant Group
Inc.
Imvescor Restaurant Group
Inc.
INDEXPLUS Dividend Fund
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Barbaro, Rinaldo D
1
1
1
1
1
1
1
1
4
03/09/2012
03/09/2012
03/12/2012
03/12/2012
03/13/2012
03/13/2012
03/14/2012
03/14/2012
03/09/2012
38
38
38
38
38
38
38
38
00
45.7637
45.7637
45.2031
45.2031
45.472
45.472
45.5613
45.5613
61,500
0
10,800
0
33,900
0
61,800
0
100,000
61,500
-61,500
10,800
-10,800
33,900
-33,900
61,800
-61,800
Options
Doyle, Stephen
5
02/03/2012
50
0.67
50,000
30,000
Trust Units
Indexplus Dividend Fund
1
03/06/2012
38
9.99
618,100
2,000
INDEXPLUS Dividend Fund Trust Units
1
03/07/2012
38
9.93
619,200
1,100
1
03/08/2012
38
9.95
619,700
500
1
03/09/2012
38
10
620,200
500
9.57
25.61
9.57
16.25
1
03/12/2012
38
9.95
620,700
500
Indexplus Income Fund
Trust Units
Indigo Exploration Inc.
Common Shares
Industrial Alliance Insurance Common Shares
and Financial Services inc.
IndexPlus Income Fund
cowley, paul
Charest, Yvon
1
3, 4
4, 5
03/15/2012
03/16/2012
03/13/2012
38
10
51
12.65
0.21
18.63
30,662,345
300,000
141,542
400
5,000
30,000
Charest, Yvon
4, 5
03/13/2012
10
28
111,542
-30,000
Industrial Alliance Insurance Options
Charest, Yvon
4, 5
03/13/2012
51
18.63
700,000
-30,000
Michaud, Bruno
5
03/15/2012
51
23.44
6,842
6,000
Michaud, Bruno
5
03/15/2012
10
31.3023
842
-6,000
Michaud, Bruno
5
03/15/2012
51
23.44
137,000
-6,000
Ricard, Denis
5
03/15/2012
51
23.44
4,000
4,000
Ricard, Denis
5
03/15/2012
10
30.41
0
-4,000
Ricard, Denis
5
03/15/2012
51
23.44
159,000
-4,000
Stickney, Michael Lee
5
03/14/2012
51
18.625
10,850
2,000
5
03/14/2012
10
29.314
8,850
-2,000
5
03/14/2012
51
18.625
10,850
2,000
5
03/14/2012
10
30.34
8,850
-2,000
5
03/15/2012
51
18.625
10,850
2,000
March 23, 2012
(2012) 35 OSCB 2916
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
5
03/15/2012
10
30.5
8,850
-2,000
5
03/14/2012
51
18.625
242,000
-2,000
5
03/14/2012
51
18.625
240,000
-2,000
5
03/15/2012
51
18.625
238,000
-2,000
Innovative Composites
International Inc.
International Inc.
International Inc.
International Inc.
International Inc.
International Inc.
International Inc.
International Inc.
International Inc.
International Inc.
International Inc.
Intact Financial Corporation
Options
Ball, Terry Lewis
4, 5
03/07/2012
50
0.75
1,856,000
500,000
Options
Colburn, John Brian
4
03/07/2012
50
665,000
200,000
Options
Keeley, Kenneth A.
4
03/07/2012
50
545,000
200,000
Options
Kruba, Christopher Robert
4
03/07/2012
50
425,000
200,000
Options
Pulte, Robert
4
03/07/2012
50
425,000
200,000
Options
Reynolds, John
4
03/01/2011
00
Options
Reynolds, John
4
03/07/2012
50
200,000
200,000
Options
Roque, Jose Rubens
5
01/26/2012
00
Options
Roque, Jose Rubens
5
03/07/2012
50
400,000
400,000
Options
Troitschanski, Ilja
4, 5
03/07/2012
50
1,850,897
500,000
Options
Wray, Fraser
4
03/07/2012
50
380,000
200,000
Stock Incentives
Stock Incentives
Stock Incentives
Stock Incentives
Stock Incentives
5
5
5
5
5
12/31/2011
12/31/2011
12/31/2011
12/31/2011
12/31/2011
30
30
30
30
30
53.38
53.38
53.38
53.38
53.38
4,940
3,270
28,720
21,891
3,254
57
64
334
381
48
Stock Incentives
5
12/31/2011
30
53.38
2,103
55
International Datacasting
Corporation
Corporation
Corporation
Corporation
Corporation
International Northair Mines
Ltd.
Ltd.
Ltd.
InterOil Corporation
Intrepid Mines Limited
Stock Incentives
Stock Incentives
Stock Incentives
Stock Incentives
Stock Incentives
Common Shares
Common Shares
5
5
5
5
5
5
1
12/31/2011
12/31/2011
12/31/2011
12/31/2011
12/31/2011
12/31/2011
02/01/2012
30
30
30
30
30
30
38
53.38
53.38
53.38
53.38
53.38
53.38
0.255
3,675
3,620
2,259
20,788
14,391
42,037
14,500
23
52
60
233
267
234
1,000
1
02/07/2012
38
0.27
22,748
8,248
1
02/27/2012
38
0.25
30,748
8,000
1
02/28/2012
38
0.25
38,996
8,248
1
02/29/2012
38
16,248
-22,748
Options
BLAIR, ALAN JOHN
BLAIR, ALAN JOHN
Gagnon, Louis
Gagnon, Louis
Godfrey, Darren
Christopher
Godfrey, Darren
Christopher
Lessard, Alain
Morissette, Benoit
Morissette, Benoit
Pontbriand, Marc
Pontbriand, Marc
Tullis, Mark Alan
Corporation
Corporation
Corporation
Corporation
Corporation
Hewett, Frederic George
4, 5
03/15/2012
90
475,000
-25,000
Options
4, 5
03/15/2012
90
500,000
25,000
Common Shares
Inwentash, Sheldon
6
03/09/2012
10
0.25
5,045,500
15,000
Common Shares
Common Shares
Common Shares
Options
Ordinary Shares
Ordinary Shares
Ordinary Shares
Ordinary Shares
Ordinary Shares
MULACEK, PHIL E
MULACEK, PHIL E
MULACEK, PHIL E
Chidrawi, Vanessa Mary
Curtis, Laurence Wilson
Jackson, Colin George
MACHRIBIE
REKSOHADIPRODJO,
ADRIANTO
McDonald, Robert John
Roberts, Alan Norman
Sebastian, Timothy John
3, 4, 5
3, 4, 5
3, 4, 5
5
5
5
4
4
4
10/06/2011
12/22/2011
10/06/2011
12/22/2011
03/09/2012
03/13/2012
03/15/2012
03/15/2012
03/15/2012
11
11
11
59
10
10
46
46
46
0.995
0.8943
1.0546
1.0023
1.0023
2,285,718
2,015,245
1,626,883
1,219,067
49,412
61,412
141,374
175,969
9,432
-36,066
-270,473
96,397
-94,118
10,000
12,000
3,386
8,730
4,781
4
4
5
03/15/2012
03/15/2012
03/13/2012
46
46
10
1.0023
1.0023
2.45
90,988
84,097
51,871
3,243
6,186
-5,000
Common Shares
Common Shares
Common Shares
Common Shares
Ordinary Shares
Ordinary Shares
IROC Energy Services Corp. Common Shares
March 23, 2012
0.75
(2012) 35 OSCB 2917
Insider Reporting
Issuer Name
Security
Iron Creek Capital Corp.
Jadela Oil Corp.
Jadela Oil Corp.
Josephine Mining Corp.
(formerly Green Park Capital
Corp.)
Corp.)
Corp.)
Corp.)
Corp.)
Corp.)
Jovian Capital Corporation
Khalkos Exploration Inc.
Khalkos Exploration Inc.
Killam Properties Inc.
KILO Goldmines Ltd.
Kinross Gold Corporation
Common Shares
Klondex Mines Ltd.
Klondex Mines Ltd.
Klondex Mines Ltd.
Klondex Mines Ltd.
Knick Exploration Inc.
Knick Exploration Inc.
Knightscove Media Corp.
(formerly Queen Street
Entertainment Capital Inc.)
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Common Shares
Common Shares
Common Shares
March 23, 2012
Warrants
Warrants
Warrants
Common Shares
Common Shares
Common Shares
Insider Name
Troob Capital Management
LLC
LLC
LLC
LLC
LLC
LLC
Beale, Timothy J.
Szotlender, Mario
Winn, Michael D.
Leia, Gregory
Leia, Gregory
Russell Mining & Minerals
Inc.
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
3
03/14/2012
10
2.5068
3,646,874
12,010
3
03/15/2012
10
2.5536
3,661,864
14,990
3
03/16/2012
10
2.5483
3,670,514
8,650
3
03/14/2012
10
2.5068
3,683,611
12,990
3
03/15/2012
10
2.5536
3,698,621
15,010
3
03/16/2012
10
2.5483
3,707,471
8,850
5
4
3, 4, 5
4, 5
4, 5
3
03/10/2012
03/10/2012
03/10/2012
08/09/2011
09/09/2011
01/18/2012
55
55
55
10
10
99
53,750
100,000
80,000
-100,000
-381,600
-200,000
6,000
6,000
-7,875,008
467,000
Common Shares
Inc.
3
01/18/2012
99
Common Shares
Inc.
3
01/18/2012
99
0
-7,875,008
Common Shares
Inc.
3
01/18/2012
99
10,500,010
7,875,008
Warrants
Inc.
3
01/18/2012
99
0
-7,875,000
Warrants
Inc.
3
01/18/2012
99
10,500,000
7,875,000
Common Shares
Common Shares
Common Shares
Common Shares
Options
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Restricted Shares
Common Shares
Arthur, Mark Leslie
Doucet, Dominique
Ressources Sirios inc.
WALT, MANFRED
Owen, Loudon
Baker, Rick Allen
Baker, Rick Allen
Burt, Tye Winston
Burt, Tye Winston
Burt, Tye Winston
Burt, Tye Winston
Colnett, Lisa
Colnett, Lisa
Crossland, James
Crossland, James
Etter, Gregory Van
Etter, Gregory Van
Etter, Gregory Van
Flores Zelaya, Jose
Eduardo
Flores Zelaya, Jose
Eduardo
Gold, Geoffrey Peters
Gold, Geoffrey Peters
Isto, Mark Edward
Isto, Mark Edward
Lam, Juliana Lan
Lam, Juliana Lan
Naidoo, Erwyn Mark
Naidoo, Erwyn Mark
Rollinson, Jonathon Paul
Rollinson, Jonathon Paul
Donohoe, Brendan
Donohoe, Brendan
Wilson, Blane
Wilson, Blane
Henriksen, Gordon Neil
Henriksen, Gordon Neil
GRAFSTEIN, Jerahmiel
Samson
4, 7, 5
4, 6, 5
3
4
4, 5
5
5
4, 5
4, 5
4, 5
4, 5
5
5
5
5
5
5
5
7
03/15/2012
03/14/2012
01/27/2012
03/12/2012
03/09/2012
03/31/2010
03/31/2010
03/31/2010
03/31/2010
09/30/2010
09/30/2010
03/31/2010
03/31/2010
03/31/2010
03/31/2010
03/12/2012
03/12/2012
03/12/2012
03/31/2010
10
10
97
10
00
35
35
35
35
30
30
35
35
35
35
00
00
00
35
100,107
31,281
5,393,943
6,025
300,000
-30,000
2,500
-6,086,326
-1,649
17.37
80
7
03/31/2010
35
17.37
80
5
5
5
5
5
5
5
5
5
5
7, 5
7, 5
4, 5
4, 5
4, 5
4, 5
4
03/31/2010
03/31/2010
03/31/2010
03/31/2010
03/31/2010
03/31/2010
03/31/2010
03/31/2010
03/31/2010
03/31/2010
03/09/2012
03/09/2012
03/14/2012
03/14/2012
03/16/2012
03/16/2012
03/03/2012
35
35
35
35
35
35
35
35
35
35
10
10
51
51
10
10
10
17.37
17.37
17.37
17.37
17.37
17.37
17.37
17.37
17.37
17.37
2.4
2.39
1.37
248
248
62
62
72
72
66
66
357
357
-1,700
-8,300
100,000
-100,000
3,000
26,000
500,000
Samson
4
03/03/2012
10
0.06
Common Shares
-7,875,008
12.4
0.115
12.55
17.37
17.37
17.37
17.37
18.86
18.86
17.37
17.37
17.37
17.37
424,753
37
37
983
983
1,143
2,485
144
144
201
201
6,684
83,785
29,062
0.095
0.1
0.06
1,012,576
1,004,276
100,000
504,000
1,238,315
1,264,315
500,000
(2012) 35 OSCB 2918
Insider Reporting
Issuer Name
Security
Insider Name
Kokomo Enterprises Inc.
Kokomo Enterprises Inc.
KWG Resources Inc.
KWG Resources Inc.
KWG Resources Inc.
KWG Resources Inc.
Largo Resources Ltd.
Common Shares
LAURENTIAN BANK OF
CANADA
March 23, 2012
Rel'n
Transaction
Date
T/O
Unit
Price
Samson
4
03/03/2012
10
0.06
500,000
Common Shares
Samson
4
03/07/2012
10
0.06
500,000
Common Shares
Samson
4
03/07/2012
10
0.06
500,000
Common Shares
Samson
4
03/07/2012
10
0.06
500,000
Common Shares
Samson
4
03/07/2012
10
0.06
500,000
Common Shares
Samson
4
03/07/2012
10
0.06
500,000
Common Shares
Samson
4
03/07/2012
10
0.06
500,000
Common Shares
Samson
4
03/07/2012
10
0.06
925,000
500,000
Common Shares
Samson
4
03/09/2012
10
0.05
1,725,000
800,000
4
4
4
4
4
4
4
4
4
4
4
4
4
3
03/11/2012
03/11/2012
03/14/2012
12/29/2011
03/14/2012
03/13/2012
03/12/2012
03/12/2012
03/09/2012
03/09/2012
03/09/2012
03/12/2012
03/12/2012
03/12/2012
55
55
50
52
50
50
16
16
16
16
16
16
16
16
0.1
0.1
0.1
4,000,000
4,000,000
4,150,000
8,144,500
8,744,500
3,350,000
1,230,695
15,950,672
1,276,891
11,494,551
31,049,337
785,358
11,941,764
47,289,744
-240,000
-240,000
600,000
290,000
600,000
600,000
562,690
9,937,310
182,413
1,642,079
4,435,620
562,690
9,937,310
20,204,545
3
03/09/2012
16
51,773,402
7,396,200
3
03/12/2012
16
29,232,945
20,204,545
3
03/12/2012
16
16,551,411
7,071,591
3
03/12/2012
16
30,738,333
13,132,954
3
03/09/2012
16
18,120,691
2,588,670
3
03/09/2012
16
33,652,711
4,807,530
3
03/12/2012
16
10,231,531
7,071,591
3
03/12/2012
16
19,001,414
13,132,954
4
03/09/2012
56
336
167
Warrants
Warrants
Options
Options
Options
Options
Common Shares
Common Shares
Subscription Rights
Subscription Rights
Subscription Rights
Warrants
Warrants
Common Shares
Kalpakian, Bedo H
Kalpakian, Jacob H
Flett, Douglas Melville
Smeenk, Frank Cornelius
Smeenk, Frank Cornelius
Thomas, Cynthia Patricia
Arias, J. Alberto
Arias, J. Alberto
Arias, J. Alberto
Arias, J. Alberto
Arias, J. Alberto
Arias, J. Alberto
Arias, J. Alberto
Ashmore Investment
Management Limited
Subscription Rights
Ashmore Investment
Management Limited
Warrants
Ashmore Investment
Management Limited
Common Shares
Eton Park Capital
Management, L.P., the
investment manager of
Eton Park Master Fund,
Ltd. and EP Cayman, Ltd.
Common Shares
Eton Park Capital
Subscription Rights
Eton Park Capital
Subscription Rights
Eton Park Capital
Warrants
Eton Park Capital
Warrants
Eton Park Capital
Unités d'actions différées ANCTIL, Pierre
0.1
44.941
Date/Month End
Holdings
Acquired/
Disposed
(2012) 35 OSCB 2919
Insider Reporting
Issuer Name
Security
LAURENTIAN BANK OF
CANADA
LAURENTIAN BANK OF
CANADA
LAURENTIAN BANK OF
CANADA
LAURENTIAN BANK OF
CANADA
LAURENTIAN BANK OF
CANADA
LAURENTIAN BANK OF
CANADA
LAURENTIAN BANK OF
CANADA
LAURENTIAN BANK OF
CANADA
LAURENTIAN BANK OF
CANADA
LAURENTIAN BANK OF
CANADA
LAURENTIAN BANK OF
CANADA
LAURENTIAN BANK OF
CANADA
LAURENTIAN BANK OF
CANADA
LAURENTIAN BANK OF
CANADA
LAURENTIAN BANK OF
CANADA
LAURENTIAN BANK OF
CANADA
LAURENTIAN BANK OF
CANADA
LAURENTIAN BANK OF
CANADA
LAURENTIAN BANK OF
CANADA
LAURENTIAN BANK OF
CANADA
LAURENTIAN BANK OF
CANADA
LAURENTIAN BANK OF
CANADA
LAURENTIAN BANK OF
CANADA
Legacy Oil + Gas Inc.
Legend Gold Corp.
Legend Gold Corp.
Legend Gold Corp.
Legend Gold Corp.
Leisureworld Senior Care
Corporation
Leisureworld Senior Care
Corporation
Leon's Furniture Limited
Linear Metals Corporation
Lipari Energy, Inc.
Lipari Energy, Inc.
Lipari Energy, Inc.
Lipari Energy, Inc.
Lipari Energy, Inc.
Lipari Energy, Inc.
Lipari Energy, Inc.
Lipari Energy, Inc.
Loblaw Companies Limited
March 23, 2012
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Unités d'actions différées ANCTIL, Pierre
4
03/09/2012
35
46.5282
339
3
Common Shares
Bastarache, Lise
4
03/12/2012
46
44.75
3,726
168
Common Shares
Bazin, Jean
4
03/12/2012
46
44.75
4,970
167
Unités d'actions différées Bazin, Jean
4
03/09/2012
35
46.5282
362
4
Unités d'actions différées Biron, Ève-Lyne
4
03/09/2012
35
46.5282
1,511
14
Unités d'actions différées Courville, Isabelle
4
03/09/2012
56
44.941
3,790
375
Unités d'actions différées Courville, Isabelle
4
03/09/2012
35
46.5282
3,827
37
Common Shares
Desjardins, François
7, 5
12/31/2011
30
49.58
4,841
568
Common Shares
Desjardins, François
7, 5
12/31/2011
35
47.85
4,911
70
Common Shares
Duby, Philippe
5
12/31/2011
30
49.41
2,145
462
Common Shares
Duby, Philippe
5
12/31/2011
35
47.62
2,211
66
Common Shares
Genest, Pierre
4
03/12/2012
46
44.75
6,891
357
Unités d'actions différées Labonté, Michel
4
03/09/2012
56
44.941
1,337
167
Unités d'actions différées Labonté, Michel
4
03/09/2012
35
46.5282
1,350
13
Common Shares
Pilon, Lorraine
5
12/31/2011
30
47.36
1,792
154
Common Shares
Pilon, Lorraine
5
12/31/2011
35
46.81
1,823
31
Common Shares
Poulin, Marie-France
4
03/12/2012
46
44.75
3,939
167
Unités d'actions différées Poulin, Marie-France
4
03/09/2012
35
46.5282
1,371
13
Common Shares
Robitaille, Réjean
4, 5
12/31/2011
30
47.36
2,085
154
Common Shares
Robitaille, Réjean
4, 5
12/31/2011
35
46.79
2,111
26
Common Shares
Trudeau, Michel Claude
7, 5
12/31/2011
30
47.6
1,632
98
Common Shares
Trudeau, Michel Claude
7, 5
12/31/2011
35
46.76
1,652
20
Common Shares
Wener, Jonathan I.
4
03/12/2012
46
44.75
3,771
167
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Janisch, Matthew L.
Labelle, Curtis William
Labelle, Curtis William
Mennis, Dale
Oliver, Mark Thomas
Oliver, Mark Thomas
Yanko, Trenton James
Kovacevic, John Gianni
Perkins, Douglas
Perkins, Douglas
Perkins, Douglas
Chan, Angela Hoi-Ying
5
5
5
5
5
5
3, 4, 5
4
4, 5
4, 5
4, 5
5
12/31/2011
12/31/2011
12/31/2011
12/31/2011
12/31/2011
12/31/2011
12/31/2011
03/14/2012
03/12/2012
03/12/2012
03/15/2012
05/03/2010
30
30
30
30
30
30
30
10
10
10
10
00
12.0935
12.0935
12.0935
12.0935
12.0935
12.0935
12.0935
0.15
0.155
0.15
0.15
8,499
5,417
3,082
10,999
66,544
57,473
24,996
2,414,500
80,000
90,000
100,000
1,832
1,750
82
1,832
159
1,673
2,163
10,000
10,000
10,000
10,000
Common Shares
Chan, Angela Hoi-Ying
5
03/14/2012
10
12.15
280
280
Common Shares
Common Shares
Non-Voting Shares
Common Shares
Common Shares
Restricted Stock Units
Common Shares
Common Shares
Common Shares
Options
Options
Options
Options
Options
Leon, Mary Ann
MacNelly, Bob
MacNelly, Bob
MacEachen, Brian
Geiger, Daniel
Geiger, Daniel
Mordaunt, Peter
Mordaunt, Peter
Sabine, John William
Sabine, John William
Warner, David
Warner, David
Butler, Mark Charles
Froese, Grant Bernard
Marshall, S. Jane
Vaux, Robert George
Weston, W. Galen
4
5
5
5
4
4
4
4
4
4
4
4
5
5
7
6
3, 6
01/09/2012
03/05/2012
03/05/2012
03/08/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
30
30
30
10
97
97
97
97
97
97
97
97
52
52
52
52
52
12.72
7.19
7.19
0.145
4,198
157,214
66,838
107,333
10,000
5,000
10,000
5,000
20,000
5,000
10,000
5,000
250,137
312,522
192,269
0
0
80
67,058
-67,058
20,000
5,000
-5,000
5,000
-5,000
5,000
-5,000
5,000
-5,000
-17,234
-9,191
-18,766
-10,771
-114,893
(2012) 35 OSCB 2920
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Options
4, 5
03/12/2012
52
Long Harbour Exploration
Corp. (formerly Long
Harbour Capital Corp.)
Lorus Therapeutics Inc.
Luna Gold Corp.
Luna Gold Corp.
Luna Gold Corp.
Luna Gold Corp.
Luna Gold Corp.
Luna Gold Corp.
Lupaka Gold Corp.
Lupaka Gold Corp.
Lydian International Limited
MacDonald Mines
Exploration Ltd.
MacDonald Mines
Exploration Ltd.
Magma Metals Limited
Magma Metals Limited
Magna International Inc.
Mainstream Minerals
Corporation
Mainstream Minerals
Corporation
Mainstreet Equity Corp.
Mainstreet Equity Corp.
Manas Petroleum
Corporation
Maple Leaf Foods Inc.
Mariana Resources Limited
Common Shares
Weston, Willard Galen
Garfield
Lee, Geoffrey Michael
4
03/14/2012
10
Options
Options
Options
Options
Options
Options
Options
Common Shares
Common Shares
Common Shares
Options
Options
Options
Common Shares
Common Shares
Common Shares
Abramson, Herbert
Burger, Denis
Lee, Yoon
Vincent, Mark
Whitehead, Warren
Williams, Elizabeth
Wright, Jim
Young, Aiping
Young, Aiping
HAGGAN, TITUS
HAGGAN, TITUS
HAGGAN, TITUS
HAGGAN, TITUS
Hulley, Keith Robert
Hulley, Keith Robert
Ellis, Gordon Lloyd
Ellis, Gordon Lloyd
Corrie, Roderick
Inwentash, Sheldon
3, 4
4
5
4
4
5
4
4, 5
4, 5
7, 5
7, 5
7, 5
7, 5
4
4
4
4
4, 5
6
03/09/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
07/10/2007
03/09/2012
03/09/2012
03/12/2012
03/12/2012
03/12/2012
02/24/2012
03/05/2012
02/12/2012
02/22/2012
03/09/2012
03/12/2012
50
50
50
50
50
50
50
00
56
10
51
10
51
00
50
11
11
15
10
Common Shares Class A Inwentash, Sheldon
6
03/13/2012
Common Shares
Common Shares
Common Shares
Options
Options
Common Shares
Common Shares
Common Shares
Options
Common Shares
Anglo Pacific Group Plc
Anglo Pacific Group Plc
Galifi, Vincent Joseph
Resnick, Donald
Resnick, Donald
Resnick, Donald
Resnick, Donald
Romanik, Michael
3
3
5
5
5
4
4
4
4
4
Common Shares
Romanik, Michael
Common Shares
Common Shares
Common Shares
Date/Month End
Holdings
Acquired/
Disposed
1,245,162
-10,340
0.15
1,456,000
3,000
0.18
0.18
0.18
0.18
0.18
0.18
0.18
40,000
115,000
167,000
40,000
21,000
162,000
555,000
25,000
50,000
67,000
25,000
6,000
62,000
25,000
0.18
3.25
2.5
3.2
2.5
780,000
76,830
96,830
93,830
496,000
780,000
-17,000
20,000
-3,000
-20,000
3.2
0.05
0.5
2.56
0.1035
200,000
2,325,368
2,295,368
450,900
15,750,000
200,000
-52,000
-30,000
5,800
-250,000
10
0.09
15,000,000
-750,000
03/13/2012
03/14/2012
03/12/2012
06/05/2003
03/12/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
10
10
51
00
51
51
10
10
51
10
0.16
0.16
16.55
44,678,544
45,001,061
10,000
14,273
322,517
10,000
16.55
35.98
47.86
47.71
35.98
0.04
690,000
13,804
3,804
0
0
1,865,000
-10,000
10,000
-10,000
-3,804
-10,000
50,000
4
03/15/2012
10
0.04
1,915,000
50,000
Amantea, Joe
Amantea, Joe
Libra Advisors, LLC
4
4
3
03/08/2012
03/08/2012
03/08/2012
10
10
10
24.22
24.21
0.275
25,933
25,908
13,597,500
-500
-25
-59,000
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Chantler, Maryanne Dale
Chantler, Maryanne Dale
Dodds, Douglas W.
Golding, Kevin Philip
McAlpine, Rory A.
McLean, Barry
AngloGold Ashanti Limited
5
5
7
5
5
7
3
03/14/2012
03/14/2012
03/14/2012
03/15/2012
03/14/2012
03/15/2012
01/20/2012
10
10
10
10
10
10
00
11.65
11.7
11.75
11.85
11.75
11.79
59,797
57,797
131,915
31,565
30,173
153,535
45,418,212
-2,000
-2,000
-10,000
-10,000
-5,000
-2,000
Mariana Resources Limited
Common Shares
AngloGold Ashanti Limited
3
03/01/2012
16
39439.4
45,824,359
406,147
Marifil Mines Limited
Maudore Minerals Ltd
Maudore Minerals Ltd
Mawson Resources Limited
Mawson Resources Limited
MBN Corporation
MBN Corporation
MBN Corporation
MBN Corporation
MBN Corporation
MBN Corporation
MBN Corporation
MBN Corporation
MCAN Mortgage
Corporation
MCAN Mortgage
Corporation
MCAN Mortgage
Corporation
MCAN Mortgage
Corporation
MCAN Mortgage
Corporation
MCAN Mortgage
Corporation
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Units
Units
Units
Units
Units
Units
Units
Units
Common Shares
Walters, Richard
Slivitzky, Anne
Slivitzky, Anne
Inwentash, Sheldon
OilSands Canada
OilSands Canada
OilSands Canada
OilSands Canada
OilSands Canada
OilSands Canada
OilSands Canada
OilSands Canada
Doré, Raymond
4, 5
4, 5
4, 5
3, 6
3
1
1
1
1
1
1
1
1
3
02/16/2012
03/14/2012
03/15/2012
03/09/2012
03/09/2012
03/07/2012
03/07/2012
03/08/2012
03/08/2012
03/09/2012
03/09/2012
03/12/2012
03/12/2012
03/12/2012
11
10
10
10
10
38
38
38
38
38
38
38
38
10
0.15
4.85
4.85
1.3
1.3
5.1
14.9414
2,080,819
27,645
27,545
5,526,100
5,526,100
200
0
800
0
400
0
500
0
74,115
100,000
-1,000
-100
1,100
1,100
200
-200
800
-800
400
-400
500
-500
-7,400
Common Shares
Doré, Raymond
3
03/12/2012
10
14.91
73,622
-493
Common Shares
Doré, Raymond
3
03/12/2012
10
14.94
71,622
-2,000
Common Shares
Doré, Raymond
3
03/13/2012
10
14.3
67,622
-4,000
Common Shares
Doré, Raymond
3
03/13/2012
10
14.31
65,622
-2,000
Common Shares
Doré, Raymond
3
03/14/2012
10
14.31
64,322
-1,300
March 23, 2012
Unit
Price
5
5
5.07
(2012) 35 OSCB 2921
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
MCAN Mortgage
Corporation
MCAN Mortgage
Corporation
MCAN Mortgage
Corporation
MCAN Mortgage
Corporation
MCAN Mortgage
Corporation
MCAN Mortgage
Corporation
MCAN Mortgage
Corporation
MCAN Mortgage
Corporation
MCAN Mortgage
Corporation
MCAN Mortgage
Corporation
MCAN Mortgage
Corporation
MCAN Mortgage
Corporation
MCAN Mortgage
Corporation
MCAN Mortgage
Corporation
MCAN Mortgage
Corporation
MCAN Mortgage
Corporation
MCAN Mortgage
Corporation
MCAN Mortgage
Corporation
MDC Partners Inc.
Common Shares
Doré, Susan
4
03/09/2012
10
14.9
21,904
-1,400
Common Shares
Doré, Susan
4
03/09/2012
10
14.92
15,904
-6,000
Common Shares
Doré, Susan
4
03/09/2012
10
14.93
9,304
-6,600
Common Shares
Doré, Susan
4
03/09/2012
10
14.94
7,304
-2,000
Common Shares
Doré, Susan
4
03/12/2012
10
14.95
6,745
-559
Common Shares
Doré, Susan
4
03/12/2012
10
14.99
3,445
-3,300
Common Shares
Doré, Susan
4
03/12/2012
10
14.96
2,700
-745
Common Shares
Doré, Susan
4
03/12/2012
10
14.98
1,300
-1,400
Common Shares
Doré, Susan
4
03/13/2012
10
14.36
0
-1,300
Common Shares
Sutherland, Ian
3, 4
03/16/2012
10
14.19
1,320,000
20,000
Common Shares
Sutherland, Ian
3, 4
03/16/2012
10
14.2
1,340,000
20,000
Common Shares
Sutherland, Ian
3, 4
03/16/2012
10
14.19
200,000
70,000
Common Shares
Sutherland, Ian
3, 4
03/13/2012
10
14.37
120,800
-3,000
Common Shares
Sutherland, Ian
3, 4
03/16/2012
10
14.2
100,000
-20,800
Common Shares
Sutherland, Ian
3, 4
03/16/2012
10
14.19
80,000
-20,000
Common Shares
Sutherland, Ian
3, 4
03/12/2012
10
15
245,000
-9,000
Common Shares
Sutherland, Ian
3, 4
03/15/2012
10
14.29
240,000
-5,000
Common Shares
Sutherland, Ian
3, 4
03/16/2012
10
14.19
170,000
-70,000
4
03/12/2012
10
12.86
320,961
1,500
3
03/12/2012
10
17.41
2,660,700
7,000
Mediagrif Interactive
Technologies Inc.
Technologies Inc.
Technologies Inc.
Technologies Inc.
Technologies Inc.
Technologies Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
March 23, 2012
Common Shares Class A Kamerschen, Robert
Subordinate Voting
Shares
Common Shares
Les Services de gestion
Claude Roy Inc.
Common Shares
Les Services de gestion
Claude Roy Inc.
Common Shares
Roy, Claude
3
03/14/2012
10
17.54
2,662,200
1,500
4, 5
03/12/2012
10
17.45
559,200
4,900
Common Shares
Roy, Claude
4, 5
03/14/2012
10
17.5
563,200
4,000
Common Shares
Roy, Claude
4, 5
03/12/2012
10
17.41
2,660,700
7,000
Common Shares
Roy, Claude
4, 5
03/14/2012
10
17.54
2,662,200
1,500
Options
Options
Options
Options
Options
Options
Options
Warrants
Options
Options
Options
Warrants
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Chase, Randal
Chase, Randal
Chase, Randal
Chase, Randal
Chase, Randal
Chase, Randal
Goodman, Jonathan
Johnson, Pierre Marc
Landry, Nathalie
Landry, Nathalie
Landry, Nathalie
Landry, Nathalie
Ors, Frederic
Ors, Frederic
Ors, Frederic
Ors, Frederic
Seccareccia, Pierre
Sheldon, Andrew J.
Sheldon, Andrew J.
Sheldon, Andrew J.
Sheldon, Andrew J.
Sheldon, Andrew J.
Sheldon, Andrew J.
Sheldon, Andrew J.
Sheldon, Andrew J.
Sheldon, Andrew J.
Sheldon, Andrew J.
Sheldon, Andrew J.
4
4
4
4
4
4
4
4
5
5
5
5
5
5
5
5
4
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
03/23/2005
03/31/2006
08/30/2006
06/30/2011
06/30/2011
08/29/2011
08/29/2011
11/26/2010
12/31/2008
06/30/2011
02/22/2012
03/14/2010
08/15/2008
12/31/2008
06/30/2011
02/22/2012
08/29/2011
03/19/2004
03/19/2004
03/23/2005
03/23/2005
03/31/2006
03/31/2006
08/30/2006
08/30/2006
07/20/2010
07/20/2010
07/20/2010
52
52
52
52
52
52
52
55
52
52
52
55
52
52
52
52
52
52
52
52
52
52
52
52
52
52
52
52
1.68
1.68
1
1.68
1.68
1
1
1
1
1.68
1
0.25
1
1
1.68
1
1
1.11
1.11
1.68
1.68
1.68
1.68
1
1
1.11
1.11
1.11
327,000
325,000
275,000
137,500
0
63,333
510,225
534,086
0
86,666
83,333
514,478
540,645
137,500
1,794,925
-2,000
-2,000
-50,000
-2,000
-2,000
-50,000
-25,000
-5,000
-11,667
-3,333
-30,000
-11,000
-1,000
-3,333
-3,333
-20,000
-25,000
-24,850
-24,850
-50,223
-50,223
-20,893
-20,893
-400,000
-400,000
-90,090
-90,090
-90,090
(2012) 35 OSCB 2922
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
Medicago Inc.
MedX Health Corp.
Mercator Transport Group
Corporation
Corporation
Corporation
Corporation
Corporation
Corporation
Corporation
Corporation
Methanex Corporation
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Common Shares
Options
Sheldon, Andrew J.
Sheldon, Andrew J.
Sheldon, Andrew J.
Sheldon, Andrew J.
Vézina, Louis-Philippe
Canitano, Luigi
Apelian, Jean-Pierre
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
5
4, 5
03/18/2011
06/30/2011
06/30/2011
08/29/2011
03/19/2004
03/19/2004
03/23/2005
03/23/2005
03/31/2006
03/31/2006
03/31/2006
08/30/2006
08/30/2006
03/18/2011
06/30/2011
06/30/2011
08/29/2011
03/12/2012
01/29/2012
52
52
52
52
52
52
52
52
50
52
52
52
52
52
52
52
52
46
52
1.11
1.68
1.68
1
1.11
1.11
1.68
1.68
1.68
1.68
1.68
1
1
1.11
1.68
1.68
1
0.1
2,005,571
1,955,348
1,934,455
1,534,455
1,030,322
1,003,134
980,845
780,845
752,306
100,000
-24,850
-50,223
-20,893
-400,000
-37,799
-37,799
-27,188
-27,188
-22,289
-22,289
-22,289
-200,000
-200,000
-37,799
-27,188
-22,289
-200,000
596,330
-300,000
Options
Ayme, Xavier
4, 5
01/29/2012
52
100,000
-300,000
Common Shares
Gagnon, Robert
5
03/16/2012
00
Options
Gagnon, Robert
5
03/16/2012
00
Options
Jarry, Alexandre
4
01/29/2012
52
0
-100,000
Options
Marchal, Laurent M.
4
01/29/2012
52
0
-100,000
Common Shares
Pochez, Thierry
7
03/16/2012
00
Options
Pochez, Thierry
7
03/16/2012
00
Common Shares
Common Shares
Common Shares
Common Shares
Options
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Options
Options
Options
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Common Shares
ABRARY, NOJAN
ABRARY, NOJAN
ABRARY, NOJAN
ABRARY, NOJAN
ABRARY, NOJAN
ABRARY, NOJAN
7
7
7
7
7
7
03/12/2012
03/12/2012
03/12/2012
03/16/2012
03/12/2012
03/15/2012
51
51
10
57
51
56
16,754
10,754
12,412
0
10,711
6,000
6,000
-6,000
1,658
-6,000
553
ABRARY, NOJAN
7
03/15/2012
57
9,053
-1,658
ABRARY, NOJAN
7
03/15/2012
59
7,394
-1,659
AITKEN, BRUCE
AITKEN, BRUCE
AITKEN, BRUCE
AITKEN, BRUCE
AITKEN, BRUCE
AITKEN, BRUCE
AITKEN, BRUCE
AITKEN, BRUCE
AITKEN, BRUCE
AITKEN, BRUCE
AITKEN, BRUCE
AITKEN, BRUCE
AITKEN, BRUCE
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
03/12/2012
03/12/2012
03/13/2012
03/13/2012
03/14/2012
03/14/2012
03/15/2012
03/15/2012
03/12/2012
03/13/2012
03/14/2012
03/15/2012
03/15/2012
51
10
51
10
51
10
51
10
51
51
51
51
56
143,409
133,409
143,409
133,409
143,409
133,409
143,409
133,409
845,200
835,200
825,200
815,200
285,337
10,000
-10,000
10,000
-10,000
10,000
-10,000
10,000
-10,000
-10,000
-10,000
-10,000
-10,000
15,702
AITKEN, BRUCE
4, 5
03/15/2012
59
191,128
-94,209
Boyd, Bradley
5
03/15/2012
56
13,635
663
Boyd, Bradley
5
03/15/2012
59
9,655
-3,980
Cameron, Ian Peter
5
03/15/2012
56
52,222
2,875
Cameron, Ian Peter
5
03/15/2012
59
34,973
-17,249
Chadee, Rudinauth
7
03/15/2012
56
7,861
421
Chadee, Rudinauth
7
03/15/2012
59
5,340
-2,521
Floren, John
5
03/15/2012
56
52,222
2,875
Floren, John
5
03/15/2012
59
34,973
-17,249
Gonzalez, Juan Enrique
7
03/16/2012
57
27,184
1,990
March 23, 2012
20.76
6.33
31.56
20.76
31.5
20.76
32.2
20.76
32.33
20.76
32.35
(2012) 35 OSCB 2923
Insider Reporting
Issuer Name
Security
Insider Name
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Common Shares
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Common Shares
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Common Shares
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Common Shares
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Common Shares
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Common Shares
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Common Shares
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Common Shares
Common Shares
Common Shares
Rights Performance
Share Units
Rights Performance
Share Units
Common Shares
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
March 23, 2012
Rel'n
Transaction
Date
T/O
7
03/15/2012
7
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
56
13,430
663
03/15/2012
57
11,440
-1,990
7
03/15/2012
59
9,450
-1,990
Gordon, John
5
03/15/2012
56
52,222
2,875
Gordon, John
5
03/15/2012
59
34,973
-17,249
Henderson, Kevin
Henderson, Kevin
5
5
03/16/2012
03/15/2012
57
56
22,360
13,430
1,990
663
Henderson, Kevin
5
03/15/2012
57
11,440
-1,990
Henderson, Kevin
5
03/15/2012
59
9,450
-1,990
Herz, Mike
Herz, Mike
7
7
03/16/2012
03/15/2012
57
56
19,600
13,430
1,990
663
Herz, Mike
7
03/15/2012
57
11,440
-1,990
Herz, Mike
7
03/15/2012
59
9,450
-1,990
Hognestad, Jone
Hognestad, Jone
7
7
03/16/2012
03/15/2012
57
56
16,187
13,430
1,990
663
Hognestad, Jone
7
03/15/2012
57
11,440
-1,990
Hognestad, Jone
7
03/15/2012
59
9,450
-1,990
James, Vanessa
James, Vanessa
7
7
03/16/2012
03/15/2012
57
56
12,194
13,430
1,990
663
James, Vanessa
7
03/15/2012
57
11,440
-1,990
James, Vanessa
7
03/15/2012
59
9,450
-1,990
Khattab, Hussein
Khattab, Hussein
2
2
03/16/2012
03/15/2012
57
56
14,443
13,430
1,990
663
Khattab, Hussein
2
03/15/2012
57
11,440
-1,990
Khattab, Hussein
2
03/15/2012
59
9,450
-1,990
LARRIVE, ALEJANDRO
LARRIVE, ALEJANDRO
7
7
03/16/2012
03/15/2012
57
56
7,630
6,499
895
299
LARRIVE, ALEJANDRO
7
03/15/2012
57
5,604
-895
LARRIVE, ALEJANDRO
7
03/15/2012
59
4,708
-896
Macdonald, Michael
Glencoe
Macdonald, Michael
Glencoe
MALONEY, KEVIN
MALONEY, KEVIN
5
03/15/2012
56
52,222
2,875
5
03/15/2012
59
34,973
-17,249
7
7
03/16/2012
03/15/2012
57
56
7,240
6,408
796
266
MALONEY, KEVIN
7
03/15/2012
57
5,612
-796
MALONEY, KEVIN
7
03/15/2012
59
4,816
-796
Milner, Randall M.
Milner, Randall M.
Milner, Randall M.
Milner, Randall M.
5
5
5
5
03/12/2012
03/12/2012
03/12/2012
03/15/2012
10
10
10
56
11,674
10,774
10,474
52,222
-800
-900
-300
2,875
Milner, Randall M.
5
03/15/2012
59
34,973
-17,249
Percy, Charles
Percy, Charles
2
2
03/16/2012
03/15/2012
57
56
12,853
13,430
1,990
663
Percy, Charles
2
03/15/2012
57
11,440
-1,990
Percy, Charles
2
03/15/2012
59
9,450
-1,990
Schiodtz, Paul
7
03/15/2012
56
52,222
2,875
31.49
31.48
31.47
(2012) 35 OSCB 2924
Insider Reporting
Issuer Name
Security
Insider Name
Rights Performance
Share Units
Common Shares
Common Shares
Common Shares
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Common Shares
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Common Shares
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Unités d'actions
différées/Deferred Stock
Units
Unités d'actions
Units
Unités d'actions
Units
Unités d'actions
Units
Unités d'actions
Units
Unités d'actions
Units
Unités d'actions
Units
Unités d'actions
Units
Unités d'actions
Units
Unités d'actions
Units
Unités d'actions
Units
Unités d'actions
Units
Unités d'actions
Units
Unités d'actions
Units
Unités d'actions
Units
Unités d'actions
Units
Unités d'actions
Units
Unités d'actions
Units
Metro inc.
Metro inc.
Metro inc.
Metro inc.
Metro inc.
Metro inc.
Metro inc.
Metro inc.
Metro inc.
Metro inc.
Metro inc.
Metro inc.
Metro inc.
Metro inc.
Metro inc.
Metro inc.
Metro inc.
Metro inc.
March 23, 2012
Rel'n
Transaction
Date
T/O
Schiodtz, Paul
7
03/15/2012
59
VERA, PABLO
VERA, PABLO
VERA, PABLO
VERA, PABLO
7
7
7
7
03/14/2012
03/14/2012
03/16/2012
03/15/2012
30
10
57
56
VERA, PABLO
7
03/15/2012
VERA, PABLO
7
Weake, Harvey
Weake, Harvey
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
34,973
-17,249
13,967
0
1,890
10,443
381
-13,967
1,890
630
57
8,553
-1,890
03/15/2012
59
6,662
-1,891
5
5
03/16/2012
03/15/2012
57
56
57,467
52,222
8,624
2,875
Weake, Harvey
5
03/15/2012
57
43,598
-8,624
Weake, Harvey
5
03/15/2012
59
34,973
-8,625
Wiggins, Wade
Wiggins, Wade
7, 5
7, 5
03/16/2012
03/15/2012
57
56
11,382
12,183
1,093
456
Wiggins, Wade
7, 5
03/15/2012
57
11,090
-1,093
Wiggins, Wade
7, 5
03/15/2012
59
9,450
-1,640
DESERRES, MARC
4
03/09/2012
56
50.882
9,186
150
DESERRES, MARC
4
03/09/2012
35
50.744
9,224
38
Dussault, Claude
4
03/09/2012
56
50.882
9,101
101
Dussault, Claude
4
03/09/2012
35
50.744
9,139
38
Ferland, Serge
4
03/09/2012
56
50.882
12,816
300
Ferland, Serge
4
03/09/2012
35
50.744
12,869
53
Gauthier, Paule
4
03/09/2012
56
50.882
8,022
196
Gauthier, Paule
4
03/09/2012
35
50.744
8,055
33
Gobeil, Paul
4
03/09/2012
56
50.882
4,685
86
Gobeil, Paul
4
03/09/2012
35
50.744
4,704
19
Goodman, Russell Andrew
4
01/31/2012
00
4
03/09/2012
56
50.882
118
4
03/09/2012
56
50.882
118
4
03/09/2012
56
50.882
118
118
HAUB, Christian W.E.
4
03/09/2012
56
50.882
9,406
329
HAUB, Christian W.E.
4
03/09/2012
35
50.744
9,444
38
Labonté, Michel
4
03/09/2012
56
50.882
6,557
228
Labonté, Michel
4
03/09/2012
35
50.744
6,584
27
28.3
32.158
(2012) 35 OSCB 2925
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Metro inc.
Metropolitan Energy Corp.
Metropolitan Energy Corp.
Mexivada Mining Corp.
MI Developments Inc.
Unités d'actions
Units
Unités d'actions
Units
Unités d'actions
Units
Unités d'actions
Units
Unités d'actions
Units
Unités d'actions
Units
Unités d'actions
Units
Unités d'actions
Units
Unités d'actions
Units
Unités d'actions
Units
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
LESSARD, Pierre H.
4, 5
03/09/2012
56
50.882
11,387
509
LESSARD, Pierre H.
4, 5
03/09/2012
35
50.744
11,433
46
Nadeau, Marie-Jose
4
03/09/2012
56
50.882
5,289
403
Nadeau, Marie-Jose
4
03/09/2012
35
50.744
5,310
21
Raymond, Réal
4
03/09/2012
56
50.882
5,010
224
Raymond, Réal
4
03/09/2012
35
50.744
5,030
20
Rosicki, Michael
4
03/09/2012
56
50.88
3,764
260
Rosicki, Michael
4
03/09/2012
35
50.744
3,779
15
TORY, JOHN HOWARD
4
03/09/2012
56
50.882
1,307
249
TORY, JOHN HOWARD
4
03/09/2012
35
50.744
1,311
4
4, 5
4, 5
3, 4, 5
3, 4, 5
3, 4, 5
3, 4, 5
4
03/13/2012
03/14/2012
03/08/2012
03/13/2012
03/13/2012
03/16/2012
06/30/2011
10
10
10
10
10
10
00
0.21
0.22
0.065
0.07
0.07
0.055
422,834
432,834
5,854,614
5,855,614
5,856,614
5,859,614
3,500
10,000
1,000
1,000
1,000
3,000
4
03/13/2012
11
36.61
200
200
4
03/13/2012
11
36.62
5,000
4,800
Micromem Technologies Inc. Common Shares
levy, marc evan
levy, marc evan
Redfern, Richard Robert
Voorheis, George Wesley
Thomas
Thomas
Thomas
Fuda, Salvatore (Sam)
Common Shares
Common Shares
4, 5
03/09/2012
11
7,523,664
-56,128
Micromem Technologies Inc. Common Shares
Fuda, Salvatore (Sam)
4, 5
03/09/2012
11
56,128
56,128
Midas Gold Corp.
Midas Gold Corp.
Midas Gold Corp.
Midas Gold Corp.
Midas Gold Corp.
Minco Base Metals
Corporation
Minco Base Metals
Corporation
Minco Gold Corporation
MINCO SILVER
CORPORATION
MINCO SILVER
CORPORATION
MINCO SILVER
CORPORATION
MINCO SILVER
CORPORATION
MINCO SILVER
CORPORATION
MINCO SILVER
CORPORATION
MINCO SILVER
CORPORATION
MIRA RESOURCES CORP.
Mistango River Resources
Inc.
Common Shares
Warrants
Warrants
Warrants
Warrants
Options
Quin, Stephen Paul
Quin, Stephen Paul
Quin, Stephen Paul
Quin, Stephen Paul
Quin, Stephen Paul
Cai, Ken
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
03/14/2012
02/14/2012
06/30/2011
02/14/2012
03/14/2012
11/15/2007
36
16
00
16
36
50
4.45
4.45
60,000
20,000
20,000
4.45
0.16
20,000
0
80,000
20,000
-20,000
80,000
Options
Cai, Ken
4, 5
11/15/2007
50
0.13
185,000
105,000
Options
Options
Options
Options
Doggett, Michael David
Doggett, Michael David
Trevitt, Jennifer
Lee, Chan-Seng
4
4
5
4
01/16/2009
01/14/2011
01/14/2011
01/14/2011
50
50
50
50
0.48
2.14
2.14
5.36
375,000
475,000
100,000
220,000
100,000
100,000
60,000
120,000
Options
Lian, George
4
06/28/2010
00
Options
Lian, George
4
06/28/2010
50
3.12
200,000
200,000
Options
Lian, George
4
01/14/2011
50
5.36
300,000
100,000
Options
Sun, Tim
4
03/28/2011
00
Options
Sun, Tim
4
07/06/2011
50
5.04
200,000
200,000
Options
Trevitt, Jennifer
5
01/14/2011
50
5.36
80,000
60,000
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
More, Johnathan
More, Johnathan
More, Johnathan
More, Johnathan
More, Johnathan
Kasner, Robert J.
4, 5
4, 5
4, 5
4, 5
4, 5
4, 6, 5
03/09/2012
03/12/2012
03/12/2012
03/13/2012
03/13/2012
03/09/2012
10
10
10
10
10
10
0.26
0.25
0.25
0.25
0.2575
0.2
6,301,768
6,321,768
6,341,768
6,371,768
6,381,768
2,758,439
10,000
20,000
20,000
30,000
10,000
9,000
Metro inc.
Metro inc.
Metro inc.
Metro inc.
Metro inc.
Metro inc.
Metro inc.
Metro inc.
Metro inc.
March 23, 2012
(2012) 35 OSCB 2926
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Inc.
Inc.
Montana Exploration Corp.
(formerly AltaCanada Energy
Corp.)
Montana Exploration Corp.
(formerly AltaCanada Energy
Corp.)
Montero Mining and
Exploration Ltd.
Montero Mining and
Exploration Ltd.
Montero Mining and
Exploration Ltd.
Montero Mining and
Exploration Ltd.
Morneau Shepell Inc.
Mountain Province
Diamonds Inc.
Mountain Province
Diamonds Inc.
Mountain Province
Diamonds Inc.
Mountain Province
Diamonds Inc.
Mullen Group Ltd.
NAL Energy Corporation
National Bank of Canada
Common Shares
Kasner, Robert J.
4, 6, 5
03/09/2012
10
0.2
355,812
9,000
Common Shares
Kasner, Robert J.
4, 6, 5
03/15/2012
10
0.2
371,312
15,500
Common Shares
Collins, James William
4
03/12/2012
10
0.18
9,180,700
30,000
Common Shares
Collins, James William
4
03/15/2012
10
0.275
9,191,700
11,000
Common Shares
Hall, Greg
4
01/26/2011
00
Common Shares
Hall, Greg
4
03/13/2012
10
0.18
125,000
125,000
Common Shares
Hodgson, David Lancaster
4
10/26/2011
00
Common Shares
Hodgson, David Lancaster
4
03/12/2012
10
0.192
50,000
50,000
Common Shares
Common Shares
Common Shares
Options
Chisholm, Robert William
Evans, Matthew
5
5
5
8
12/31/2011
12/31/2011
12/31/2011
06/15/2011
30
30
30
00
10.11
10.04
10.07
49,952
27,935
27,421
2,181
2,092
2,421
Options
Evans, Matthew
8
03/08/2012
50
4.84
10,000
10,000
Common Shares
evans, patrick charles
4, 5
03/13/2012
52
1.72
1,220,391
300,000
Options
evans, patrick charles
4, 5
03/13/2012
51
1.72
100,000
-300,000
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Options
Common Shares
Common Shares
Common Shares
Common Shares
Options
Options
Common Shares
Common Shares
Options
Unités d'actions
assujetties à des
restrictions (UAR) /(RUS)
Common Shares
Common Shares
Common Shares
Options
Options
Options
Grant, Steven Carl
Wiswell, Andrew B.
Wiswell, Andrew B.
Wiswell, Andrew B.
Bujold, Eric
Bujold, Eric
Bujold, Eric
Bujold, Eric
Bujold, Eric
Bujold, Eric
Bujold, Eric
Cieslak, John Bernard
Dagenais, Jean
Dagenais, Jean
Dagenais, Jean
Girard, Eric
4
4
4
4
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
03/14/2012
02/29/2012
02/29/2012
02/29/2012
03/08/2012
03/08/2012
03/08/2012
03/12/2012
03/12/2012
03/08/2012
03/12/2012
03/13/2012
03/13/2012
03/15/2012
03/15/2012
03/13/2012
03/15/2012
03/14/2012
03/14/2012
03/14/2012
03/09/2012
10
30
30
30
51
10
10
51
10
51
51
51
10
51
10
51
51
51
10
51
56
21.35
7.16
7.16
7.16
58.49
78.33
78.335
58.49
78.5
58.49
58.49
58.49
79
58.49
80
58.49
58.49
34.87
79.5
34.87
5,000
13,124
18,066
26,652
2,000
1,900
0
2,931
0
48,229
45,298
18,666
13,666
18,666
13,666
71,717
66,717
13,482
4,382
96,800
56,956
3,000
224
296
61
2,000
-100
-1,900
2,931
-2,931
-2,000
-2,931
5,000
-5,000
5,000
-5,000
-5,000
-5,000
9,100
-9,100
-9,100
299
Laflamme, Éric
Laflamme, Éric
Laflamme, Éric
Laflamme, Éric
Laflamme, Éric
Greg, Wright
5
5
5
5
5
5
03/09/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
02/20/2012
51
51
10
51
51
00
34.87
53.85
78.5
34.87
53.85
4,126
11,806
0
57,252
49,572
4,126
7,680
-11,806
-4,126
-7,680
Options
Greg, Wright
5
03/12/2012
50
3.05
50,000
50,000
Common Shares
Horvat, Miljenko
4, 5
03/05/2012
10
2.9
343,100
-1,200
Common Shares
Horvat, Miljenko
4, 5
03/05/2012
10
2.85
341,100
-2,000
Common Shares
Horvat, Miljenko
4, 5
03/05/2012
10
2.82
339,400
-1,700
Common Shares
Horvat, Miljenko
4, 5
03/06/2012
10
2.9
339,300
-100
Options
Sandroni, Steve
5
03/12/2012
00
Options
Sandroni, Steve
5
03/12/2012
50
3.05
50,000
50,000
Common Shares
Bourassa, guy georges
4, 5
03/05/2012
10
0.415
1,452,501
-20,000
Common Shares
Options
Rights SARS
Ferguson, Anthony John
4
4
4
03/15/2012
03/15/2012
03/15/2012
00
00
00
Naturally Advanced
Technologies Inc.
Naturally Advanced
Technologies Inc.
Naturally Advanced
Technologies Inc.
Naturally Advanced
Technologies Inc.
Naturally Advanced
Technologies Inc.
Naturally Advanced
Technologies Inc.
Naturally Advanced
Technologies Inc.
Naturally Advanced
Technologies Inc.
Nemaska Lithium Inc.
(formerly NEMASKA
EXPLORATION INC.)
Nevsun Resources Ltd.
March 23, 2012
(2012) 35 OSCB 2927
Insider Reporting
Issuer Name
Security
Insider Name
New Dimension Resources
Ltd.
Ltd.
Ltd.
Ltd.
New Moon Minerals Corp.
New Moon Minerals Corp.
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Common Shares
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newalta Corporation
Newstrike Resources Ltd.
Nexen Inc.
Nexen Inc.
Nexen Inc.
Nexen Inc.
Nexen Inc.
Nexen Inc.
Nexen Inc.
Nexen Inc.
Nexen Inc.
Nexen Inc.
Nexen Inc.
Nexen Inc.
Nexen Inc.
Nexen Inc.
Nexen Inc.
Nexen Inc.
Nexen Inc.
Nexen Inc.
Nexen Inc.
Nexen Inc.
Nexen Inc.
Nexen Inc.
Nexen Inc.
March 23, 2012
Rel'n
Transaction
Date
T/O
4, 5
03/16/2012
Common Shares
4, 5
Common Shares
Common Shares
Common Shares
Warrants
Common Shares
Common Shares
Common Shares
Common Shares
Options
Share Appreciation
RIghts
Common Shares
Common Shares
Common Shares
Options
Options
Common Shares
Common Shares
Common Shares
Common Shares
Options
Units
Units
Common Shares
Common Shares
Options
Units
Units
Options
Units
Options
Units
Units
Options
Units
Units
Options
Units
Units
Options
Units
Options
Units
Date/Month End
Holdings
Acquired/
Disposed
90
540,000
-50,000
03/15/2012
90
16,000
-50,000
4, 5
03/15/2012
90
66,000
50,000
4, 5
03/16/2012
90
116,000
50,000
Stanyer, Warren William
Stanyer, Warren William
Borys, Michael
Borys, Michael
Borys, Michael
Cadotte, Alan Paul
Cadotte, Alan Paul
Cadotte, Alan Paul
Dietsche, Linda
Dietsche, Linda
Dietsche, Linda
Dietsche, Linda
4
4
5
5
5
4, 5
4, 5
4, 5
5
5
5
5
02/24/2012
02/24/2012
12/31/2011
12/31/2011
03/14/2012
12/31/2011
12/31/2011
03/14/2012
03/15/2012
03/15/2012
03/15/2012
03/15/2012
16
16
30
30
59
30
30
59
00
00
00
00
1,354,500
685,000
19,294
5,010
2,490
126,446
12,918
6,420
2,000
8,871
30,000
67,500
500,000
500,000
4,824
91
-2,520
9,446
236
-6,498
5
5
5
5
5
5
5
5
7
5
5
5
5
5
5
5
5
5
5
5
5
3, 4, 5
5
5
12/31/2011
12/31/2011
03/14/2012
12/31/2011
12/31/2011
03/14/2012
03/15/2012
03/15/2012
03/16/2012
12/31/2011
12/31/2011
03/14/2012
12/31/2011
03/14/2012
12/31/2011
12/31/2011
03/14/2012
03/14/2012
12/31/2011
12/31/2011
03/14/2012
03/16/2012
03/16/2012
07/16/2009
30
30
59
30
30
59
00
00
52
30
30
59
30
59
30
30
38
59
30
30
59
10
50
00
22,304
4,384
2,179
23,193
6,027
2,995
2,146
133,000
32,500
17,325
5,166
2,567
1,565
778
23,947
4,384
2,406
80
-2,205
2,723
109
-3,032
Arnold, James Theodore
5
03/16/2012
50
Backus, Jeffrey Michael
5
5
5
5
03/09/2012
03/09/2012
03/16/2012
02/16/2009
10
10
50
00
5
03/16/2012
50
Bailey, Ronald W.
Bailey, Ronald W.
5
5
03/16/2012
03/16/2012
50
50
Hughes, Catherine Jeanne
5
5
03/16/2012
02/17/2010
50
00
5
03/16/2012
50
McLachlan, Kevin J
McLachlan, Kevin J
7
7
03/16/2012
08/01/2008
50
00
McLachlan, Kevin J
7
03/16/2012
50
Muller, Brendon Troy
5
5
03/16/2012
04/09/2007
50
00
5
03/16/2012
50
O'Brien, Alan
O'Brien, Alan
7
7
03/16/2012
03/16/2012
50
50
7, 5
7, 5
03/16/2012
03/10/2003
50
00
Donaleshen, Terry Peter
Dugandzic, Peter Anthony
McElgunn, Troy
McElgunn, Troy
Pardo, Felix
Pecharsky, Douglas Allen
Wells, Harry Allan
Wells, Harry Allan
Whiteley, Took
Whiteley, Took
Whiteley, Took
Whiteley, Took
Wilkie, James Craig
Wilkie, James Craig
Wilkie, James Craig
Pollock, John Arthur
Power, Una Marie
Power, Una Marie
Unit
Price
0.1
0.15
12.51
12.23
12.51
12.16
12.51
12.17
12.51
12.28
25.5
12.51
12.34
2,179
14,115
6,419
3,190
4,707,500
364,100
-2,500
4,057
93
-2,599
28
-787
4,279
80
-2,205
-2,205
2,579
117
-3,229
20,000
37,300
39,100
39,100
2,330
116,300
-1,000
-1,000
10,300
10,800
10,800
19.45
184,000
35,106
29,500
31,000
19.45
356,500
41,500
43,600
43,600
236,500
29,500
31,000
31,000
207,600
12,000
12,600
12,600
19.45
50,600
35,800
31,100
32,600
19.45
381,600
31,100
12.41
12.51
12.17
12.51
12.18
0.23
19.45
19.85
19.85
19.45
19.45
19.45
(2012) 35 OSCB 2928
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Nexen Inc.
Units
Options
Units
Units
Options
Units
Common Shares
Power, Una Marie
7, 5
03/16/2012
50
Reinhart, Kevin Jerome
5
5
03/16/2012
03/10/2003
50
00
5
03/16/2012
50
Wilson, Quinn Evan
Wilson, Quinn Evan
5
5
03/16/2012
03/16/2012
50
50
Beutel, Eric Marshall
4
03/13/2012
00
200,000
ROBINS, LIONEL
4
03/13/2012
00
61,787
Frawley, Denis S.
5
03/13/2012
10
0.15
803,954
-1,000
Hirsch, Ronald Allen
4, 5
03/09/2012
10
0.045
9,019,685
15,000
Nord Resources Corporation Common Shares
4, 5
03/09/2012
10
0.046
9,054,685
35,000
4, 5
03/09/2012
10
0.047
9,089,685
35,000
North American Tungsten
Corporation Ltd.
Corporation Ltd.
Corporation Ltd.
Corporation Ltd.
Corporation Ltd.
Northern Financial
Corporation
Northern Financial
Corporation
Northern Freegold
Resources Ltd.
Northern Freegold
Resources Ltd.
Northern Freegold
Resources Ltd.
Northern Freegold
Resources Ltd.
Northern Gold Mining Inc.
Northern Iron Corp.
Northern Iron Corp.
Northern Iron Corp.
Northstar Healthcare Inc.
NorthWest Healthcare
Investment Trust
Investment Trust
Investment Trust
NovaGold Resources Inc.
Options
Heikkila, Kurt Emil
4
03/08/2012
50
0.42
400,000
200,000
Options
4, 5
03/08/2012
50
0.42
1,600,000
750,000
Options
LEAHY, STEPHEN
MARTIN
4
03/08/2012
50
0.42
325,000
175,000
Options
Porter, Bryce Mitchell
4
03/08/2012
50
650,000
325,000
Options
Scott, Christina Pauline
4, 5
03/08/2012
50
0.42
650,000
300,000
Common Shares
4, 7, 5
03/13/2012
10
0.095
3,426,414
20,000
Common Shares
Alboini, Victor Philip
Michael
Reid, John Roger
4
03/13/2012
10
0.095
1,678,710
56,000
Common Shares
Burges, John
4, 5
03/13/2012
10
0.26
787,668
5,500
Common Shares
Burges, John
4, 5
03/13/2012
10
0.255
789,168
1,500
Common Shares
Burges, John
4, 5
03/14/2012
10
0.255
792,668
3,500
Common Shares
Burges, John
4, 5
03/15/2012
10
0.255
795,168
2,500
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Deferred Units
Caland, Paul
Caland, Paul
Caland, Paul
Caland, Paul
Szustak, Eric
Botha, Basil
Hepworth, Michael Ernle
Hepworth, Michael Ernle
Pyun, Jin
Pyun, Jin
Pyun, Jin
Brady, Michael
3
3
3
3
5
4
8
8
4
4
4
5
03/12/2012
03/13/2012
03/15/2012
03/16/2012
03/14/2012
03/08/2012
01/02/2012
03/12/2012
03/12/2012
03/13/2012
03/14/2012
03/13/2012
10
10
10
10
10
10
00
10
10
10
10
46
0.267
0.27
0.25
0.254
0.245
5,000
10,000
10,000
50,000
9,000
20,000
0.1
0.235
0.236
0.235
12.33
8,894,515
8,904,515
8,914,515
8,964,515
107,000
630,000
133,000
233,000
466,100
466,600
474,600
23,131
100,000
10,500
500
8,000
8,779
Deferred Units
Riggin, Peter
5
03/13/2012
46
12.33
16,706
10,974
Deferred Units
Spraggs, Ernest
5
03/13/2012
46
12.33
31,290
10,974
HENNESSEY, MELANIE
HENNESSEY, MELANIE
HENNESSEY, MELANIE
HENNESSEY, MELANIE
5
5
5
5
03/12/2012
03/12/2012
03/12/2012
03/12/2012
00
00
50
00
7.91
100,000
100,000
HENNESSEY, MELANIE
5
03/12/2012
00
HENNESSEY, MELANIE
5
03/12/2012
56
20,000
20,000
HENNESSEY, MELANIE
Sanders, Elaine
Mah, Larry
5
5
4
03/12/2012
03/14/2012
03/14/2012
00
30
54
33,746
420,000
222
200,000
Nexen Inc.
Nexen Inc.
Nexen Inc.
Nexen Inc.
Nexen Inc.
NexGen Financial
Corporation
NexGen Financial
Common Shares
Corporation
Noble Mineral Exploration
Common Shares
Inc. (formerly Ring of Fire
Resources Inc.)
Common Shares
Options
Options
Unit
Rights Performance
Share Unit
Rights Performance
Share Unit
Warrants
Common Shares
Novus Energy Inc. (formerly, Common Shares
Regal Energy Ltd.)
March 23, 2012
Unit
Price
19.45
19.45
8.43
0.75
Date/Month End
Holdings
Acquired/
Disposed
32,600
32,600
675,300
64,300
67,500
67,500
123,400
37,150
31,100
32,600
(2012) 35 OSCB 2929
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
4
03/14/2012
54
0.75
0
-200,000
3
4
4
4
4, 5
4, 5
5
5
5
5
5
5
5
03/12/2012
03/13/2012
01/10/2011
03/13/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/16/2012
03/16/2012
03/16/2012
03/16/2012
03/16/2012
16
11
00
11
11
11
11
11
30
30
30
30
30
0.105
0.14
45,429,571
1,044,858
45,428,571
44,858
5.24
5.24
5.24
5.24
5.24
22,429
2,596,895
306,578
1,241,760
318,100
13,712
11,216
9,130
25,945
53,665
22,429
150,000
75,000
55,000
27,500
4,051
3,839
1,538
12,973
14,549
5
5
5
5
5
5
5
5
5
4
03/16/2012
03/16/2012
03/16/2012
03/16/2012
03/16/2012
03/16/2012
05/09/2011
05/08/2011
05/09/2011
03/08/2012
30
30
30
30
30
30
56
00
56
10
5.24
5.24
5.24
5.24
5.24
5.24
61,320
2,088
3,413
15,393
7,586
119,525
6,367
1,141
1,136
8,043
2,037
5,305
75,000
0.08
75,000
852,637
75,000
128,000
0.0867
1,324,637
472,000
Novus Energy Inc. (formerly, Warrants
Regal Energy Ltd.)
Mah, Larry
NSX Silver Inc.
Nuinsco Resources Limited
NUVISTA ENERGY LTD.
NUVISTA ENERGY LTD.
NUVISTA ENERGY LTD.
NUVISTA ENERGY LTD.
NUVISTA ENERGY LTD.
Common Shares
Common Shares
Warrants
Warrants
Common Shares
Warrants
Common Shares
Warrants
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
NUVISTA ENERGY LTD.
NUVISTA ENERGY LTD.
NUVISTA ENERGY LTD.
NUVISTA ENERGY LTD.
NUVISTA ENERGY LTD.
NUVISTA ENERGY LTD.
NUVISTA ENERGY LTD.
NUVISTA ENERGY LTD.
NUVISTA ENERGY LTD.
Nuvo Research Inc.
(formerly Dimethaid
Research Inc.)
Nuvo Research Inc.
(formerly Dimethaid
Research Inc.)
NWT Uranium Corp.
NWT Uranium Corp.
NWT Uranium Corp.
NWT Uranium Corp.
NWT Uranium Corp.
NWT Uranium Corp.
NWT Uranium Corp.
NWT Uranium Corp.
NWT Uranium Corp.
Octant Energy Corp.
Octant Energy Corp.
Octant Energy Corp.
Octant Energy Corp.
Octant Energy Corp.
Common Shares
Common Shares
Common Shares RRSP
Common Shares
Common Shares RRSP
Common Shares
Options
Common Shares
NSGold Corporation
Franklin, James
Franklin, James
Franklin, James
Galipeau, René Réal
Galipeau, René Réal
Jones, Paul, Latimer
Jones, Paul, Latimer
Andreachuk, Ross Lloyd
Asman, Kevin Garth
Burton, Craig
Froese, Robert
McDavid, Douglas
Christopher
McKinnon, Daniel Bert
Olmstead, Wayne
Olmstead, Wayne
Truba, Joshua Thomas
Truba, Joshua Thomas
Wright, Jonathan Andrew
Copeland, David A.
Common Shares
Copeland, David A.
4
03/09/2012
10
Danon, Raphael Yitzhak
Subotic, David
Subotic, David
Subotic, David
Subotic, David
Subotic, David
Subotic, David
Atkins, Murray Kyle
Atkins, Murray Kyle
Atkins, Murray Kyle
Atkins, Murray Kyle
Atkins, Murray Kyle
5
5
5
4
4
4
4
4
4
4
4
4
4
4
02/29/2012
03/06/2012
03/06/2012
03/08/2012
03/09/2012
03/13/2012
02/29/2012
03/06/2012
03/06/2012
03/09/2012
07/27/2007
03/09/2012
03/09/2012
07/27/2007
50
50
50
10
10
10
50
50
50
16
00
16
16
00
Atkins, Murray Kyle
4
03/09/2012
Octant Energy Corp.
Octant Energy Corp.
Octant Energy Corp.
Options
Options
Options
Common Shares
Common Shares
Common Shares
Options
Options
Options
Common Shares
Common Shares
Common Shares
Common Shares
2012 Debentures
2012 Debentures
Common Shares
Options
Common Shares
4
4
4
Octant Energy Corp.
Options
Octant Energy Corp.
Octant Energy Corp.
Octant Energy Corp.
Octant Energy Corp.
Olympus Pacific Minerals
Inc.
Inc.
Inc.
Inc.
ONEX CORPORATION
Common Shares
Options
Common Shares
Options
Options
Evaroa, William Mataiapo
Evaroa, William Mataiapo
McLean, James
Christopher
McLean, James
Christopher
Schmitt, Richard
Schmitt, Richard
Wong-Chor, Trevor
Wong-Chor, Trevor
Morda, Nathaniel Jon
Options
0.14
0.14
0.11
0.11
0.11
4,168,600
4,169,100
4,316,600
0.11
1,325,000
79,532
79,532
79,532
7,100
500
147,500
278,364
278,364
278,364
1,200,000
0.11
0.11
157,575
461,364
157,575
336,364
16
$400,000
$400,000
03/09/2012
03/09/2012
03/09/2012
00
00
00
1,500,000
4
03/09/2012
00
4, 5
4, 5
5
5
4
03/09/2012
03/09/2012
03/09/2012
03/09/2012
01/24/2011
00
00
00
00
50
0.72
128,720
4
01/24/2011
50
0.72
128,720
Options
4
03/14/2012
50
2,165,000
315,000
Options
4
03/14/2012
52
1,815,000
-350,000
Schwartz, Gerald Wilfred
3, 4, 6, 7,
5
5
6
3, 4
5
4
4
3, 4
5
03/12/2012
10
36.8
0
-500,000
Open Range Energy Corp.
Opta Minerals Inc.
Oracle Mining Corp.
Oracle Mining Corp.
Oracle Mining Corp.
Oracle Mining Corp.
Oracle Mining Corp.
Oracle Mining Corp.
Subordinate Voting
Shares
Common Shares
Common Shares
Options
Options
Options
Options
Options
Options
03/15/2012
03/09/2012
03/09/2012
03/12/2012
12/29/2011
03/12/2012
03/09/2012
03/12/2012
30
10
38
50
38
50
38
50
1.37
2.1
1.25
22,776
3,265,000
0
190,000
0
150,000
0
185,000
544
1,400
-100,000
40,000
-150,000
150,000
-100,000
37,000
Oroco Resource Corp.
Common Shares
3, 6
03/12/2012
11
0.25
7,500,000
1,000,000
Octant Energy Corp.
March 23, 2012
Verbuck, Robert Roman
Beutel, Austin Cecil
Eagland, Paul Howard
Escribano, Carlos Javier
forsyth, mark
forsyth, mark
Liller, Gregory K.
Mercier, Jason Alexander
James
Inwentash, Sheldon
5,000,000
5,000,000
1.25
1.25
(2012) 35 OSCB 2930
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Osisko Mining Corporation
Warrants
Common Shares
Warrants
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Unités d'actions
différées/Deferred Share
Unit
Unités d'actions
différées/Deferred Share
Unit
Common Shares
Common Shares
Options
Options
Inwentash, Sheldon
Burzynski, John Feliks
Roosen, Sean
Roosen, Sean
Roosen, Sean
Roosen, Sean
Roosen, Sean
Roosen, Sean
Sugar, Gary A.
3, 6
3
3
5
4
4
4
4
4
4
4
03/12/2012
03/12/2012
03/12/2012
03/14/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
4
Pacific Rubiales Energy
Corp.
Corp.
Corp.
Paladin Labs Inc.
Paladin Labs Inc.
Palo Duro Energy Inc.
Paramount Resources Ltd.
Parkland Fuel Corporation
Pason Systems Inc.
Patheon Inc.
Patheon Inc.
Patheon Inc.
Patheon Inc.
Options
Options
Sugar, Gary A.
Wares, Robert
Wares, Robert
Wares, Robert
Rojas Escalante, Luis
Andres
Andres
Andres
Freeman, Michael
Wise, Ted
Butt, Kathleen Kwok Wai
Claugus, Thomas Eugene
Pantelidis, James
Pantelidis, James
Pantelidis, James
Pantelidis, James
Pantelidis, James
Pantelidis, James
Pantelidis, James
Kessler, Marcel
Grant, Stuart
Grant, Stuart
Mancuso, Antonella
Mullen, James Charles
Common Shares
Common Shares
Options
Options
Options
Options
Options
Options
Options
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Options
Options
Restricted Voting Shares
(Common Shares
redesignated-Apr/07)
Patheon Inc.
Restricted Voting Shares Mullen, James Charles
(Common Shares
Patheon Inc.
Restricted Voting Shares Mullen, James Charles
(Common Shares
Pathfinder Convertible
Trust Units
Pathfinder Convertible
Debenture Fund
Debenture Fund
Peer 1 Network Enterprises, Common Shares
ABU JEBARA, JAD
Inc.
ABU JEBARA, JAD
Inc.
ABU JEBARA, JAD
Inc.
ABU JEBARA, JAD
Inc.
Peer 1 Network Enterprises, Options Incentive
ABU JEBARA, JAD
Inc.
Peer 1 Network Enterprises, Options Incentive
ABU JEBARA, JAD
Inc.
Pelangio Exploration Inc.
Common Shares
Options
Common Shares
Shaw, Ian
Options
Shaw, Ian
March 23, 2012
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
11
11
11
10
51
10
10
10
10
51
00
0.25
0.4
11.79
2.2
12.56
12.57
12.58
12.59
2.2
2,000,000
7,500,000
2,000,000
599,600
954,714
883,014
879,214
877,914
876,014
1,563,300
500,000
1,000,000
500,000
20,000
78,700
-71,700
-3,800
-1,300
-1,900
-78,700
03/13/2012
56
12.58
11,000
11,000
4, 5
4, 5
4, 5
5
03/12/2012
03/12/2012
03/12/2012
03/15/2012
51
10
51
90
2.12
12.607
1,359,000
1,309,000
1,088,000
0
50,000
-50,000
-50,000
-910,474
5
06/18/2007
00
5
03/15/2012
90
910,474
910,474
5
4
5
5
5
5
5
5
5
4
4
4
4
4
4
4
4
4
4
4
4
4
5
5
5
7
4, 5
12/15/2011
03/12/2012
04/11/2011
04/11/2011
04/11/2011
04/11/2011
04/11/2011
04/11/2011
09/22/2011
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
01/24/2011
05/02/2011
05/02/2011
01/13/2012
01/24/2011
05/02/2011
09/29/2011
03/14/2012
02/15/2012
03/14/2012
03/14/2012
03/09/2012
30
10
37
37
37
37
37
37
52
10
10
10
10
10
10
90
90
90
30
90
90
10
10
00
56
56
30
32.39
41.352
0.19
0.3
0.35
0.95
1.5
1.75
0.95
33.84
33.84
33.84
33.84
33.84
33.84
5,682
11,805
150,000
100,000
0
20,000
30,000
50,000
30,000
195,300
1,555,300
1,816,600
4,348,000
26,100
364,400
147,136
9
13.65
146,214
176,990
46,762
48,542
50,542
5,000
20
-5,000
-100,000
-50,000
-100,000
20,000
10,000
20,000
-20,000
-900
-7,200
-8,400
-20,000
-100
-1,700
-2,820
-1,780
-1,780
246
2,820
1,780
2,000
2,000
1.85
1.85
1.73
425,000
350,000
999,085
425,000
66,252
15,300
4, 5
03/13/2012
30
1.65
999,885
800
4, 5
03/14/2012
30
1.69
1,001,285
1,400
1
03/08/2012
38
11.65
3,867,514
1,500
5
02/27/2012
10
1.85
40,000
-10,000
5
03/12/2012
10
2
0
-40,000
5
03/13/2012
51
1.25
40,000
40,000
5
03/13/2012
51
1.4
65,000
25,000
5
03/13/2012
51
1.25
875,000
-40,000
5
03/13/2012
51
1.4
850,000
-25,000
4, 5
4, 5
4
4
03/12/2012
03/12/2012
03/09/2012
03/09/2012
51
51
51
51
0.15
5,889,956
1,600,000
785,050
565,000
200,000
-200,000
50,000
-50,000
12.18
0.15
0.15
(2012) 35 OSCB 2931
Insider Reporting
Issuer Name
Security
Insider Name
Pembina Pipeline
Corporation
Pembina Pipeline
Corporation
Pembina Pipeline
Corporation
Pembina Pipeline
Corporation
Penn West Petroleum Ltd.
Peregrine Diamonds Ltd.
Petaquilla Minerals Ltd.
PetroBakken Energy Ltd.
Petrolympic Ltd.
Petrolympic Ltd.
Petrolympic Ltd.
PETROMAGDALENA
ENERGY CORP.
PETROMAGDALENA
ENERGY CORP.
PetroShale Inc.
PetroShale Inc.
PetroShale Inc.
PetroShale Inc.
PetroShale Inc.
PetroShale Inc.
PetroShale Inc.
PetroShale Inc.
PetroShale Inc.
PetroShale Inc.
PetroShale Inc.
PetroShale Inc.
PetroShale Inc.
PetroShale Inc.
PetroShale Inc.
PetroShale Inc.
PetroShale Inc.
PetroShale Inc.
PetroShale Inc.
Peyto Exploration &
Development Corp.
Peyto Exploration &
Development Corp.
Phonetime Inc.
Phonetime Inc.
Phonetime Inc.
PHX Energy Services Corp.
Rights
March 23, 2012
Rel'n
Transaction
Date
T/O
4
03/15/2012
56
Common Shares
4
03/15/2012
30
Rights
4
03/15/2012
Rights
Findlay, Randall J.
4
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Rights DCS
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Luft, Keith
Luft, Keith
Luft, Keith
Luft, Keith
Luft, Keith
Luft, Keith
Luft, Keith
Luft, Keith
Friedland, Eric
Peregoodoff, Thomas
Peregoodoff, Thomas
Peregoodoff, Thomas
Peregoodoff, Thomas
Peregoodoff, Thomas
Peregoodoff, Thomas
Peregoodoff, Thomas
Peregoodoff, Thomas
Peregoodoff, Thomas
Peregoodoff, Thomas
Scheidt, Doreen Marie
Wilson, W. Brett
Wilson, W. Brett
Wilson, W. Brett
Wilson, W. Brett
Wilson, W. Brett
Ekstein, Brocha
Ekstein, Brocha
Ekstein, Brocha
Ortiz, Alvar Nelson
Options
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
9,843
2,828
38,998
190
56
16,100
2,828
03/15/2012
56
16,100
2,828
5
5
5
5
5
5
5
5
3, 4, 5
5
5
5
5
5
5
5
5
5
5
1
1
1
1
1
1
1
5
4
4
4
4
4
3
3
3
4
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
01/30/2012
03/13/2012
03/13/2012
03/14/2012
03/14/2012
03/14/2012
03/15/2012
03/15/2012
03/16/2012
03/16/2012
03/14/2012
03/14/2012
03/14/2012
03/15/2012
03/15/2012
03/16/2012
03/16/2012
03/16/2012
12/13/2011
03/13/2012
03/14/2012
12/13/2011
03/13/2012
03/14/2012
03/15/2012
03/16/2012
03/05/2012
30
30
30
30
30
30
30
30
10
00
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
56
00
10
10
00
10
10
10
10
00
5,836
6,084
Ortiz, Alvar Nelson
4
03/14/2012
50
Common Shares
Warrants
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Chernoff, M. Bruce
Chernoff, M. Bruce
Fair, James Dale
Fair, James Dale
Fair, James Dale
Fair, James Dale
Fair, James Dale
Fair, James Dale
Fair, James Dale
Fair, James Dale
Fair, James Dale
Fair, James Dale
Fair, James Dale
Fair, James Dale
Fair, James Dale
Fair, James Dale
Roorda, Jacob
Roorda, Jacob
Tingle, Bryce Cyril
Braund, Rick
3
3
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4
4
5
4
03/08/2012
03/08/2012
05/21/2003
01/20/2012
01/20/2012
03/06/2012
03/12/2012
05/21/2003
05/21/2003
03/06/2007
01/20/2012
03/12/2012
03/14/2012
03/14/2012
06/30/2003
03/06/2007
03/08/2012
03/08/2012
03/08/2012
03/16/2012
00
00
00
16
37
90
37
00
00
90
16
37
47
47
99
90
00
00
00
10
17.505
0
136,070
230,000
100,000
1,047,626
Common Shares
Davis, Brian
4
03/09/2012
10
16.974
169,040
-21,500
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Clifford, Gary
Clifford, Gary
Clifford, Gary
Hooks, John Michael
Hooks, John Michael
Hooks, John Michael
Hooks, John Michael
Hooks, John Michael
Hooks, John Michael
4
4
4
5
5
5
5
5
5
03/13/2012
03/15/2012
03/16/2012
08/12/2011
12/12/2011
12/12/2011
12/16/2011
03/12/2012
12/12/2011
10
10
10
47
47
47
47
47
47
0.065
0.07
0.075
9.89
11.13
11.13
10.14
11.48
11.13
5,939,597
6,009,597
6,079,597
318,350
348,350
346,350
324,350
316,184
-540,000
70,000
70,000
-2,500
-10,000
-2,000
-22,000
-8,166
-10,000
26.3893
21.2
18.86
20.12
16.76
19.32
18.02
16.09
14.41
0.69
2,058
1,535
15,208,816
3,715
248
100
120
31
25
28
12
50,000
0.7
0.71
0.68
0.69
0.7
0.68
0.67
0.66
0.67
0.51
0.51
0.51
0.5
0.51
0.52
0.52
0.05
7,500
17,500
22,500
27,500
30,000
40,000
41,000
42,500
46,500
644,200
669,200
719,200
744,200
819,200
844,200
894,200
18,787
7,500
10,000
5,000
5,000
2,500
10,000
1,000
1,500
4,000
25,000
25,000
50,000
25,000
75,000
25,000
50,000
15,206
17.16
17.1559
96,300
125,000
96,300
28,700
17.16
0.0105
0.0109
0.01
25,000
13,198,207
13,200,707
13,209,207
25,000
7,500
2,500
8,500
1.84
150,000
150,000
4,955
938
10,000,000
5,000,000
38,989
0.1
48,989
13,899
0.1
507,159
651,159
4,284,159
428,416
418,416
408,416
3,633,000
-35,090
10,000
-35,090
144,000
3,633,000
-3,855,743
-10,000
-10,000
12,352
-144,000
-10,000
(2012) 35 OSCB 2932
Insider Reporting
Issuer Name
Security
Insider Name
Pine Cliff Energy Ltd.
Pitchstone Exploration Ltd.
Platinum Communications
Corporation
Plazacorp Retail Properties
Ltd.
Ltd.
Ltd.
Ltd.
Ltd.
Ltd.
Ltd.
Ltd.
Ltd.
Ltd.
Ltd.
Ltd.
Ltd.
Ltd.
Ltd.
PMI Gold Corporation
PNO Resources Ltd.
Polymet Mining Corp.
Porto Energy Corp.
Porto Energy Corp.
Porto Energy Corp.
Porto Energy Corp.
Poseidon Concepts Corp.
(formerly Open Range
Energy Corp.)
Energy Corp.)
Energy Corp.)
Energy Corp.)
Energy Corp.)
Energy Corp.)
Energy Corp.)
Energy Corp.)
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Hooks, John Michael
Hooks, John Michael
Thompson, Robb Douglas
Brown, Mark Thomas
Brown, Mark Thomas
Brown, Mark Thomas
Brown, Mark Thomas
Brown, Mark Thomas
Brown, Mark Thomas
Cargo, Ronald James
Bonds 7.5% Mortgage
Bonds, Series IV
Common Shares
March 23, 2012
Rel'n
Transaction
Date
T/O
Unit
Price
5
5
5
5
5
5
5
5
5
3, 4
12/12/2011
12/16/2011
03/14/2012
03/08/2012
03/08/2012
03/09/2012
03/09/2012
03/15/2012
03/15/2012
03/16/2012
47
47
10
10
10
10
10
10
10
10
11.13
10.14
0.79
12.5
0.125
12.5
0.125
0.135
0.135
0.06
Sharpe, Kim
5
03/12/2012
36
Sharpe, Kim
5
02/14/2011
35
Common Shares
Sharpe, Kim
5
05/16/2011
Common Shares
Sharpe, Kim
5
Common Shares
Sharpe, Kim
Common Shares
Date/Month End
Holdings
Acquired/
Disposed
66,500
560,500
0
9,450,683
-2,000
-22,000
3,000
1,000
1,000
9,000
9,000
3,000
-3,000
5,000
$0
-$25,000
4.2636
64,372
344
35
4.3064
64,717
345
08/15/2011
35
4.1581
65,092
375
5
11/14/2011
35
4.189
65,469
377
Sharpe, Kim
5
02/14/2011
35
4.2636
41,815
389
Common Shares
Sharpe, Kim
5
05/16/2011
35
4.3064
48,544
479
Common Shares
Sharpe, Kim
5
08/15/2011
35
4.1581
49,143
599
Common Shares
Sharpe, Kim
5
11/14/2011
35
4.189
49,746
603
Common Shares
Sharpe, Kim
5
08/07/2001
00
Common Shares
Sharpe, Kim
5
03/12/2012
36
3.4
7,353
7,353
Common Shares
Sharpe, Kim
5
02/14/2011
35
4.2636
61,194
211
Common Shares
Sharpe, Kim
5
05/16/2011
35
4.3064
61,405
211
Common Shares
Sharpe, Kim
5
08/15/2011
35
4.1581
61,635
230
Common Shares
Sharpe, Kim
5
11/14/2011
35
4.189
61,866
231
Common Shares
Options
Options
Options
Options
Options
Options
Options
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Macquarie Group Limited
Keep, Gordon
Hodnik, Alan
Newby, Douglas John
Rowland, Stephen Allen
Rowland, Stephen Allen
Sill, Michael Mitchell
Sims, Frank Lester
ROMANZIN, GERALD A.
ROMANZIN, GERALD A.
ROMANZIN, GERALD A.
ROMANZIN, GERALD A.
Belcher, David Gerard
3
4, 5
4
5
4
4
4
4
4
4
4
4
5
03/13/2012
03/15/2012
03/08/2012
03/08/2012
10/30/2008
03/08/2012
03/08/2012
03/08/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
03/15/2012
10
52
50
50
00
50
50
50
10
10
10
10
30
1.25
28,505,621
225,000
450,000
800,000
2,400,000
-50,000
200,000
200,000
1.19
1.19
1.19
1.95
0.195
1.95
0.195
15.7
250,000
450,000
1,050,000
2,000
229
250,000
200,000
200,000
52,200
52,200
2,000
2,000
40
Common Shares
Belcher, David Gerard
5
03/15/2012
30
15.7
684
119
Common Shares
Dawson, A. Scott
4, 5
03/15/2012
30
15.7
194,029
95
Common Shares
Jensen, Dean R.
4
03/15/2012
30
15.7
48,405
79
Common Shares
MacKenzie, Matthew Cory
5
03/15/2012
30
15.7
503
159
Common Shares
Michaluk, Lyle Dennis
4, 5
03/15/2012
30
15.7
80,007
93
Common Shares
Michaluk, Lyle Dennis
4, 5
03/15/2012
30
15.7
36,511
119
Common Shares
Verbuck, Robert Roman
5
03/15/2012
30
15.7
41,797
47
1.19
1.19
11,125
57,500
102,200
(2012) 35 OSCB 2933
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Energy Corp.)
Energy Corp.)
Posera-HDX Limited
Powertech Uranium Corp.
Common Shares
Wanchulak, Bradley
William
5
03/15/2012
30
15.7
3,397
159
Common Shares
Wiebe, Clifford Leroy
4, 5
03/15/2012
30
15.7
1,222
212
Common Shares
Common Shares
Shulman, Allen
The K2 Principal Fund L.P.
5
3
03/12/2012
03/14/2012
10
10
0.3
0.17
1,670,758
19,125,500
-15,000
20,000
Downie, Ewan Stewart
4
03/14/2012
10
4.74
2,720,101
2,000
4.734
2,738,101
18,000
Premier Gold Mines Limited Common Shares
Premier Gold Mines Limited Common Shares
Downie, Ewan Stewart
4
03/14/2012
10
Premier Gold Mines Limited Options
Drost, Abraham Peter
7
11/22/2011
00
4
09/24/2010
10
-25,000
4
09/24/2010
52
-25,000
4
09/24/2010
51
Premium Brands Holdings
Corporation
Corporation
Corporation
Corporation
Pretium Resources Inc.
Common Shares
Pender West Investors Inc.
3
03/30/2011
11
Common Shares
3
03/30/2011
Common Shares
3
Common Shares
Zaplatynsky, John
Common Shares
Common Shares
Warrants
Options
Silver Standard Resources
Inc.
Smith, John
Smith, John
Forbes, Louis
Trust Units
Primaris Retail Real Estate
Investment Trust
Investment Trust
Investment Trust
Investment Trust
Investment Trust
Primary Petroleum
Corporation
Primary Petroleum
Corporation
Primary Petroleum
Corporation
Primeline Energy Holdings
Inc.
Primeline Energy Holdings
Inc.
Prism Medical Ltd.
Prism Medical Ltd.
Prism Medical Ltd.
Prism Medical Ltd.
Prism Medical Ltd.
Prism Medical Ltd.
Prism Medical Ltd.
Prism Medical Ltd.
Prism Medical Ltd.
Prism Medical Ltd.
Prism Medical Ltd.
Prism Medical Ltd.
Prism Medical Ltd.
Prism Medical Ltd.
Prism Medical Ltd.
Prism Medical Ltd.
Prism Medical Ltd.
Prism Medical Ltd.
Prism Medical Ltd.
Prism Medical Ltd.
Pro Minerals Inc.
Pro Minerals Inc.
Pro Minerals Inc.
Progressive Waste Solutions
Ltd.(formerly IESI-BFC Ltd.)
March 23, 2012
200,000
210,000
-25,000
17.11
0
-183,600
11
17.11
1,560,300
183,600
09/28/2011
11
15.37
1,643,423
-11,877
4
09/28/2011
11
15.37
275,407
11,877
3
03/08/2012
16
12.5
24,503,783
-49,050
4, 6
4, 6
5
03/07/2012
03/07/2012
03/14/2012
54
54
51
12.5
12.5
47,500
0
236,378
7,500
-7,500
-13,000
Forbes, Louis
5
03/14/2012
51
10.7
32,896
13,000
Trust Units
Forbes, Louis
5
03/14/2012
10
22.39
31,496
-1,400
Trust Units
Forbes, Louis
5
03/14/2012
10
22.38
31,396
-100
Trust Units
Forbes, Louis
5
03/14/2012
10
22.35
22,896
-8,500
Options
BLAIR, KENNETH ALAN
4
03/14/2012
50
0.48
1,150,000
300,000
Options
Marrandino, Michele
4, 5
03/14/2012
50
0.48
3,875,000
1,500,000
Options
Spilchen, Brian James
5
03/14/2012
50
0.48
700,000
300,000
Options
Cao, Yunshi
4
11/30/2011
52
200,000
-175,000
Options
Kelty, Peter Condon
4
11/30/2011
52
200,000
-50,000
Common Shares
Options
Warrants
Options
Common Shares
Common Shares
Common Shares
Common Shares
Options
Warrants
Common Shares
Options
Warrants
Common Shares
Options
Warrants
Options
Options
Options
Common Shares
Albert, Kelly
Albert, Kelly
Albert, Kelly
Albert, Kelly
Begert, Brian
Chiarucci, George
Chiarucci, George
Chiarucci, George
Makiaris, James
Makiaris, James
Makiaris, James
Makiaris, James
PAPASTAMOS, ROSE
PAPASTAMOS, ROSE
PAPASTAMOS, ROSE
PAPASTAMOS, ROSE
Walker, Alastair James
O'Brien, Patrick
O'Brien, Patrick
O'Brien, Patrick
Brown, Thomas Lee
5
5
5
5
8
5
5
5
5
5
5
5
5
5
5
5
7
7
7
7
6
6
6
7
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/28/2011
03/09/2012
03/09/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
02/08/2010
02/22/2008
06/18/2008
03/15/2012
00
00
00
00
50
00
90
90
00
00
00
00
00
00
00
00
00
00
00
00
50
00
50
10
20,000
6
47,000
27,000
4.77
4.77
3,114
12,886
3,114
-3,114
35,000
25,000
20,000
0.1
1,076,200
1,076,200
0.1
21.2
473,800
473,800
16,202
(2012) 35 OSCB 2934
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
75,465
16,202
Progressive Waste Solutions Common Shares
Brown, Thomas Lee
7
03/15/2012
10
21.2
Cowee, Thomas James
7
03/15/2012
10
21.2
Cowee, Thomas James
7
03/15/2012
10
21.2
Hulligan, William
5
03/15/2012
10
21.2
Hulligan, William
5
03/15/2012
10
21.2
113,329
16,202
Pio, Domenic Dan
7
03/15/2012
10
21
22,883
16,353
Quarin, Joseph
5
03/15/2012
10
21
110,405
21,464
ProSep Inc.
ProSep Inc.
ProSep Inc.
ProSep Inc.
Blizzard, Gary
Browne, Michael
Campbell, Douglas Alan
Caron, Gérard
5
5
5
4
03/12/2012
03/12/2012
03/12/2012
03/12/2012
56
56
56
56
0.095
0.095
0.095
0.095
800,000
800,000
900,000
300,000
500,000
500,000
500,000
150,000
Coppinger, Paul Mac
4
03/12/2012
56
0.095
300,000
150,000
Drouin, Jacques
4, 5
03/12/2012
56
0.095
3,750,000
2,000,000
Fontaine, Claude
4
03/12/2012
56
0.095
350,000
150,000
Fourt, Jean-François
Fernand Louis Michel
4
12/21/2011
00
Fourt, Jean-François
Fernand Louis Michel
4
03/12/2012
56
0.095
50,000
50,000
Jhonsa, Parag
Laidley, David Howard
5
4
03/12/2012
03/12/2012
56
56
0.095
0.095
1,175,000
300,000
500,000
150,000
Lint, Richard Elliott
4
03/12/2012
56
0.095
300,000
150,000
Rummer, Matthew Travis
Rustin, Anthony
5
4
03/12/2012
03/12/2012
56
56
0.095
0.095
1,300,000
600,000
500,000
300,000
Samson, Claude
Ste-Marie, Danielle
Wee, Gustav
Wee, Gustav
Wilson, Joseph
5
5
4
4
4
03/12/2012
03/12/2012
01/02/2012
03/12/2012
03/12/2012
56
56
00
56
56
0.095
0.095
800,000
720,000
500,000
500,000
0.095
0.095
500,000
350,000
500,000
150,000
5
5
5
5
5
5
7, 5
7, 5
4
4
4, 5
3, 4, 5
5
5
5
5
4
03/08/2012
03/12/2012
03/14/2012
03/14/2012
03/16/2012
03/16/2012
03/16/2012
03/16/2012
03/16/2012
03/16/2012
03/14/2012
03/14/2012
03/05/2012
03/05/2012
03/05/2012
03/05/2012
03/08/2012
10
10
10
10
10
10
10
10
51
51
11
11
22
22
22
22
10
0.285
0.302
0.305
0.3
0.3
0.3
8.32
8.33
3.15
3.15
0.05
0.1
676,000
1,202,000
1,205,000
1,207,500
1,212,500
1,217,500
35,397
1,254
83,000
20,334
1,554,000
5,764,085
0
53,900
0
0
9,669,310
4,000
4,000
3,000
2,500
5,000
5,000
357
600
3,000
-3,000
1,500,000
-1,500,000
-10,000
-150,000
-53,900
-9,346
10,000
4
03/13/2012
10
2.8777
22,000
-20,000
ProSep Inc.
ProSep Inc.
ProSep Inc.
ProSep Inc.
ProSep Inc.
ProSep Inc.
ProSep Inc.
ProSep Inc.
ProSep Inc.
ProSep Inc.
ProSep Inc.
ProSep Inc.
ProSep Inc.
ProSep Inc.
ProSep Inc.
Puma Exploration Inc.
Pure Energy Services Ltd.
QSOLAR Limited
QSOLAR Limited
Quadra FNX Mining Ltd.
Quantitative Alpha Trading
Inc. (formerly RTN Stealth
Software Inc)
Quest Rare Minerals Ltd.
March 23, 2012
Rights Restricted Shares
Unit/Unité d'action
différée
différée
différée
différée
différée
différée
différée
différée
différée
différée
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Common Shares
Common Shares
Common Shares
Options
Options
Common Shares
Robillard, Marcel
Robillard, Marcel
Robillard, Marcel
Robillard, Marcel
Robillard, Marcel
Robillard, Marcel
Buchanan, Ian Hamilton
Buchanan, Ian Hamilton
Smith, James Cameron
Smith, James Cameron
Maddin, Preston J.
Tapakoudes, Andreas
MacDonald, Robert John
Schaeffer, Richard Michael
Common Shares
Pesner, Michael
15
18,229
79,608
18,229
16,202
(2012) 35 OSCB 2935
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Quest Rare Minerals Ltd.
Rainy River Resources Ltd.
Rare Element Resources
Ltd.
Rare Element Resources
Ltd.
Ravencrest Resources Inc.
Ravensource Fund
(formerly The First Asia
Income Fund)
RDM Corporation
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Pesner, Michael
Averill, Stuart Allan
Pickarts, Jaye
4
4
4
4
5
03/13/2012
07/22/2005
03/14/2012
03/14/2012
03/14/2012
10
00
10
10
10
2.9059
41,200
20,000
5.99
5.89
6.146
5,000
10,000
3,253
5,000
5,000
1,100
Common Shares
Pickarts, Jaye
5
03/08/2011
00
Common Shares
Trust Units
Drescher, Anton J.
Reid, Scott
5
3
03/14/2012
03/14/2012
16
10
0.1
10.75
2,750,000
161,335
500,000
2,500
Options
4
03/12/2012
50
1.05
147,500
10,000
4
5
4
03/12/2012
03/14/2012
04/29/2011
50
52
00
1.05
1.35
80,000
0
10,000
-20,000
4
04/29/2011
00
4
03/12/2012
50
1.05
10,000
4
03/12/2012
50
1.05
10,000
4
03/12/2012
50
1.05
10,000
4
04/29/2011
00
4
03/12/2012
50
1.05
10,000
10,000
4
4
4
1
03/12/2012
03/12/2012
03/12/2012
03/06/2012
50
50
50
38
1.05
1.05
1.05
11.28
92,500
122,500
120,000
704,900
10,000
12,500
10,000
1,600
1
03/07/2012
38
11.33
706,400
1,500
1
03/08/2012
38
11.44
708,200
1,800
1
03/09/2012
38
11.36
710,900
2,700
1
03/12/2012
38
11.32
713,600
2,700
Options
Options
Options
DiGiacomo, Thomas
Anthony
Kivenko, Ken
Mamalakis, John
Matheson, Joseph Lee
Grant
Grant
Grant
Grant
Grant
Grant
Grant
Nally, Robert
Noelting, Jean
Williams, Peter Haig
REIT Indexplus Income
Fund
Fund
Fund
Fund
Fund
Chicoyne, Denyse
Chicoyne, Denyse
Gitlin, Jonathan
4
4
5
03/26/2009
03/26/2009
03/13/2012
50
50
51
21.16
4,000
247,500
1,000
1,000
-25,000
Options
Gitlin, Jonathan
5
03/13/2012
51
22.23
232,500
-15,000
Options
Gitlin, Jonathan
5
03/13/2012
51
19.06
224,500
-8,000
Trust Units
Gitlin, Jonathan
5
03/08/2012
10
27.55
-10,700
-10,700
Trust Units
Gitlin, Jonathan
5
03/08/2012
10
27.45
-40,000
-29,300
Trust Units
Gitlin, Jonathan
5
03/13/2012
51
21.16
-15,000
25,000
Trust Units
Gitlin, Jonathan
5
03/13/2012
51
22.23
0
15,000
Trust Units
Gitlin, Jonathan
5
03/13/2012
51
19.06
11,150
8,000
Trust Units
Ross, Jeffrey
5
03/09/2012
10
27.45
22,838
-18,212
Trust Units
Ross, Jeffrey
5
03/09/2012
10
27.45
41,050
18,212
Trust Units
Sallows, Sharon
4
03/07/2012
30
26.52
2,234
9
Trust Units
Sallows, Sharon
4
02/15/2012
51
12.6
41,788
11,089
Trust Units
Sallows, Sharon
4
03/07/2012
30
26.52
41,969
181
Trust Units
Sallows, Sharon
4
03/07/2012
30
26.52
20,925
90
Trust Units
Sallows, Sharon
4
02/15/2012
51
12.6
Trust Units
Sallows, Sharon
4
02/15/2012
51
12.6
22,503
8,911
Trust Units
Sallows, Sharon
4
03/07/2012
30
26.52
22,590
87
RDM Corporation
RDM Corporation
RDM Corporation
Options
Options
Common Shares
RDM Corporation
Options
RDM Corporation
Options
RDM Corporation
Options
RDM Corporation
Options
RDM Corporation
Options
RDM Corporation
Options
RDM Corporation
RDM Corporation
RDM Corporation
REIT INDEXPLUS Income
Fund
Fund
Fund
Fund
Fund
Richelieu Hardware Ltd.
Richelieu Hardware Ltd.
RIOCAN REAL ESTATE
INVESTMENT TRUST
RIOCAN REAL ESTATE
INVESTMENT TRUST
RIOCAN REAL ESTATE
INVESTMENT TRUST
RIOCAN REAL ESTATE
INVESTMENT TRUST
RIOCAN REAL ESTATE
INVESTMENT TRUST
RIOCAN REAL ESTATE
INVESTMENT TRUST
RIOCAN REAL ESTATE
INVESTMENT TRUST
RIOCAN REAL ESTATE
INVESTMENT TRUST
RIOCAN REAL ESTATE
INVESTMENT TRUST
RIOCAN REAL ESTATE
INVESTMENT TRUST
RIOCAN REAL ESTATE
INVESTMENT TRUST
RIOCAN REAL ESTATE
INVESTMENT TRUST
RIOCAN REAL ESTATE
INVESTMENT TRUST
RIOCAN REAL ESTATE
INVESTMENT TRUST
RIOCAN REAL ESTATE
INVESTMENT TRUST
RIOCAN REAL ESTATE
INVESTMENT TRUST
RIOCAN REAL ESTATE
INVESTMENT TRUST
Options
Options
Options
Trust Units
March 23, 2012
Trust Units
Trust Units
Trust Units
Trust Units
3,000
20,000
(2012) 35 OSCB 2936
Insider Reporting
Issuer Name
Security
Insider Name
Ritchie Bros. Auctioneers
Incorporated
Incorporated
Incorporated
Incorporated
Incorporated
Incorporated
Incorporated
Incorporated
Incorporated
Incorporated
Incorporated
Incorporated
Incorporated
Incorporated
Incorporated
Incorporated
Incorporated
Incorporated
Incorporated
Incorporated
Incorporated
Incorporated
Incorporated
Incorporated
RJK Explorations Ltd.
RJK Explorations Ltd.
Rock Energy Inc.
Rock Energy Inc.
Rockcliff Resources Inc.
Common Shares
Common Shares
Rockex Mining Corporation
(formerly Enviropave
International Ltd.)
International Ltd.)
International Ltd.)
International Ltd.)
Rockhaven Resources Ltd.
Rockhaven Resources Ltd.
Rockland Minerals Corp.
Rogers Communications Inc.
March 23, 2012
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Armstrong, Robert Spencer
5
03/12/2012
10
23.5716
69,610
4,416
5
03/12/2012
10
23.5716
17,186
5,650
Common Shares
Black, Jeremy Michael
Thomas
Blake, Peter James
4
03/12/2012
10
23.5716
147,052
4,416
Common Shares
Briscoe, Beverley Anne
4
03/12/2012
10
23.5716
15,288
1,334
Common Shares
Cooksley, William Allen
5
03/12/2012
10
23.5716
17,919
3,533
Common Shares
Hinkelman, Curt
5
03/12/2012
10
23.5716
52,587
4,416
Common Shares
Low, Kenton
5
03/03/2011
00
Common Shares
Low, Kenton
5
03/12/2012
10
23.5716
3,533
3,533
Common Shares
Mackay, Robert King
5
03/12/2012
10
23.5716
225,012
4,416
Common Shares
Mcleod, Robert Alastair
5
03/12/2012
10
23.5716
13,173
3,533
Common Shares
Micali, James M.
4
03/12/2012
10
23.5716
Common Shares
Micali, James M.
4
03/12/2012
10
23.5716
Common Shares
Muller, Andrew
5
08/12/2011
00
Common Shares
Muller, Andrew
5
03/12/2012
10
23.5716
3,633
3,533
Common Shares
Murdoch, Robert W
4
03/12/2012
10
23.5716
18,856
1,906
Common Shares
Nicholson, David Dean
5
03/12/2012
10
23.5716
60,039
4,416
Common Shares
Patel, Eric
4
03/12/2012
10
23.5716
19,445
1,334
Common Shares
Pitoniak, Edward Baltazar
4
03/12/2012
10
23.5716
7,121
1,334
Common Shares
Pospiech, Victor
5
03/12/2012
10
23.5716
48,700
4,416
Common Shares
Simpson, Steve
5
03/12/2012
10
23.5716
36,624
5,292
Common Shares
Tink, Kevin
5
03/12/2012
10
23.5716
47,571
4,416
Common Shares
Turgeon, Guylain
5
03/12/2012
10
23.5716
127,493
4,416
Common Shares
Werner, Karl William
5
03/12/2012
10
23.5716
28,699
3,533
Common Shares
Zimmerman, Christopher
4
03/12/2012
10
23.5716
6,856
1,334
Common Shares
Common Shares
Common Shares
Options
Common Shares
3, 6
3
5
5
3
03/09/2012
03/09/2012
03/15/2012
03/16/2012
03/13/2012
10
10
51
51
10
0.206
0.206
0.99
0.99
0.1
7,000,000
7,000,000
379,667
312,666
600,000
-500,000
-500,000
66,667
-66,667
-150,000
Common Shares
Inwentash, Sheldon
Van de Pol, John
Van de Pol, John
Borovec, Michael
5
05/24/2011
00
Common Shares
Borovec, Michael
5
12/30/2011
16
0.5
50,000
50,000
Common Shares
Borovec, Michael
5
03/08/2012
10
0.36
83,000
33,000
Common Shares
Borovec, Michael
5
03/09/2012
10
0.34
431,000
348,000
6
6
3
01/29/2008
03/15/2012
03/13/2012
00
10
10
0.15
96,000
430,000
96,000
-20,000
5
03/12/2012
10
38.5
74,624
-3,200
5
03/13/2012
10
38.5
67,824
-6,800
5
03/13/2012
10
38.96
58,924
-8,900
5
03/13/2012
10
38.99
58,324
-600
Common Shares
Common Shares
Common Shares
Eaton, William Douglas
Eaton, William Douglas
Non-Voting Shares Class Linton, William
B
B
B
B
2,241
7,332
2,241
100
(2012) 35 OSCB 2937
Insider Reporting
Issuer Name
Security
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Linton, William
5
03/13/2012
10
38.95
57,824
-500
Linton, William
5
03/13/2012
10
39.16
50,024
-7,800
Linton, William
5
03/13/2012
10
39.13
50,002
-22
Linton, William
5
03/13/2012
38
216,400
-54,600
Rogers Communications Inc. Stock Appreciation Rights Linton, William
5
03/13/2012
59
9.7057
216,400
-54,600
Rogers, Edward
4, 6, 7, 5
05/16/2003
00
Rogers, Edward
4, 6, 7, 5
03/13/2012
11
38.48
400,000
400,000
Rogers, Edward
4, 6, 7, 5
03/09/2012
10
38.0739
650,000
100,000
Rogers, Edward
4, 6, 7, 5
03/12/2012
10
38.3784
800,000
150,000
Rogers, Edward
4, 6, 7, 5
03/13/2012
10
39.1839
900,000
100,000
Rogers, Edward
4, 6, 7, 5
03/13/2012
11
38.48
500,000
-400,000
Rogers, Edward
4, 6, 7, 5
03/14/2012
10
38.844
598,000
98,000
4, 5
5
03/08/2012
12/31/2011
10
30
9.2609
493,848
3,754
-480,000
398
Friis, Morten Nicolai
5
12/31/2011
30
4,696
546
Fukakusa, Janice Rose
5
12/31/2011
30
12,918
2,076
Fukakusa, Janice Rose
Hirji-Nowaczynski, Zabeen
Hirji-Nowaczynski, Zabeen
5
5
5
03/10/2012
12/31/2011
12/31/2011
59
30
30
0
6,345
8,392
-8,556
247
1,081
Lewis, Melville George
5
12/31/2011
30
8,239
1,047
McGregor, Alex Douglas
5
12/31/2011
30
2,539
357
McKay, David Ian
5
12/31/2011
30
13,930
1,632
Nixon, Gordon Melbourne
4, 5
12/31/2011
30
34,438
2,185
Standish, Mark Allan
Westlake, William James
5
5
12/31/2011
12/31/2011
30
30
61
43,186
2
3,385
4
3, 4, 5
4
03/09/2012
03/09/2012
03/14/2012
55
55
10
12,500
0
200,000
-500,000
-50,000
13,786
Britton, Marion Eleanor
5
03/10/2012
4,412
-74,262
Britton, Marion Eleanor
5
03/10/2012
15,689
11,277
Hedges, Brian Robie
5
03/10/2012
8,825
-153,239
Rogers Communications Inc. Non-Voting Shares Class
B
B
B
Rogers Communications Inc. Options
B
B
B
B
B
B
B
RONA inc.
Common Shares
Royal Bank of Canada
Common Shares - Share
Purchase Plans
(RESSOP, DSSP, DSPP
etc.)
Purchase Plans
(RESSOP, DSSP, DSPP
etc.)
Purchase Plans
(RESSOP, DSSP, DSPP
etc.)
Rights RBC Share Units
Common Shares
Purchase Plans
(RESSOP, DSSP, DSPP
etc.)
Purchase Plans
(RESSOP, DSSP, DSPP
etc.)
Purchase Plans
(RESSOP, DSSP, DSPP
etc.)
Purchase Plans
(RESSOP, DSSP, DSPP
etc.)
Purchase Plans
(RESSOP, DSSP, DSPP
etc.)
Rights - RBC 401K
Purchase Plans
(RESSOP, DSSP, DSPP
etc.)
RT Minerals Corp.
Warrants
RT Minerals Corp.
Warrants
Rubicon Minerals
Common Shares
Corporation
Russel Metals Inc.
Units (cash settled)
Russel Metals Inc.
Russel Metals Inc.
March 23, 2012
Insider Name
Dutton, Robert
Anderson, Robert James
Antoniazzi, Paul Francis
CLARK, DONALD M.
Thomas, Bruce, Alexander
56.5
0.1
3.42
58 - Expiration
of rights
56
58 - Expiration
of rights
(2012) 35 OSCB 2938
Insider Reporting
Issuer Name
Security
Insider Name
Russel Metals Inc.
Hedges, Brian Robie
Sahara Energy Ltd.
Sahara Energy Ltd.
Sahara Energy Ltd.
Sahara Energy Ltd.
Sahara Energy Ltd.
Salazar Resources Limited
Common Shares
Common Shares
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options 2006 Stock
Option Plan
Options 2006 Stock
Option Plan
Options 2006 Stock
Option Plan
Options 2006 Stock
Option Plan
Common Shares
Options
Options
Options
Options
Options
Options
Salida Wealth Preservation
(Listed) Fund
Salida Wealth Preservation
(Listed) Fund
SANDSTORM METALS &
ENERGY LTD.
Sandvine Corporation
Savanna Energy Services
Corp.
Search Minerals Inc.
Second Wave Petroleum
Inc.
Inc.
Inc.
Inc.
Inc.
Secure Energy Services Inc.
Common Shares
Options
Common Shares
Options
Common Shares
Common Shares
Options
Options
Trust Units
Kwek, Kingston Eik Huih
wine, douglas frank
wine, douglas frank
Acosta, Pablo Geovani
Morales
Acosta, Pablo Geovani
Morales
DeMare, Nick
DeMare, Nick
Robinson, Graeme Dennis
Robinson, Graeme Dennis
Salazar, Fredy Enrique
Trenholm, Brian
Trust Units
Russel Metals Inc.
Russel Metals Inc.
Russel Metals Inc.
Russel Metals Inc.
Russell Breweries Inc.
Rutter Inc.
Rutter Inc.
Rutter Inc.
Rutter Inc.
Rutter Inc.
RX Gold & Silver Inc.
Date/Month End
Holdings
Acquired/
Disposed
51,051
42,226
16.58
19.84
16.58
19.84
0.1
0.1
0.1
0.1
0.1
0.1
16,499
18,499
50,100
48,100
70,000
370,000
1,070,000
70,000
255,000
955,000
1,400
2,000
-1,400
-2,000
-240,000
300,000
700,000
-240,000
185,000
700,000
0.1
0.1
0.1
0.065
0.065
0.65
0.065
0.65
0.32
500,000
250,000
720,000
10,969,258
11,039,258
11,059,258
11,168,258
11,593,258
1,394,334
10,001
400,000
400,000
500,000
150,000
700,000
90,000
70,000
20,000
109,000
425,000
100,000
10,001
50
0.55
500,000
100,000
03/13/2012
10
0.345
550,000
50,000
5
03/15/2012
10
0.3
600,000
50,000
4
4
4
4
4
4, 5
03/16/2012
02/10/2012
03/13/2012
02/06/2012
03/13/2012
03/12/2012
11
00
50
00
50
52
0.07
12,000,000
7,000,000
0.15
700,000
700,000
0.15
700,000
700,000
-150,000
4, 5
03/12/2012
52
440,000
-145,000
4, 5
4, 5
4
4
4, 5
4, 5
4, 5
4, 5
7
03/11/2012
03/11/2012
03/11/2012
03/11/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/15/2012
51
51
51
51
51
51
51
51
10
0.36
0.36
0.36
0.36
0.36
0.36
308,200
330,000
216,041
230,000
14,605,000
7.6
475,000
16,700
120,000
-120,000
90,000
-90,000
150,000
145,000
-150,000
-145,000
300
Trenholm, Brian
7
03/16/2012
10
7.46
17,700
1,000
Common Shares
Libra Advisors, LLC
3
03/12/2012
10
0.47
40,886,615
-51,000
Common Shares
Common Shares
Common Shares
Common Shares
Siim, Brad
Siim, Brad
Siim, Brad
Carriere, Eugene
5
5
5
7
03/13/2012
03/14/2012
03/15/2012
03/13/2012
10
10
10
10
1.76
1.82
1.85
8.05
3,085,000
3,082,500
3,080,100
14,500
-2,900
-2,500
-2,400
8,100
Common Shares
Common Shares
Patterson, James Matthew
Bergmann, Randy
4
5
03/12/2012
03/15/2012
10
30
0.26
3.5
130,000
3,696
3,000
236
Common Shares
Denecky, Randy
5
03/15/2012
30
3.5
238,029
236
Common Shares
Hibbs, Douglas
5
03/15/2012
30
3.5
75,196
236
Common Shares
Neumann, Devery L.
5
03/15/2012
30
3.5
31,996
236
Common Shares
Witwer, Colin Boyd
4, 5
03/15/2012
30
3.5
378,751
268
3, 4, 5
03/16/2012
30
8.2
10,357
515
Gransch, Allen Peter
5
03/14/2012
51
1.5
43,100
30,000
5
03/16/2012
30
8.2
5,715
219
Common Shares
Employee Share
Ownership Plan
Secure Energy Services Inc. Common Shares
Employee Share
Ownership Plan
March 23, 2012
Rel'n
Transaction
Date
T/O
5
03/10/2012
56
5
5
5
5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
5
5
4
4
3, 4
3, 4
3, 4
3, 4
3, 4
4, 5
4
5
5
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
11/09/2010
03/09/2012
03/09/2012
03/09/2012
03/09/2012
03/13/2012
03/14/2012
03/15/2012
03/16/2012
03/14/2012
02/27/2012
08/01/2011
08/01/2011
10
10
51
51
52
50
50
52
50
50
00
50
50
50
10
10
10
10
10
10
35
00
00
Varga, Warren
5
09/08/2011
Varga, Warren
5
Varga, Warren
Peckham, Edward John
Harris, Andrew
Harris, Andrew
Harris, Andrew
Harris, Brian
Harris, Brian
Harris, Brian
Liu, Gary Guonan
Liu, Gary Guonan
Robertson, Paul Harold
Shier, Richard James
Clarke, Donald
Clarke, Donald
Clarke, Donald
Clarke, Donald
Clarke, Donald
Blasutti, Darren John
O'Donnell, John Frederick
Varga, Warren
Varga, Warren
Amirault, Rene
Unit
Price
(2012) 35 OSCB 2939
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Secure Energy Services Inc. Options
5
03/14/2012
51
1.5
-30,000
5
03/14/2012
54
1.5
-30,000
Secure Energy Services Inc. Warrants Performance
Warrants
5
03/14/2012
54
1.5
0
-30,000
Myrheim, Karen Margaret
5
03/15/2012
51
1
610,000
60,000
Employee Share
Ownership Plan
5
03/16/2012
30
8.2
6,022
289
5
03/15/2012
51
1
302,875
-60,000
5
03/15/2012
54
1.5
0
-84,999
5
03/15/2012
54
1.5
84,999
84,999
Parkinson, Dean
7
03/16/2012
30
8.2
530
102
Perras, Gary Gaetan
5
03/16/2012
30
8.2
6,225
289
Steinke, Daniel
5
03/16/2012
30
8.2
6,020
330
03/16/2012
30
8.2
1,796
338
380,000
-70,000
Warrants
Warrants
Employee Share
Ownership Plan
Employee Share
Ownership Plan
Employee Share
Ownership Plan
Employee Share
Ownership Plan
WADSWORTH, GEORGE
7
Wieler, Ronald Nicholas
5
03/14/2012
10
1
5
03/14/2012
51
1
5
03/14/2012
51
1
5
03/14/2012
51
1.5
5
03/14/2012
51
1
480,000
40,000
5
03/14/2012
54
1.5
564,999
84,999
5
03/14/2012
51
1.5
604,999
40,000
Employee Share
Ownership Plan
5
03/16/2012
30
8.2
7,693
327
5
03/14/2012
51
1
5
03/14/2012
51
1
5
03/14/2012
51
1.5
5
03/14/2012
51
1
5
03/14/2012
54
1.5
5
03/14/2012
51
1.5
222,875
-40,000
Warrants
Serica Energy PLC
Common Shares
Serica Energy PLC
Common Shares
5
03/14/2012
54
1.5
0
-84,999
5
4, 5
03/13/2012
03/13/2012
10
10
0.29
0.29
51,253
37,780
1,293
1,293
Serica Energy PLC
ShawCor Ltd.
ShawCor Ltd.
ShawCor Ltd.
ShawCor Ltd.
ShawCor Ltd.
ShawCor Ltd.
Sadler, Peter
Dunn, Ronald Joseph
Dunn, Ronald Joseph
Dunn, Ronald Joseph
Dunn, Ronald Joseph
Dunn, Ronald Joseph
Dunn, Ronald Joseph
5
5
5
5
5
5
5
03/13/2012
03/10/2012
03/08/2012
03/08/2012
03/15/2012
03/15/2012
03/08/2012
10
56
51
51
51
50
10
0.29
31.68
16.68
16.68
32.81
32.81
16.68
40,636
2,306
101,810
27,313
1,293
1,061
12,000
-12,000
5,400
5,400
12,000
ewert, darrell
Haberer, Sean Allan
Love, Gary Scott
Pierroz, Paul Anthony
Pierroz, Paul Anthony
Reynolds, Ernest William
5
8
5
5
5
5
5
5
5
03/10/2012
03/10/2012
03/15/2012
03/10/2012
03/03/2012
03/15/2011
03/15/2012
03/15/2011
03/15/2012
56
56
56
56
50
56
56
50
51
31.676
2,440
1,034
19,441
10,979
66,500
1,157
1,764
60,495
59,295
1,011
682
1,895
1,260
6,500
506
607
2,295
-1,200
ShawCor Ltd.
ShawCor Ltd.
ShawCor Ltd.
ShawCor Ltd.
ShawCor Ltd.
ShawCor Ltd.
ShawCor Ltd.
ShawCor Ltd.
ShawCor Ltd.
March 23, 2012
Common Shares
Employee Share Unit
Options Class A
Options Class A
Options Class A
Options Class A
Subordinate Voting
Shares Class A
Employee Share Unit
Employee Share Unit
Employee Share Unit
Employee Share Unit
Options Class A
Employee Share Unit
Employee Share Unit
Options Class A
Options Class A
Flegg, Mitchell Robert
Hearne, Christopher James
31.68
31.68
32.81
37.32
13.25
30,000
440,000
60,000
40,000
-30,000
302,875
-60,000
-40,000
262,875
-40,000
-84,999
96,410
(2012) 35 OSCB 2940
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
ShawCor Ltd.
ShawCor Ltd.
ShawCor Ltd.
ShawCor Ltd.
Sherritt International
Corporation
Sherritt International
Corporation
Shield Gold Inc.
Shield Gold Inc.
Shield Gold Inc.
SIERRA MADRE
DEVELOPMENTS INC.
SIERRA MADRE
DEVELOPMENTS INC.
SIERRA MADRE
DEVELOPMENTS INC.
SIERRA MADRE
DEVELOPMENTS INC.
SIERRA MADRE
DEVELOPMENTS INC.
SIERRA MADRE
DEVELOPMENTS INC.
SIERRA MADRE
DEVELOPMENTS INC.
SIERRA MADRE
DEVELOPMENTS INC.
Silver Predator Corp.
Silver Shield Resources
Corp.
Inc.
Inc.
Inc.
Silvermex Resources Inc.
SMART Technologies Inc.
Options Class A
Options Class A
Options Class A
Employee Share Unit
Options
Simmons, Michael James
Montalvo, Juanita
5
5
5
7
5
03/15/2012
03/15/2012
03/15/2012
03/02/2012
03/02/2012
51
51
50
00
50
15.94
17.5
32.81
55,295
45,295
48,395
6,078
50,500
-4,000
-10,000
3,100
Common Shares
Vydra, Martin
5
02/16/2012
00
Common Shares
Common Shares
Common Shares
Common Shares
4, 5
4, 5
4, 5
4, 5
03/12/2012
03/12/2012
03/12/2012
03/09/2012
10
10
10
11
0.076
0.081
0.076
0.075
917,714
924,714
929,714
1,938,000
5,000
7,000
5,000
-310,000
4, 5
03/09/2012
11
0.075
3,248,000
1,310,000
4, 5
03/09/2012
11
0.1
4,448,000
1,200,000
4, 5
03/09/2012
11
0.075
1,557,142
-1,090,000
4, 5
03/09/2012
11
0.075
2,647,142
1,090,000
Common Shares
Warrants
Common Shares
Warrants
Common Shares
Warrants
Common Shares
Common Shares
Ferguson, Paul Kenneth
von Einsiedel, Carl
Alexander
von Einsiedel, Carl
Alexander
von Einsiedel, Carl
Alexander
von Einsiedel, Carl
Alexander
von Einsiedel, Carl
Alexander
von Einsiedel, Carl
Alexander
von Einsiedel, Carl
Alexander
von Einsiedel, Carl
Alexander
Sheriff, William Morris
Towers, Timothy D.
4, 5
12/01/2010
00
4, 5
03/09/2012
11
0.1
2,510,000
2,510,000
4, 5
03/09/2012
11
0.1
1,556,667
1,090,000
4
4, 5
02/28/2012
03/13/2012
22
11
0.051
1,518,958
3,101,000
58,750
-625,000
Common Shares
Paterson, Richard
4
08/07/2008
00
Common Shares
Paterson, Richard
4
03/15/2012
10
14.64
15,000
15,000
Common Shares
Smith, L. David
5
03/14/2012
10
14.92
13,000
2,000
Brown, Arthur
Callahan, Michael
Nelson, Duane Anthony
BATTISTEL, CESARINO M
4
4, 5
4, 5
7
03/08/2012
03/08/2012
03/08/2012
06/22/2011
50
50
50
50
0.49
0.49
0.49
5.83
1,450,000
2,825,000
1,825,000
22,500
250,000
350,000
750,000
8,500
Options
Options
Options
Options Stock Options
under 2010 Equity
Incentive Plan
7
07/15/2010
00
Performance Share Units BATTISTEL, CESARINO M
7
07/15/2010
00
7
06/22/2011
50
5.83
8,500
7
06/22/2011
56
5.83
8,500
7
06/22/2011
56
5.83
8,500
7
06/22/2011
56
5.83
8,500
7
07/15/2010
00
7
07/15/2010
00
7
07/15/2010
00
7
06/22/2011
50
5.83
4,200
7
06/22/2011
50
5.83
4,200
under 2010 Equity
Incentive Plan
under 2010 Equity
Incentive Plan
under 2010 Equity
Incentive Plan
CIPRICK, WILLIAM J
7
06/22/2011
50
5.83
22,500
8,500
CIPRICK, WILLIAM J
CIPRICK, WILLIAM J
COATES, SANDRA L
7
7
7
07/15/2010
07/15/2010
06/22/2011
00
00
50
5.83
8,500
4,200
22,500
8,500
COATES, SANDRA L
COATES, SANDRA L
FITCH, G A (DREW)
7
7
5
07/15/2010
07/15/2010
06/22/2011
00
00
50
5.83
8,500
4,200
58,000
30,000
FITCH, G A (DREW)
FITCH, G A (DREW)
5
5
07/15/2010
07/15/2010
00
00
March 23, 2012
Common Shares
Common Shares
Common Shares
Common Shares
29,300
2,000
8,500
4,200
30,000
15,000
(2012) 35 OSCB 2941
Insider Reporting
Issuer Name
Security
Insider Name
under 2010 Equity
Incentive Plan
under 2010 Equity
Incentive Plan
under 2010 Equity
Incentive Plan
under 2010 Equity
Incentive Plan
under 2010 Equity
Incentive Plan
under 2010 Equity
Incentive Plan
under 2010 Equity
Incentive Plan
under 2010 Equity
Incentive Plan
under 2010 Equity
Incentive Plan
under 2010 Equity
Incentive Plan
under 2010 Equity
Incentive Plan
under 2010 Equity
Incentive Plan
under 2010 Equity
Incentive Plan
under 2010 Equity
Incentive Plan
under 2010 Equity
Incentive Plan
under 2010 Equity
Incentive Plan
March 23, 2012
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Gagnier, Michael Albert
7
01/16/2012
00
7
01/16/2012
00
7
02/02/2012
38
-2,125
7
02/02/2012
38
-2,125
7
03/02/2012
38
0
-2,125
HAGERTY, ROBERT C
HODSON, THOMAS F
7
4
5
03/02/2012
07/15/2010
06/22/2011
38
00
50
-3,175
5.83
0
10,000
58,000
30,000
HODSON, THOMAS F
HODSON, THOMAS F
KEENAN, VAUGHN E
5
5
7
07/15/2010
07/15/2010
06/22/2011
00
00
50
5.83
30,000
15,000
26,500
12,500
KEENAN, VAUGHN E
KEENAN, VAUGHN E
KNOWLTON, NANCY L
7
7
4, 5
07/15/2010
07/15/2010
06/22/2011
00
00
50
5.83
12,500
6,250
167,500
105,000
KNOWLTON, NANCY L
KNOWLTON, NANCY L
LANTZ, KEITH ALLEN
4, 5
4, 5
7
07/15/2010
07/15/2010
06/22/2011
00
00
50
5.83
105,000
77,000
72,500
12,500
LANTZ, KEITH ALLEN
LANTZ, KEITH ALLEN
LELORIEUX, PATRICK P
7
7
7
12/01/2010
12/01/2010
06/22/2011
00
00
50
5.83
12,500
6,250
26,500
12,500
Losch, Jeffrey Alan
7
7
5
07/15/2010
07/15/2010
06/22/2011
00
00
50
5.83
12,500
6,250
22,500
8,500
Losch, Jeffrey Alan
Losch, Jeffrey Alan
MARTIN, DAVID A
5
5
4, 5
07/15/2010
07/15/2010
06/22/2011
00
00
50
5.83
8,500
4,200
167,500
105,000
MARTIN, DAVID A
MARTIN, DAVID A
MCGURK, BRIAN K
4, 5
4, 5
7
07/15/2010
07/15/2010
06/22/2011
00
00
50
5.83
105,000
77,000
22,500
8,500
MCGURK, BRIAN K
MCGURK, BRIAN K
MONRO, ALAN DAVID
7
7
7
07/15/2010
07/15/2010
06/22/2011
00
00
50
5.83
8,500
4,200
162,500
12,500
MONRO, ALAN DAVID
MONRO, ALAN DAVID
MUELLER, MICHAEL J
NAGEL, PATRIC N
7
7
4
7
07/15/2010
07/15/2010
07/15/2010
06/22/2011
00
00
00
50
5.83
12,500
6,250
10,000
26,500
12,500
NAGEL, PATRIC N
NAGEL, PATRIC N
Ramotowski, Pamela Anne
RODRIGUE, DANIEL L
7
7
7
7
7
7
07/15/2010
07/15/2010
02/16/2012
02/16/2012
02/16/2012
06/22/2011
00
00
00
00
00
50
RODRIGUE, DANIEL L
RODRIGUE, DANIEL L
Sutcliffe, David B.
7
7
4
07/15/2010
07/15/2010
06/22/2011
00
00
00
2,125
12,500
6,250
2,125
5.83
1,050
26,500
12,500
12,500
6,250
10,000
(2012) 35 OSCB 2942
Insider Reporting
Issuer Name
Security
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
THOMAS, LINDA A
7
06/22/2011
50
5.83
26,500
12,500
THOMAS, LINDA A
THOMAS, LINDA A
Leslie, Steve
Leslie, Steve
Leslie, Steve
Leslie, Steve
Leslie, Steve
Leslie, Steve
Leslie, Steve
Leslie, Steve
Herald, Christopher
7
7
5
5
5
5
5
5
5
5
4
07/15/2010
07/15/2010
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/09/2012
00
00
90
51
90
51
51
51
51
51
10
8
8
8
8
8
1.45
328,951
780,262
11,200
11,200
-11,200
11,200
11,200
-11,200
-11,200
-11,200
10,000
SOLITARIO EXPLORATION Common Shares
& ROYALTY CORP.
Herald, Christopher
4
03/15/2012
10
1.4
790,262
10,000
SOLUTIONS4CO2 INC.
SOLUTIONS4CO2 INC.
Southern Arc Minerals Inc.
Southern Pacific Resource
Corp.
Corp.
Corp.
Corp.
Corp.
Corp.
Corp.
Corp.
Sparrow Ventures Corp.
Spartan Oil Corp.
Spartan Oil Corp.
Spartan Oil Corp.
Spartan Oil Corp.
Spartan Oil Corp.
Options
Options
Common Shares
Options
Boyd, Michael Manford
Boyd, Michael Manford
Proust, John Graham
Beatty, Wayne
4
4
4, 5
5
12/14/2011
03/09/2012
03/14/2012
12/31/2011
50
00
11
30
0.15
60,000
1.277
90,000
30,000
3,849,500
572,202
-1,000,000
2,202
Common Shares
Clarke, Ronald
5
05/28/2010
00
Common Shares
Clarke, Ronald
5
12/31/2011
30
1.28
2,202
2,202
Options
Clarke, Ronald
5
12/31/2011
56
1.28
1,012,202
2,202
Common Shares
Harris, Chad Ross Edward
5
12/31/2011
30
1.28
134,302
2,202
Options
Harris, Chad Ross Edward
5
12/31/2011
56
1.28
602,202
2,202
Common Shares
Lutes, Byron
5
12/31/2011
30
1.28
178,202
2,202
Options
Lutes, Byron
5
12/31/2011
30
1.28
3,022,202
2,202
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Options
Options
Options
Options
4
4
4
4
4
4
4
5
4
4
03/12/2012
03/12/2012
03/13/2012
05/20/2008
03/14/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
10
10
10
00
10
50
50
50
50
50
0.1
0.105
0.105
1,505,000
1,506,000
1,510,000
5,000
1,000
4,000
0.085
190,000
350,000
350,000
175,000
350,000
350,000
190,000
100,000
100,000
50,000
100,000
100,000
Spartan Oil Corp.
Spartan Oil Corp.
Spartan Oil Corp.
Spartan Oil Corp.
Spartan Oil Corp.
Spartan Oil Corp.
Spartan Oil Corp.
Spartan Oil Corp.
Spartan Oil Corp.
Spartan Oil Corp.
Spartan Oil Corp.
Spartan Oil Corp.
Spartan Oil Corp.
Spot Coffee (Canada) Ltd.
Sprylogics International
Corp.
Corp.
Corp.
Corp.
Corp.
ST ANDREW GOLDFIELDS
LTD.
Common Shares
Options
Common Shares
Options
Common Shares
Options
Common Shares
Options
Options
Common Shares
Options
Common Shares
Options
Common Shares
Common Shares
Common Shares
Common Shares
levy, marc evan
levy, marc evan
levy, marc evan
levy, marc evan
levy, marc evan
Archibald, Donald
Becker, Leonard Wade
Gill, Sanjib Singh
Greenslade, Grant William
Greenslade, Reginald
James
KALANTZIS, FOTIS
KALANTZIS, FOTIS
McHardy, Richard Francis
McHardy, Richard Francis
McNamara, Leo Barry
McNamara, Leo Barry
Stark, Albert Jason
Stark, Albert Jason
Stark, Michael John
Wiggins, Michelle Angela
Wiggins, Michelle Angela
Wong, Eddie
Wong, Eddie
Igelman, Marvin Moses
5
5
4, 5
4, 5
5
5
5
5
4
5
5
5
5
4
4
4
4
03/15/2012
03/12/2012
03/15/2012
03/12/2012
03/15/2012
03/12/2012
03/15/2012
03/12/2012
03/12/2012
03/15/2012
03/12/2012
03/15/2012
03/12/2012
03/09/2012
03/12/2012
03/15/2012
03/09/2012
30
50
30
50
30
50
30
50
50
30
50
30
50
10
10
10
11
4.25
0.1951
0.205
0.2
0.09
2,082,472
750,000
2,138,146
750,000
650,658
750,000
2,076,717
750,000
350,000
252,815
750,000
1,250,809
750,000
6,679,067
6,681,567
6,682,067
569,777
1,684
250,000
1,805
250,000
1,684
250,000
1,684
250,000
100,000
1,684
250,000
1,684
250,000
12,400
2,500
500
277,777
Options
Igelman, Marvin Moses
4
03/09/2012
11
0.15
3,388,888
138,888
Common Shares
Zivkovic, Aleksandar
4, 5
03/09/2012
11
0.09
2,439,735
200,000
Options
4, 5
07/04/2007
00
Options
4, 5
03/09/2012
11
Loan secured by pledge
(limited recourse)
matures Feb 2014
Abramson, Adam
3
02/23/2012
70
under 2010 Equity
Incentive Plan
Softchoice Corporation
Common Shares
Common Shares
Common Shares
Options
Options
Options
Options
Options
SOLITARIO EXPLORATION Common Shares
& ROYALTY CORP.
March 23, 2012
Insider Name
8
4.25
4.25
4.25
4.25
4.25
12,500
6,250
19,799
11,200
0
1,500,000
0.15
1,600,000
100,000
1
(2012) 35 OSCB 2943
Insider Reporting
Issuer Name
Security
ST ANDREW GOLDFIELDS Loan secured by pledge
LTD.
(limited recourse)
matures Feb 2014
LTD.
(limited recourse)
matures Feb. 2015
LTD.
(limited recourse)
matures Feb. 2015
LTD.
(limited recourse)
matures March 2014
LTD.
(limited recourse)
matures March 2014
LTD.
(limited recourse)
matures March 2015
LTD.
(limited recourse)
matures March 2015
LTD.
(limited recourse)
matures March 2015
ST ANDREW GOLDFIELDS Options
LTD.
ST ANDREW GOLDFIELDS Common Shares
LTD.
LTD.
LTD.
LTD.
LTD.
LTD.
LTD.
LTD.
LTD.
LTD.
LTD.
LTD.
LTD.
LTD.
St-Georges Platinum & Base Common Shares
Metals Ltd.
Metals Ltd.
Metals Ltd.
Metals Ltd.
Stantec Inc.
Common Shares
Stantec Inc.
Common Shares
Stantec Inc.
Common Shares
Stantec Inc.
Common Shares
Stantec Inc.
Common Shares
Stantec Inc.
Common Shares
Stantec Inc.
Common Shares
Stantec Inc.
Common Shares
Stantec Inc.
Options
Stantec Inc.
Options
Stantec Inc.
Options
Star Navigation Systems
Warrants
Group Ltd.
Warrants
Group Ltd.
Options
Group Ltd.
March 23, 2012
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Abramson, Adam
3
02/23/2012
70
Abramson, Adam
3
10/27/2008
00
Abramson, Adam
3
02/23/2012
70
Abramson, Adam
3
02/29/2012
70
1
Abramson, Adam
3
02/29/2012
70
1
Abramson, Adam
3
10/27/2008
00
Abramson, Adam
3
02/29/2012
70
Abramson, Adam
3
02/29/2012
70
1
1
Abramson, Herbert
4, 5
03/15/2012
50
565,000
90,000
Abramson, Randall
3
03/12/2012
97
23,775,910
-57,038
Abramson, Randall
3
03/14/2012
97
23,663,837
-112,073
Abramson, Randall
3
02/17/2012
11
1.09
Abramson, Randall
3
02/17/2012
11
1.09
Abramson, Randall
3
03/14/2012
97
Au, Ben
5
03/12/2012
30
Au, Ben
5
03/15/2012
FARQUHARSON,
GRAHAM
Gignac, Catherine
4
Middlemiss, Duncan
Kenneth
Middlemiss, Duncan
Kenneth
Perron, Jacques
1
1
1
1
24,600
13,737,859
-24,600
13,844,994
43,179
0.55
199,056
4,186
50
0.52
1,325,000
325,000
03/14/2012
50
0.52
280,000
90,000
4
03/15/2012
50
0.52
115,000
90,000
5
03/12/2012
30
0.55
52,305
3,926
5
03/15/2012
50
0.52
1,325,000
325,000
4, 5
03/12/2012
30
0.55
246,964
2,798
Perron, Jacques
4, 5
03/15/2012
50
0.52
2,808,334
975,000
Weinzettl, Linda
5
03/15/2012
50
0.52
315,000
65,000
Dumas, Francois
3, 4, 5
03/12/2012
10
0.045
6,166,500
85,000
Grand, David J.
4
02/29/2012
10
0.04
85,000
10,000
Grand, David J.
4
02/29/2012
10
0.04
175,000
90,000
Grand, David J.
4
03/09/2012
10
0.04
275,000
100,000
Allen, Richard
Allen, Richard
Franceschini, Anthony P.
KAPADIA, VIRAF SAVAK
7, 5
7, 5
4
4
4
4
4
4
4
4
4
3, 4
03/07/2012
03/07/2012
03/12/2012
03/12/2012
03/13/2012
03/13/2012
03/16/2012
03/16/2012
03/12/2012
03/13/2012
03/16/2012
03/07/2012
10
10
51
10
51
10
51
10
51
51
51
16
29.48
29.077
12.17
30.05
12.17
30.05
13.55
31.54
12.17
12.17
13.55
0.1
18,688
186,842
185,342
213,842
185,342
215,342
185,342
88,500
60,000
30,000
-10,000
-10,000
1,500
-1,500
28,500
-28,500
30,000
-30,000
-1,500
-28,500
-30,000
1,750,000
KAPADIA, VIRAF SAVAK
3, 4
03/07/2012
16
1,750,000
1,750,000
Nariman, Gustasp Feroze
4
08/09/2011
00
(2012) 35 OSCB 2944
Insider Reporting
Issuer Name
Security
Insider Name
Group Ltd.
Group Ltd.
Group Ltd.
Group Ltd.
Group Ltd.
Group Ltd.
Group Ltd.
Group Ltd.
Group Ltd.
Group Ltd.
Group Ltd.
Group Ltd.
Stay Gold Inc.
Stay Gold Inc.
Stay Gold Inc.
Storm Resources Ltd.
Options
Nariman, Gustasp Feroze
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Strait Gold Corporation
Strategic Oil & Gas Ltd.
Strategic Resources Inc.
Strategic Resources Inc.
Stratton Capital Corp.
Stratton Resources Inc.
Stream Oil & Gas Ltd.
Strongbow Exploration Inc.
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Options
Options
Options
Common Shares
Common Shares
Options
Common Shares
Common Shares
March 23, 2012
Rel'n
Transaction
Date
T/O
4
08/09/2011
50
Sparks, Dale
1, 5
03/08/2012
10
Common Shares
Sparks, Dale
1, 5
03/08/2012
10
Common Shares
Thorburn, John
5
02/14/2011
00
Common Shares
Thorburn, John
5
03/07/2012
16
Options
Thorburn, John
5
02/14/2011
00
Options
Thorburn, John
5
02/25/2011
50
Warrants
Thorburn, John
5
02/14/2011
00
Warrants
Thorburn, John
5
03/07/2012
Options
Wyburn, Charles Louis
4
Warrants
Warrants
Warrants
Warrants
Warrants
Common Shares
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
120,000
120,000
0.1
982,782
-40,000
0.105
932,782
-50,000
0.1
80,000
80,000
500,000
500,000
16
80,000
80,000
02/08/2010
50
600,000
300,000
4
03/07/2012
16
4
03/07/2012
16
1,946,666
1,880,000
Campbell, Darrin Richard
Matheson, James Franklin
Sittler, Darryl
Caisse de dépôt et
placement du Québec
Johnstone, William Roy
Bucholtz, Malcolm
Bucholtz, Malcolm
Subotic, David
Subotic, David
Wallace, Shawn
Horkoff, Cecil Terrance
Horkoff, Cecil Terrance
Tognetti, John
Armstrong, Kenneth
Andrew
5
3
4
3
01/30/2012
01/28/2012
01/30/2012
01/30/2012
55
11
55
10
100,000
0
50,000
3.05
-25,000
-125,000
-62,500
30,200
3
01/30/2012
10
3.05
30,200
3
01/31/2012
10
3.05
52,400
3
01/31/2012
10
3.05
52,400
3
02/02/2012
10
3.11
208,600
3
02/02/2012
10
3.11
208,600
3
02/02/2012
10
3.11
208,600
3
02/03/2012
10
3.05
1,000
3
02/03/2012
10
3.05
1,000
3
02/03/2012
10
3.05
1,000
3
02/07/2012
10
3.16
208,300
3
02/07/2012
10
3.16
208,300
3
02/22/2012
11
3.4
2,353,000
3
02/22/2012
11
3.4
2,353,000
3
02/22/2012
00
3
02/22/2012
11
3.4
5,798,000
2,353,000
4, 5
4
4
4
4
4
4
4, 5
4, 5
5
5
3, 4, 5
3, 4, 5
4
5
5
3
4, 5
03/14/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/12/2012
03/12/2012
12/23/2011
03/06/2012
12/23/2011
03/06/2012
03/09/2012
03/09/2012
03/09/2012
03/13/2012
03/09/2012
10
00
00
00
00
00
00
10
10
00
50
00
50
10
51
51
10
16
0.14
90,000
1,275,800
7,511,700
22,776,500
5,897,500
6,692,100
1,649,200
450,000
300,000
40,000
-150,000
-150,000
79,532
79,532
278,364
3,962,750
521,476
0
9,422,100
186,245
278,364
2,500
490,000
-490,000
10,000
50,000
0.1
1,880,000
3,445,000
0.045
0.05
0.49
0.2
0.826
0.13
(2012) 35 OSCB 2945
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Warrants
4, 5
03/09/2012
16
0.2
50,000
50,000
Common Shares
Warrants
Common Shares
Warrants
Warrants
Common Shares
Common Shares
Common Shares
Common Shares
Warrants
Warrants
Common Shares
5
5
4
4
4
3
3
3
3
3
3
3
03/09/2012
03/09/2012
03/09/2012
05/03/2004
03/09/2012
11/15/2010
03/09/2012
03/09/2012
03/09/2012
11/15/2010
03/09/2012
11/15/2010
16
16
16
00
16
00
97
16
97
00
16
00
0.13
0.2
0.13
50,000
40,000
793,246
40,000
40,000
300,000
0.2
300,000
300,000
0.13
13,000,000
15,700,000
0
13,000,000
2,700,000
-13,000,000
2,700,000
2,700,000
Common Shares
3
03/09/2012
97
13,000,000
13,000,000
Common Shares
3
03/09/2012
16
15,700,000
2,700,000
Common Shares
3
03/09/2012
97
0
-13,000,000
Warrants
3
11/15/2010
00
Warrants
3
03/09/2012
16
2,700,000
2,700,000
Sun Life Financial Inc.
Suncor Energy Inc.
Suncor Energy Inc.
Suncor Energy Inc.
Suncor Energy Inc.
Suncor Energy Inc.
Suncor Energy Inc.
Suncor Energy Inc.
Suncor Energy Inc.
Suncor Energy Inc.
Suncor Energy Inc.
Suncor Energy Inc.
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options SunShare
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
5
5
5
5
5
5
5
5
4, 5
5
5
5
5
5
02/20/2012
03/08/2012
03/08/2012
12/31/2011
02/09/2011
02/09/2011
02/09/2011
12/31/2011
12/31/2011
12/31/2011
02/11/2011
02/22/2011
12/31/2011
12/31/2011
00
30
30
30
51
10
51
30
30
30
30
10
30
30
20.8818
21.43
34.86
13.07
40.75
13.07
33.06
33.4
39.03
39.1
45.06
30.22
34.2
3,831
27,911
9,569
14,000
0
21,000
7,674
16,935
10,525
7,539
166
4,593
8,488
3,831
5,422
1,900
14,000
-14,000
-14,000
2,349
216
651
179
-7,373
2,276
2,899
Suncor Energy Inc.
Suncor Energy Inc.
Sure Energy Inc.
Sure Energy Inc.
Sure Energy Inc.
Sure Energy Inc.
Sure Energy Inc.
Sure Energy Inc.
Sure Energy Inc.
Sure Energy Inc.
Sure Energy Inc.
Sure Energy Inc.
SXC Health Solutions Corp.
Common Shares
Common Shares
Options Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Restricted stock units
Common Shares
Common Shares
Common Shares
Common Shares
Restricted stock unit
Restricted stock unit
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Armstrong, Kenneth
Andrew
Gale, David Francis Gilbert
Gale, David Francis Gilbert
Netolitzky, Ronald Kort
Sun Valley Gold LLC
Sun Valley Gold LLC
Sun Valley Gold LLC
Sun Valley Gold LLC
Sun Valley Gold LLC
Sun Valley Gold LLC
Sun Valley Gold Master
Fund, Ltd.
Fund, Ltd.
Fund, Ltd.
Fund, Ltd.
Fund, Ltd.
Fund, Ltd.
De Paoli, Mary
De Paoli, Mary
Freyne, Colm Joseph
Axford, Eric Charles
Bailey, Johnathan Kirk
Demosky, Barton Wade
George, Richard Lee
Langlois, Francois
Lee, Susan
Lee, Susan
Little, Mark Stephen
MacSween, Michael
Roderick
Odegaard, Janice
Williams, Steven Walter
Baker, Chris
Banks, C. Tom
Comber, Peter W.
Kolibar, Daniel George
Kuzyk, Dale
Kuzyk, Dale
Macdonald, Larry
Sheedy, Robert John
Stan, Thomas Paul
Wirth, Lance
Berman, Clifford
Berman, Clifford
Berman, Clifford
Berman, Clifford
Berman, Clifford
Berman, Clifford
Berman, Clifford
Berman, Clifford
Berman, Clifford
Cosler, Steven
Cosler, Steven
Cosler, Steven
Cosler, Steven
Davis, William Joseph
Masso, Anthony R
Masso, Anthony R
Masso, Anthony R
Masso, Anthony R
Park, Jeffrey Gary
Park, Jeffrey Gary
Park, Jeffrey Gary
Park, Jeffrey Gary
Park, Jeffrey Gary
Park, Jeffrey Gary
5
5
5
5
4
5
5
5
4
5
4
5
5
5
5
5
5
5
5
5
5
4
4
4
4
4
4
4
4
4
4
4
4
5
5
5
5
5
5
12/31/2011
12/31/2011
03/12/2012
03/12/2012
03/12/2012
03/12/2012
08/01/2011
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/06/2012
03/06/2012
03/09/2012
03/10/2012
03/12/2012
03/12/2012
03/13/2012
03/09/2012
03/10/2012
03/09/2012
03/10/2012
03/09/2012
03/10/2012
03/09/2012
03/10/2012
03/09/2012
03/10/2012
03/09/2012
03/10/2012
03/09/2012
03/10/2012
03/06/2012
03/06/2012
03/09/2012
03/10/2012
03/12/2012
03/12/2012
30
30
50
50
50
50
00
50
50
50
50
50
97
97
97
97
10
10
10
97
97
97
97
97
97
97
97
97
97
97
97
97
97
97
97
97
97
10
10
33.35
34.58
1.2
1.2
1.2
1.2
10,386
10,431
621,667
550,000
197,000
67,000
360,000
510,000
197,000
750,000
133,000
416,667
4,363
7,453
7,890
8,220
8,058
7,935
5,982
5,849
5,519
7,662
8,412
8,988
8,238
14,862
15,612
8,988
8,238
4,862
5,612
8,988
8,238
15,818
25,594
27,182
29,382
28,676
27,728
1,576
3,731
180,000
150,000
45,000
21,000
March 23, 2012
0.13
1.2
1.2
1.2
1.2
1.2
70.5
70.5
72.82
72.82
72.22
72.06
72.68
72.82
72.82
72.82
72.82
72.82
72.82
70.5
70.5
72.82
72.82
72.22
72.06
150,000
45,000
150,000
45,000
150,000
3,090
3,090
437
330
-162
-123
-1,953
-437
-330
1,312
750
-1,312
-750
1,312
750
-1,312
-750
1,312
750
-1,312
-750
9,776
9,776
1,588
2,200
-706
-948
(2012) 35 OSCB 2946
Insider Reporting
Issuer Name
Security
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
TAG Oil Ltd
Tajiri Resources Corp.
Tajiri Resources Corp.
Talisman Energy Inc.
Common Shares
Common Shares
Common Shares
Common Shares
Options
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Options
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Options
Options
March 23, 2012
Insider Name
Park, Jeffrey Gary
Park, Jeffrey Gary
Park, Jeffrey Gary
Park, Jeffrey Gary
Park, Jeffrey Gary
Park, Jeffrey Gary
Park, Jeffrey Gary
Reddon, Philip
Reddon, Philip
Reddon, Philip
Reddon, Philip
Romza, John Henry
Romza, John Henry
Romza, John Henry
Romza, John Henry
Romza, John Henry
Romza, John Henry
Romza, John Henry
Romza, John Henry
Romza, John Henry
Saban, Joel
Saban, Joel
Saban, Joel
Thierer, Mark Alan
Thierer, Mark Alan
Thierer, Mark Alan
Thierer, Mark Alan
Thierer, Mark Alan
Thierer, Mark Alan
Thierer, Mark Alan
Thierer, Mark Alan
Thierer, Mark Alan
Thierer, Mark Alan
Thierer, Mark Alan
Thierer, Mark Alan
Thierer, Mark Alan
Thierer, Mark Alan
Thierer, Mark Alan
Thierer, Mark Alan
Thorne, Curtis Jeffrey
BERTUZZI, RONALD
BERTUZZI, RONALD
BERTUZZI, RONALD
BERTUZZI, RONALD
BERTUZZI, RONALD
BERTUZZI, RONALD
BERTUZZI, RONALD
BERTUZZI, RONALD
BERTUZZI, RONALD
BERTUZZI, RONALD
BERTUZZI, RONALD
Johnson, Garth Evan
Johnson, Garth Evan
Johnson, Garth Evan
Johnson, Garth Evan
Johnson, Garth Evan
Johnson, Garth Evan
Johnson, Garth Evan
Johnson, Garth Evan
Johnson, Garth Evan
Johnson, Garth Evan
Johnson, Garth Evan
Johnson, Garth Evan
Johnson, Garth Evan
Johnson, Garth Evan
Johnson, Garth Evan
Johnson, Garth Evan
Timcke, Albert Richard
Timcke, Albert Richard
ADAMS, David Michael
ADAMS, David Michael
BLAKELEY, Alexander
Paul
Performance Share Units BLAKELEY, Alexander
Paul
Performance Share Units Manzoni, John Alexander
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
5
5
5
5
5
5
5
1
1
1
1
5
5
5
5
5
5
5
5
5
5
5
5
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
7
7
5
5
5
03/12/2012
03/12/2012
03/12/2012
03/13/2012
03/12/2012
03/09/2012
03/10/2012
03/09/2012
03/10/2012
03/09/2012
03/10/2012
03/06/2012
03/06/2012
03/09/2012
03/10/2012
03/12/2012
03/12/2012
03/13/2012
03/09/2012
03/10/2012
03/09/2012
03/12/2012
03/09/2012
03/06/2012
03/06/2012
03/09/2012
03/10/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/13/2012
03/10/2012
03/12/2012
03/09/2012
03/10/2012
03/12/2012
03/09/2012
03/10/2012
03/09/2012
03/10/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/09/2012
03/09/2012
03/09/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/09/2012
01/27/2012
01/27/2012
03/01/2012
03/01/2012
03/01/2012
51
10
10
10
51
97
97
97
97
97
97
97
97
97
97
10
10
10
97
97
97
10
97
97
97
97
97
10
10
51
51
10
10
10
51
51
97
97
97
97
97
97
97
10
10
10
10
10
10
10
10
10
10
10
51
10
10
10
10
10
10
10
10
10
10
10
10
10
10
51
50
50
57
57
57
5.675
72.2937
72.6722
72.68
5.675
39,728
30,898
27,728
19,718
95,521
23,817
21,617
2,712
3,462
8,988
8,238
155,364
148,564
149,314
150,314
149,959
149,523
144,631
11,650
10,650
2,656
2,297
14,350
82,251
106,575
110,386
115,776
114,142
111,820
119,320
128,670
117,020
111,820
91,926
264,623
257,123
129,602
124,212
12,000
-8,830
-3,170
-8,010
-12,000
-1,588
-2,200
1,312
750
-1,312
-750
6,800
-6,800
750
1,000
-355
-436
-4,892
-750
-1,000
1,000
-359
-1,000
24,324
24,324
3,811
5,390
-1,634
-2,322
7,500
9,350
-11,650
-5,200
-19,894
-5,390
-7,500
-3,811
-5,390
-7,500
1,312
750
-1,312
-750
-5,000
-1,000
-400
-5,400
-2,500
-700
-100
-1,000
-1,300
-200
-7,400
50,000
-2,700
-400
-2,000
-2,000
-600
-20,300
-6,500
-300
-1,300
-4,100
-2,300
-1,800
-1,600
-4,100
-50,000
1,200,000
120,000
-23,117
-22,228
-75,365
5
03/01/2012
57
4, 7, 5
03/01/2012
57
72.82
72.82
70.5
70.5
72.82
72.82
72.22
72.06
72.68
72.82
72.22
70.5
70.5
72.82
72.82
72.22
72.06
5.675
30.25
72.2808
72.6597
72.68
30.25
5.675
72.82
72.82
9.75
9.72
9.71
9.69
9.68
9.67
10.09
10.08
10.07
10.06
10.05
2.6
9.9
9.8
9.85
9.8
9.76
9.75
9.7
9.66
9.65
9.64
9.63
9.62
9.61
9.6
2.6
0.1
0.1
4,862
5,612
8,988
8,238
248,356
247,356
246,956
241,556
239,056
238,356
238,256
237,256
235,956
235,756
228,356
50,000
47,300
46,900
44,900
42,900
42,300
22,000
15,500
15,200
13,900
9,800
7,500
5,700
4,100
0
375,000
420,000
21,679
106,632
-72,467
-234,144
(2012) 35 OSCB 2947
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Performance Share Units Manzoni, John Alexander
Performance Share Units ROONEY, ROBERT ROSS
4, 7, 5
5
03/01/2012
03/01/2012
57
57
5
03/01/2012
57
5
03/01/2012
57
Talison Lithium Limited
Tanzanian Royalty
Exploration Corporation
Tarsis Resources Ltd.
Taseko Mines Limited
Tembec Inc.
Tembec Inc.
Tembec Inc.
Tembec Inc.
Tembec Inc.
Tembec Inc.
Tembec Inc.
Tembec Inc.
Tembec Inc.
Tembo Gold Corp. (formerly
Lakota Resources Inc.)
Ordinary Shares
Ordinary Shares
Ordinary Shares
Ordinary Shares
Ordinary Shares
Ordinary Shares
Ordinary Shares
Common Shares
Smith, Paul Robert
Smith, Paul Robert
Thomson, Scott
Thomson, Scott
WESLEY, HELEN JUNE
WESLEY, HELEN JUNE
Smith, Mark
Smith, Mark
Smith, Mark
Smith, Mark
Smith, Mark
Smith, Mark
Smith, Mark
Harvey, William
5
5
5
5
5
5
4
4
4
4
4
4
4
4
03/01/2012
03/01/2012
03/01/2012
03/01/2012
03/01/2012
03/01/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/09/2012
57
57
57
57
57
57
10
10
10
10
10
10
10
10
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Options
Options
Options
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Options
Options
Options
Options
Options
Options
Common Shares
Brown, Mark Thomas
Brown, Mark Thomas
Brown, Mark Thomas
Brown, Mark Thomas
Brown, Mark Thomas
Brown, Mark Thomas
Brown, Mark Thomas
Mundie, Richard A.
Mundie, Richard A.
Mundie, Richard A.
Mundie, Richard A.
Norris, Stephen J.
Norris, Stephen J.
Norris, Stephen J.
Norris, Stephen J.
Norris, Stephen J.
Norris, Stephen J.
Norris, Stephen J.
Norris, Stephen J.
Norris, Stephen J.
Sedgemore, Robert
5
5
5
5
5
5
5
4
4
4
4
1
1
1
5
5
5
5
5
5
5
5
5
4
03/12/2012
03/12/2012
03/12/2012
03/15/2012
03/16/2012
03/15/2012
03/16/2012
01/10/2010
01/10/2010
01/06/2012
01/06/2012
03/14/2012
03/15/2012
03/16/2012
03/08/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
08/31/2011
10
10
10
10
10
10
10
00
00
50
50
10
10
10
10
10
52
52
52
52
52
52
52
00
Tembo Gold Corp. (formerly Common Shares
Sedgemore, Robert
4
09/26/2011
37
Sedgemore, Robert
4
02/27/2012
10
Sedgemore, Robert
4
03/05/2012
Sedgemore, Robert
4
Tembo Gold Corp. (formerly Options
Sedgemore, Robert
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
293,151
-225,138
-77,402
-74,422
94,765
-74,425
4.205
4.208
4.207
4.206
4.196
4.176
4.186
4.4418
76,710
28,000
28,300
29,800
30,400
31,400
31,900
32,000
319,513
-875
-841
-85,550
-82,259
-38,099
-36,633
3,000
300
1,500
600
1,000
500
100
-6,500
0.265
0.27
0.28
0.24
0.24
0.24
0.24
2,548,500
2,552,500
2,553,500
2,576,500
2,581,000
4,500
2,000
6,000
4,000
1,000
23,000
4,500
-18,500
-2,500
107,538
107,537
2.65
2.65
3.478
3.492
3.568
3.85
3.8
184.59
133.32
133.09
125.86
59.25
36.47
16.61
956,400
1,079,060
1,164,160
1,072
0
2,119
1,894
1,714
1,534
950
292
0
6,300,000
100,000
100,000
105,000
122,660
85,100
-287
-1,072
-146
-225
-180
-180
-584
-658
-292
350,000
-5,950,000
1.3
320,000
-30,000
10
1.935
299,800
-20,200
03/06/2012
10
1.955
280,000
-19,800
4
08/31/2011
00
1,800,000
Sedgemore, Robert
4
09/26/2011
37
100,000
-1,700,000
Sedgemore, Robert
4
09/30/2011
50
155,000
55,000
Sedgemore, Robert
4
01/14/2012
50
235,000
80,000
Temex Resources Corp.
TeraGo Inc.
TeraGo Inc.
TeraGo Inc.
TeraGo Inc.
Terra Energy Corp.
Terra Energy Corp.
Terra Energy Corp.
Footman, Angus
BOYD, Bryan Warren
Browne, Scott Campbell
Nikopoulos, Jim
Talbot, Tara
Morel, Cas H.
Morel, Cas H.
Morel, Cas H.
4
4, 5
5
5
5
4, 5
4, 5
4, 5
03/08/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
10/31/2002
03/13/2012
03/13/2012
10
59
59
59
59
00
90
90
1,410,194
0
0
0
0
-21,000
-119,186
-29,070
-19,622
-10,174
54,400
0
54,400
-54,400
March 23, 2012
Common Shares
Common Shares
Common Shares
Common Shares
0.21
10.36
10.36
10.36
10.36
(2012) 35 OSCB 2948
Insider Reporting
Issuer Name
Security
Insider Name
Terra Energy Corp.
Terra Energy Corp.
Terra Energy Corp.
Terra Energy Corp.
Terra Firma Resources Inc.
Terrace Energy Corp.
Tesco Corporation
Tesco Corporation
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Warrants
Common Shares
Warrants
Warrants
Common Shares
Common Shares
Common Shares
Common Shares
Rights RSUs - Restricted
Stock Units
Common Shares
Stock Units
Common Shares
Stock Units
Common Shares
Tesco Corporation
Tesco Corporation
Tesco Corporation
Tesco Corporation
Tesco Corporation
THE CALDWELL
PARTNERS
INTERNATIONAL INC.
THE CALDWELL
PARTNERS
INTERNATIONAL INC.
The Cash Store Financial
Services Inc.
Services Inc.
Services Inc.
The Churchill Corporation
The Churchill Corporation
The Descartes Systems
Group Inc.
Group Inc.
Group Inc.
Group Inc.
Group Inc.
The Second Cup Ltd.
The Toronto-Dominion Bank
Rel'n
Transaction
Date
T/O
Morel, Cas H.
Morel, Cas H.
Morel, Cas H.
Morel, Cas H.
Buchanan, Robert Brian
Buchanan, Robert Brian
Hussein, Shiraz
Hussein, Shiraz
Hussein, Shiraz
Carriere, Daniel Anthony
Nemeth, Randall S.
Nemeth, Randall S.
4, 5
4, 5
4, 5
4, 5
4
4
4
4
4
4
4
4
7
7
02/13/2012
02/13/2012
02/13/2012
02/13/2012
03/09/2012
03/09/2012
03/09/2012
11/09/2010
03/09/2012
03/12/2012
03/13/2012
03/14/2012
03/12/2012
03/12/2012
90
90
90
90
11
11
11
00
11
10
10
10
38
57
Reynolds, John
Reynolds, John
3, 4
3, 4
03/12/2012
03/12/2012
Sutherlin, Michael W.
4
4
4
JC CLARK LTD.
Common Shares
Date/Month End
Holdings
Acquired/
Disposed
50,200
1,600,000
900,000
60,000
-350,000
-35,000
350,000
35,000
100,000
100,000
50,000
50,000
9,470,476
9,482,276
9,484,976
8,807
4,500
50,000
34,600
11,800
2,700
1,000
-1,000
38
57
2,533
5,067
1,400
-1,400
03/08/2012
03/08/2012
03/08/2012
00
00
00
28,600
3
03/09/2012
10
0.72
2,848,200
26,000
JC CLARK LTD.
3
03/09/2012
10
0.72
2,822,200
-26,000
Common Shares
Paetz, Kevin
5
03/01/2012
00
Options
Paetz, Kevin
5
03/01/2012
00
Options
Paetz, Kevin
5
03/01/2012
50
5.85
100,000
100,000
Common Shares
Common Shares
Deferred Share Unit
Houck, James Curtis
Sands, Daryl
Anderson, David Langley
5
5
4
12/31/2011
12/31/2011
03/12/2012
30
30
97
15.21
14.77
8.34
113,565
45,753
2,765
3,668
2,492
899
Deferred Share Unit
Demirian, Eric
4
03/12/2012
97
8.34
2,765
899
Common Shares
Slutsky, Peter
5
03/12/2012
10
8.29
439,996
-27,506
Deferred Share Unit
Walker, John Joseph
4
03/12/2012
97
8.34
1,545
899
Deferred Share Unit
Watt, Stephen
4
03/12/2012
97
8.34
53,311
1,574
Common Shares
Common Shares CUSIP
891160 50 9
Common Shares CUSIP
891160 50 9
Common Shares CUSIP
891160 50 9
Common Shares CUSIP
891160 50 9
Common Shares CUSIP
891160 50 9
Common Shares CUSIP
891160 50 9
Common Shares CUSIP
891160 50 9
Common Shares CUSIP
891160 50 9
Common Shares CUSIP
891160 50 9
Common Shares CUSIP
891160 50 9
Options
Guyatt, Raymond
Boucher, William
4
7
03/13/2012
03/07/2012
10
00
7.15
5,000
502
-7,000
Clark, William Edmund
4
01/24/2012
47
80.17
4
01/27/2012
47
77.7
4
02/28/2012
47
80.16
4
03/02/2012
47
81.83
4
03/09/2012
47
82.15
4
03/09/2012
47
82.15
0
-1,000
4
03/13/2012
51
60.02
26,684
26,684
4
03/13/2012
10
82.65
1,000
-25,684
4
03/16/2012
47
83.46
0
-1,000
4
03/13/2012
51
60.02
106,736
-26,684
Quinn, Gregory
7
03/01/2012
00
Quinn, Gregory
7
03/08/2012
10
81.74
316
48
3
3
3
3
3
03/09/2012
03/12/2012
03/13/2012
03/14/2012
03/15/2012
10
10
10
10
10
2.5052
2.3984
2.4271
2.3859
2.3638
6,344,745
6,416,845
6,441,845
6,474,045
6,532,345
20,000
72,100
25,000
32,200
58,300
The Toronto-Dominion Bank Common Shares CUSIP
891160 50 9
The Toronto-Dominion Bank Common Shares CUSIP
891160 50 9
Theratechnologies Inc.
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
March 23, 2012
Unit
Price
588,800
0.06
0.1
0.06
0.1
1.15
1.15
1.15
-1,000
0
-1,000
-1,000
0
-1,000
1,000
268
(2012) 35 OSCB 2949
Insider Reporting
Issuer Name
Security
Insider Name
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Options
March 23, 2012
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Adler, Stephen J.
5
03/07/2012
50
28.36
109,520
65,930
Adler, Stephen J.
5
03/07/2012
56
43,299
11,840
Common Shares
Bello, Stephane
5
03/09/2012
57
33,713
4,861
Options
Bello, Stephane
5
03/07/2012
50
388,200
121,710
Bello, Stephane
5
03/07/2012
56
55,022
21,850
Bello, Stephane
5
03/09/2012
57
43,372
-11,650
Common Shares
Collier, Timothy
7
03/09/2012
57
32,217
9,415
Options
Collier, Timothy
7
03/07/2012
50
76,310
25,560
Collier, Timothy
7
03/07/2012
56
63,522
10,710
Collier, Timothy
7
03/09/2012
57
45,824
-17,698
Common Shares
Corbin, Stuart
7
03/09/2012
57
719
461
Corbin, Stuart
7
03/09/2012
57
1,367
-956
Options
Craig, David William Ian
7, 5
03/07/2012
50
205,701
111,770
Craig, David William Ian
7, 5
03/07/2012
56
45,279
20,070
Common Shares
Gold, Marc E.
7
03/09/2012
57
2,368
2,287
Options
Gold, Marc E.
7
03/07/2012
50
44,570
8,920
Gold, Marc E.
7
03/07/2012
56
13,786
3,740
Gold, Marc E.
7
03/09/2012
57
9,529
-4,257
Common Shares
Ilaw, Leslie
7
03/09/2012
57
2,116
986
Ilaw, Leslie
7
03/07/2012
56
7,249
2,670
Ilaw, Leslie
7
03/09/2012
57
5,382
-1,867
Common Shares
Johnston, Bernadette
7
03/09/2012
57
2,551
1,317
7
03/07/2012
56
10,048
3,040
7
03/09/2012
57
7,336
-2,712
Options
Kibarian, Christopher A.
7, 5
03/07/2012
50
66,550
39,560
Kibarian, Christopher A.
7, 5
03/07/2012
56
46,527
7,110
Common Shares
Monaghan, Paula R.
5
03/15/2011
30
39.3282
1,092
5
Common Shares
Monaghan, Paula R.
5
03/15/2011
30
39.3282
1,095
3
Common Shares
Monaghan, Paula R.
5
03/31/2011
30
32.447
1,112
17
Common Shares
Monaghan, Paula R.
5
06/15/2011
30
37.742
1,118
6
Common Shares
Monaghan, Paula R.
5
06/15/2011
30
37.742
1,121
3
Common Shares
Monaghan, Paula R.
5
06/30/2011
30
30.811
1,142
21
Common Shares
Monaghan, Paula R.
5
09/15/2011
30
31.0771
1,149
7
Common Shares
Monaghan, Paula R.
5
09/15/2011
30
31.0771
1,153
4
Common Shares
Monaghan, Paula R.
5
09/30/2011
30
23.951
1,177
24
Common Shares
Monaghan, Paula R.
5
12/15/2011
30
29.3927
1,185
8
Common Shares
Monaghan, Paula R.
5
12/15/2011
30
29.3927
1,190
5
Common Shares
Monaghan, Paula R.
5
12/31/2011
30
23.085
1,219
29
Common Shares
Peccarelli, Brian S.
7, 5
03/09/2012
57
21,857
4,175
28.36
28.36
28.36
28.36
28.36
(2012) 35 OSCB 2950
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Thomson Reuters
Corporation
Tigris Uranium Corp.
Tim Hortons Inc.
Options
7, 5
03/07/2012
50
28.36
125,010
50,710
7, 5
03/07/2012
56
30,887
9,110
7, 5
03/09/2012
57
24,039
-6,848
Powell, James T.
7, 5
08/01/2008
00
Powell, James T.
7, 5
03/12/2012
57
11,068
11,068
Options
Powell, James T.
7, 5
03/07/2012
50
230,600
60,860
Powell, James T.
7, 5
03/07/2012
56
46,607
10,930
Powell, James T.
7, 5
03/12/2012
57
33,334
-13,273
Options
Ramamurthy, Shanker
7, 5
03/07/2012
50
200,280
121,710
Ramamurthy, Shanker
7, 5
03/07/2012
56
130,164
21,850
Smith, James Clifton
5
03/12/2012
57
142,313
36,881
Options
5
03/07/2012
50
1,378,455
393,010
5
03/07/2012
56
359,882
70,560
5
03/12/2012
57
315,659
-44,223
Common Shares
Stanley, Deirdre
7, 5
03/12/2012
57
37,363
6,882
Options
Stanley, Deirdre
7, 5
03/07/2012
50
357,710
64,910
Stanley, Deirdre
7, 5
03/07/2012
56
52,955
11,660
Stanley, Deirdre
7, 5
03/12/2012
57
39,126
-13,829
Common Shares
Suchsland, Michael
7, 5
03/09/2012
57
9,504
3,859
Options
Suchsland, Michael
7, 5
03/07/2012
50
103,040
55,790
Suchsland, Michael
7, 5
03/07/2012
56
47,958
10,020
Suchsland, Michael
7, 5
03/09/2012
57
41,110
-6,848
Common Shares
3
03/13/2012
47
456,094,395
-34,900
Common Shares
The Woodbridge Company
Limited
Walker, Linda
7, 5
03/09/2012
57
5,373
Common Shares
Walker, Linda
7, 5
03/09/2012
57
5,373
Common Shares
Walker, Linda
7, 5
03/09/2012
57
Options
Walker, Linda
7, 5
03/07/2012
50
Walker, Linda
7, 5
03/07/2012
56
Walker, Linda
7, 5
03/09/2012
57
-8,837
Walker, Linda
7, 5
03/09/2012
57
-8,837
Walker, Linda
7, 5
03/09/2012
57
23,515
-9,716
Common Shares
Warwick, Peter
7
03/09/2012
57
116,943
12,902
Options
Warwick, Peter
7
03/07/2012
50
685,760
134,890
Warwick, Peter
7
03/07/2012
56
89,883
24,220
Warwick, Peter
7
03/09/2012
57
66,660
-23,223
Common Shares
Common Shares
Common Shares
Deferred Stock Units
(DSU)
(DSU)
(DSU)
Inwentash, Sheldon
Sheriff, William Morris
Greene, Moya Marguerite
3, 6
3
4
4
03/09/2012
03/09/2012
03/12/2012
02/28/2011
10
10
10
56
0.25
0.25
0.24
42.28
8,800,000
8,800,000
1,683,000
100,000
100,000
92,000
550
4
02/28/2011
56
42.28
8,970
532
4
06/14/2011
35
43
Tim Hortons Inc.
Tim Hortons Inc.
March 23, 2012
28.36
28.36
28.36
28.36
28.36
28.75
28.36
28.36
9,374
5,373
66,778
20,290
33,231
8,500
37
(2012) 35 OSCB 2951
Insider Reporting
Issuer Name
Security
Insider Name
Tim Hortons Inc.
Tolima Gold Inc. (Formerly
FMX Ventures Inc.)
Toromont Industries Ltd.
Torstar Corporation
Torstar Corporation
Torstar Corporation
(DSU)
Common Shares
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Units
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Common Shares
Options
Class A Voting Shares
Torstar Corporation
Torstar Corporation
Torstar Corporation
Tim Hortons Inc.
TMX Group Inc.
TMX Group Inc.
TMX Group Inc.
TMX Group Inc.
TMX Group Inc.
TMX Group Inc.
TMX Group Inc.
TMX Group Inc.
TMX Group Inc.
TMX Group Inc.
TMX Group Inc.
TMX Group Inc.
TMX Group Inc.
TMX Group Inc.
TMX Group Inc.
TMX Group Inc.
TMX Group Inc.
TMX Group Inc.
TMX Group Inc.
TMX Group Inc.
TMX Group Inc.
TMX Group Inc.
TMX Group Inc.
TMX Group Inc.
TMX Group Inc.
TMX Group Inc.
March 23, 2012
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
4
06/14/2011
35
43
9,534
38
Kahansky, Steven A.
Chan, Raymond Tatsun
5
4
03/08/2012
12/31/2011
10
56
53.3
41.6571
1,850
8,005
-750
1,412
4, 7
12/31/2011
56
41.6571
5,489
1,318
Cowan, Kevan Blair
5
12/31/2011
56
41.7728
14,381
539
Cowan, Kevan Blair
5
12/31/2011
56
41.7728
19,147
975
Fox, Wayne Charles
4
12/31/2011
56
41.6571
84,505
9,498
Hagg, John Andrew
4
12/31/2011
56
41.6571
33,148
4,592
Hoffman, Brenda Lee
5
12/31/2011
56
41.7728
43,155
1,619
Hoffman, Brenda Lee
5
12/31/2011
56
41.7728
18,743
955
Hukezalie, Mary Lou
5
12/31/2011
56
41.7728
9,126
343
Jaako, Harry
4
12/31/2011
56
41.6571
21,794
2,549
Kloet, Thomas Archie
4, 5
12/31/2011
56
41.7728
42,491
1,593
Kloet, Thomas Archie
4, 5
12/31/2011
56
41.7728
37,738
2,068
KRENKEL, PETER
5
12/31/2011
56
41.7728
8,913
334
KRENKEL, PETER
5
12/31/2011
56
41.7728
16,303
850
Lanthier, John Spencer
4
12/31/2011
56
41.6571
31,334
5,073
Martel, Jean
4
12/31/2011
56
41.6571
24,526
3,253
Miquelon, Alain
5
12/31/2011
56
41.7728
16,433
775
Mulvihill, John
4
12/31/2011
56
41.6571
31,820
4,533
O'Neill, Kathleen M.
4
12/31/2011
56
41.6571
24,948
3,495
Pel, Sharon Christina
5
12/31/2011
56
41.7728
5,390
202
Pel, Sharon Christina
5
12/31/2011
56
41.7728
17,132
907
Ptasznik, Michael Steven
5
12/31/2011
56
41.7728
28,116
1,055
Ptasznik, Michael Steven
5
12/31/2011
56
41.7728
19,498
1,025
Sinclair, Eric
5
12/31/2011
56
41.7728
9,537
359
Sinclair, Eric
5
12/31/2011
56
41.7728
19,278
979
Sinclair, Geraldine Bonnie
4
12/31/2011
56
41.6571
22,833
4,278
Lopez, Jaime Alberto
4, 5
03/14/2012
10
0.425
804,733
71,400
Hill, Wayne S.
Hill, Wayne S.
Hill, Wayne S.
Hill, Wayne S.
Hill, Wayne S.
Jewer, Paul Randolph
Wetherald, David
Wetherald, David
Babick, Donald
Babick, Donald
Berger, Elaine Margaret
Ellen
Berger, Elaine Margaret
Ellen
Clark, Burton Neil
Clark, Burton Neil
4, 5
4, 5
4, 5
4, 5
4, 5
5
5
5
5
5
5
5
5
5
4
4
4
03/09/2012
03/13/2012
03/13/2012
03/13/2012
03/15/2012
03/14/2012
03/15/2012
03/15/2012
03/15/2012
03/15/2012
03/15/2012
03/14/2012
03/16/2012
03/16/2012
12/14/2004
03/09/2012
05/03/2006
10
10
10
10
10
51
10
10
10
10
10
51
51
51
00
11
00
24.5
24.9
24.85
24.5
24.99
13.87
24.72
24.75
24.78
24.79
24.8
13.87
14.49
14.49
55,800
53,300
50,800
45,800
44,400
10,000
9,600
6,400
6,000
4,000
0
117,000
28,700
56,000
-2,500
-2,500
-2,500
-5,000
-1,400
10,000
-400
-3,200
-400
-2,000
-4,000
-10,000
7,500
-7,500
1
1
4
03/09/2012
11
1
1
4
4
05/04/2011
03/09/2012
00
11
1
1
Chicoyne, Denyse
(2012) 35 OSCB 2952
Insider Reporting
Issuer Name
Security
Insider Name
Torstar Corporation
Torstar Corporation
Torstar Corporation
Dea, Joan
Dea, Joan
DeMarchi, Lorenzo John
David
David
David
Hewitt, Patricia Louise
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
B
B
B
B
B
Options Class B nonvoting shares
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Total Energy Services Inc.
Touchstone Exploration Inc.
Common Shares
Options
Common Shares
Common Shares
Common Shares
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Torstar Corporation
Touchstone Exploration Inc. Common Shares
March 23, 2012
Rel'n
Transaction
Date
T/O
Date/Month End
Holdings
Acquired/
Disposed
4
4
5
03/01/2009
03/09/2012
05/23/2007
00
11
10
23.05
1
1
-13,300
5
05/23/2007
10
23.05
1,534
-14,500
5
05/23/2007
10
22.9
1,434
-100
5
03/09/2012
51
9.8
3,781
3,281
5
03/09/2012
10
9.8
500
-3,281
5
03/09/2012
51
9.8
70,406
-3,281
Hindmarsh, Michael
Fosbery
Hindmarsh, Michael
Fosbery
Hindmarsh, Michael
Fosbery
Hindmarsh, Michael
Fosbery
Hindmarsh, Michael
Fosbery
Hindmarsh, Michael
Fosbery
Hindmarsh, Michael
Fosbery
Hindmarsh, Michael
Fosbery
Hindmarsh, Michael
Fosbery
Hindmarsh, Michael
Fosbery
Hindmarsh, Michael
Fosbery
Hindmarsh, Michael
Fosbery
Hindmarsh, Michael
Fosbery
Hindmarsh, Michael
Fosbery
Hindmarsh, Michael
Fosbery
Hindmarsh, Michael
Fosbery
Hindmarsh, Michael
Fosbery
Hindmarsh, Michael
Fosbery
Hindmarsh, Michael
Fosbery
Hindmarsh, Michael
Fosbery
Hindmarsh, Michael
Fosbery
Holland, David Patrick
Holland, David Patrick
Hughes, Linda
Hughes, Linda
Jauernig, Daniel
Jauernig, Daniel
Samji, Alnasir Hussein
Habib
Samji, Alnasir Hussein
Habib
Weiss, Paul Raymond
Weiss, Paul Raymond
Yaffe, Phyllis
Yaffe, Phyllis
Halyk, Daniel Kim
Halyk, Daniel Kim
Kwasnicia, Randy
Total Energy Services Inc
Baay, Paul Raymond
3
03/12/2012
10
9.7879
60,000
-19,086
3
03/13/2012
10
9.67
39,627
-400
3
03/13/2012
10
9.678
38,327
-1,300
3
03/13/2012
10
9.68
37,027
-1,300
3
03/13/2012
10
9.688
36,927
-100
3
03/13/2012
10
9.69
32,627
-4,300
3
03/13/2012
10
9.694
31,727
-900
3
03/13/2012
10
9.7
22,327
-9,400
3
03/13/2012
10
9.71
17,627
-4,700
3
03/13/2012
10
9.72
15,627
-2,000
3
03/13/2012
10
9.73
14,627
-1,000
3
03/13/2012
10
9.74
13,427
-1,200
3
03/13/2012
10
9.75
11,727
-1,700
3
03/13/2012
10
9.76
11,327
-400
3
03/13/2012
10
9.77
10,727
-600
3
03/13/2012
10
9.8
10,327
-400
3
03/13/2012
10
9.85
10,027
-300
3
03/13/2012
10
9.81
10,000
-27
3
03/14/2012
10
9.92
9,900
-100
3
03/14/2012
10
9.9
5,900
-4,000
3
03/15/2012
10
9.8
0
-5,900
4, 5
4, 5
4
4
4
4
4
05/12/2003
03/09/2012
11/03/2010
03/09/2012
01/16/2009
03/09/2012
03/01/2009
00
11
00
11
00
11
00
1
1
1
1
1
1
4
03/09/2012
11
1
1
4
4
4
4
4, 5
4, 5
4
1
5
05/06/2009
03/09/2012
05/06/2009
03/09/2012
03/14/2012
03/14/2012
03/16/2012
03/16/2012
03/15/2012
00
11
00
11
51
51
10
10
30
1
1
4.66
4.66
17.6
17.56
0.38
1
250,000
350,000
75,000
13,400
3,341,385
1
50,000
-50,000
2,500
13,400
4,934
4
03/15/2012
30
0.38
3,245,311
2,467
Bryant, Ronald
Unit
Price
(2012) 35 OSCB 2953
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Bryant, Ronald
4
03/15/2012
30
0.38
27,340
2,467
Durfy, Sean Michael
4
03/15/2012
30
0.38
317,350
2,193
MARR, GREGORY
5
03/15/2012
30
0.38
38,656
3,947
Mitzel, Trevor
4
03/15/2012
30
0.38
27,350
2,193
Shipka, James
5
03/15/2012
30
0.38
42,416
3,946
Smith, Richard Gregg
4
03/15/2012
30
0.38
227,350
2,193
ZANG, JOHN CHARLES
4
03/15/2012
30
0.38
403,536
2,193
TransAlta Corporation
Anderson, William D.
4
12/31/2011
30
20.99
30,740
3,200
Anderson, William D.
4
12/31/2011
35
21.21
32,300
1,560
Baum, Stephen
4
12/31/2011
30
20.99
12,221
3,200
Baum, Stephen
4
12/31/2011
35
21.21
12,746
525
Faithfull, Timothy W.
4
12/31/2011
30
20.99
38,545
5,349
Faithfull, Timothy W.
4
12/31/2011
35
21.21
40,435
1,890
Farrell, Dawn Lorraine
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
03/23/2011
12/31/2011
02/23/2012
12/31/2011
01/01/2012
03/09/2012
03/09/2012
07/23/2007
03/09/2012
07/23/2007
03/09/2012
03/23/2011
12/31/2011
03/09/2012
03/09/2012
12/31/2011
03/09/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
01/01/2012
90
35
30
35
35
90
10
00
10
00
10
90
35
10
10
35
90
10
10
10
10
30
19.71
380
607
8,720
4,789
4,857
0
1,806
-6,905
227
8,113
258
68
-4,857
1,184
19.71
15,422
15,422
19.71
3,760
33,205
34,757
34,759
35,031
8,770
13,627
13,780
18,937
5,915
2,019
450,300
3,760
6,905
1,552
2
272
416
4,857
153
5,157
4,402
1,309
221,500
4, 5
02/23/2012
30
392,600
-57,700
4, 5
07/23/2007
00
4, 5
01/02/2012
30
21.02
33,900
33,900
Giffin, Gordon
Giffin, Gordon
4
4
12/31/2011
12/31/2011
30
35
20.95
21.21
15,500
16,221
3,200
847
Jespersen, Kent
4
12/31/2011
30
20.99
27,060
3,200
Jespersen, Kent
4
12/31/2011
35
21.21
28,414
1,354
Kanovsky, Michael Manuel
4
12/31/2011
30
20.99
38,341
5,349
Kanovsky, Michael Manuel
4
12/31/2011
35
21.21
40,220
1,879
lackenbauer, gordon
stanley
lackenbauer, gordon
stanley
Maidment, Karen
4
12/31/2011
30
20.99
29,216
5,349
4
12/31/2011
35
21.21
30,585
1,369
4
12/31/2011
30
20.99
8,881
5,349
Maidment, Karen
4
12/31/2011
35
21.21
9,113
232
Mansour, Yakout
Mansour, Yakout
4
4
12/31/2011
12/31/2011
30
30
22.62
20.56
1,057
1,347
1,057
1,347
Piper, Martha Cook
4
12/31/2011
30
20.99
26,153
5,349
March 23, 2012
DSU (Deferred Share
Units)
DSU (Deferred Share
Units)
DSU (Deferred Share
Units)
DSU (Deferred Share
Units)
DSU (Deferred Share
Units)
DSU (Deferred Share
Units)
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
PSOP (Performance
Share Ownership Plan)
PSOP (Performance
Share Ownership Plan)
RSU (Restricted Share
Units)
RSU (Restricted Share
Units)
Common Shares
DSU (Deferred Share
Units)
DSU (Deferred Share
Units)
DSU (Deferred Share
Units)
DSU (Deferred Share
Units)
DSU (Deferred Share
Units)
DSU (Deferred Share
Units)
DSU (Deferred Share
Units)
DSU (Deferred Share
Units)
DSU (Deferred Share
Units)
Common Shares
DSU (Deferred Share
Units)
DSU (Deferred Share
Units)
20.53
20.53
20.21
20.53
19.69
19.71
20.53
19.71
19.66
19.71
19.71
21.02
(2012) 35 OSCB 2954
Insider Reporting
Issuer Name
Security
Insider Name
DSU (Deferred Share
Units)
Executive Share Units
TransCanada Corporation
March 23, 2012
Common Shares
Common Shares
Common Shares
Feb. 25, 2002 @ $21.430
CDN
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Piper, Martha Cook
4
12/31/2011
35
21.21
27,351
1,198
Anderson, Brandon M.
Anderson, Brandon M.
Anderson, Ronald D.
Baggs, James M.
Becker, Steven D.
Bennett, Terry J.
Bertovic, Jasmin
Brett, Sean M.
Calantone, Carl S.
Cashin, John B
Charette, Gary C.
Clark, Stephen M.V.
Cook, Ronald L.
Coutts, Rick T.
Cowling, Robert Dean
DAVIS, MARY
CATHARINE
DeGrandis, Donald J.
7
7
5
5
5
7
7
7
5
5
7
5
5
7
5
7
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
59
59
59
59
59
59
59
59
59
59
59
59
59
59
59
59
6,220
6,533
7,688
5,861
3,120
3,926
3,709
4,068
1,963
4,526
5,193
5,419
5,676
3,875
2,053
-8,123
-6,861
-8,123
-8,562
-7,135
-3,773
-2,867
-4,277
-4,610
-2,688
-4,939
-6,037
-6,298
-5,550
-3,876
-2,069
5
5
5
5
5
03/13/2012
03/13/2012
03/13/2012
03/14/2012
03/13/2012
51
10
10
59
51
2,000
1,200
0
3,158
3,000
2,000
-800
-1,200
-3,807
-2,000
7, 5
5
7
5
5
7
7
5
5
7
5
5
7
7
7
7
7
7
7
7
7
7
7
7
5
5
5
5
5
5
5
7
7
7
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
7
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
03/14/2012
12/31/2011
12/31/2011
03/14/2012
12/31/2011
12/31/2011
03/14/2012
12/31/2011
12/31/2011
03/14/2012
12/31/2011
12/31/2011
03/14/2012
12/31/2011
12/31/2011
12/31/2011
03/14/2012
12/31/2011
12/31/2011
03/14/2012
12/31/2011
12/31/2011
03/14/2012
12/31/2011
12/31/2011
03/14/2012
12/31/2011
12/31/2011
03/14/2012
12/31/2011
12/31/2011
03/14/2012
12/31/2011
12/31/2011
03/14/2012
12/31/2011
12/31/2011
03/14/2012
12/31/2011
12/31/2011
03/14/2012
03/14/2012
59
59
59
59
59
59
59
59
59
59
59
59
30
30
59
30
30
59
30
30
59
30
30
59
30
30
30
59
30
30
59
30
30
59
30
30
59
30
30
59
30
30
59
30
30
59
30
30
59
30
30
59
59
8,116
4,310
5,894
5,194
59,778
6,334
5,166
5,862
8,408
2,633
5,411
11,309
605
624
3,179
6,242
6,503
5,649
4,561
4,750
5,426
4,629
4,822
4,055
2,207
2,295
141
6,543
1,472
1,529
3,615
4,094
4,264
5,676
9,657
10,067
4,507
3,611
3,751
17,363
5,091
5,300
4,743
7,729
8,050
6,994
17,016
17,737
14,412
9,030
9,381
14,412
3,837
-9,879
-4,336
-6,037
-6,037
-52,142
-6,943
-2,545
-7,094
-7,972
-2,670
-6,586
-12,486
264
19
-3,083
305
261
-6,408
281
189
-6,065
262
193
-5,017
262
88
6
-7,793
264
57
-4,130
264
170
-5,543
264
410
-5,543
599
140
-20,033
383
209
-5,434
473
321
-8,315
490
721
-16,191
1,444
351
-16,191
-4,502
Delkus, Kristine
EMOND, STEVE A.
Ferguson, Dean K.
Gateman, Richard N.
Girling, Russell
Goulet, Corey J.
Hachey, Michael E.
Hanrahan, Wendy
Hobbs, Lee G.
Hunter, Joel E.
Jenkins, Andrew K.
Johannson, Karl
Johnston, Christine R.
Jones, Robert E.
Jones, Robert E.
Jones, Robert E.
Keys, Patrick M.
Keys, Patrick M.
Keys, Patrick M.
King, Dan A.
King, Dan A.
King, Dan A.
Kohlenberg, David M.
Kruselnicki, Peter
Kruselnicki, Peter
Kruselnicki, Peter
Kunz, Kenneth W.
Kunz, Kenneth W.
Kunz, Kenneth W.
Lamb, Garry
Lamb, Garry
Lamb, Garry
Lohnes, Gregory Alan
MacGregor, Paul F.
MacGregor, Paul F.
MacGregor, Paul F.
Marchand, Donald R.
Marchand, Donald R.
Marchand, Donald R.
McConaghy, Dennis John
McMaster, Sean
McMaster, Sean
McMaster, Sean
McWilliams, John J.
21.43
44.39
44.38
40.61
39.52
40.61
39.17
40.62
39.18
40.63
39.17
40.6
39.22
39.13
40.6
39.27
40.6
39.18
40.6
39.15
40.6
39.25
40.63
39.18
40.66
39.17
40.62
39.15
40.6
39.25
(2012) 35 OSCB 2955
Insider Reporting
Issuer Name
Security
Insider Name
TransGlobe Apartment Real
Estate Investment Trust
TransGlobe Energy
Corporation
TransGlobe Energy
Corporation
TransGlobe Energy
Corporation
TransGlobe Energy
Corporation
TransGlobe Energy
Corporation
TransGlobe Energy
Corporation
TransGlobe Energy
Corporation
TransGlobe Energy
Corporation
TransGlobe Energy
Corporation
Trelawney Mining and
Exploration Inc.
Trican Well Service Ltd.
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Trust Units
March 23, 2012
Rel'n
Transaction
Date
T/O
MEIER, VERN J.
Menuz, G. Glen
Menuz, G. Glen
Menuz, G. Glen
Miller, Paul E.
Miller, Paul E.
Miller, Paul E.
Moneta, David B.
Moneta, David B.
Moneta, David B.
Montemurro, David
Montemurro, David
Montemurro, David
Murray, Geoff
Palmer, Anthony M.
Palmer, Anthony M.
Palmer, Anthony M.
Patry, Dean C.
Pohlod, Stefan
Pohlod, Stefan
Pohlod, Stefan
Pourbaix, Alex
Pourbaix, Alex
Pourbaix, Alex
Samuel, Murray J.
Samuel, Murray J.
Samuel, Murray J.
Scaman, Garnet J.
Scaman, Garnet J.
Scaman, Garnet J.
Schock, Steven
Schock, Steven
Schock, Steven
SOINI, JOHN F.
Tate, Kenneth R.
Tate, Kenneth R.
Tate, Kenneth R.
Taylor, William C.
Van der Put, Jan
Wishart, Donald M.
Wishart, Donald M.
Wishart, Donald M.
Zimmerman, Mark A.P.
Veiner, Leslie
7
5
5
5
7
7
7
7
7
7
7
7
7
7
5
5
5
7
7
7
7
5
5
5
5
5
5
7
7
7
5
5
5
7
7
7
7
5
7
5
5
5
7
5
03/14/2012
12/31/2011
12/31/2011
03/14/2012
12/31/2011
12/31/2011
03/14/2012
12/31/2011
12/31/2011
03/14/2012
12/31/2011
12/31/2011
03/14/2012
03/14/2012
12/31/2011
12/31/2011
03/14/2012
03/14/2012
12/31/2011
12/31/2011
03/14/2012
12/31/2011
12/31/2011
03/14/2012
12/31/2011
12/31/2011
03/14/2012
12/31/2011
12/31/2011
03/14/2012
12/31/2011
12/31/2011
03/14/2012
03/14/2012
12/31/2011
12/31/2011
03/14/2012
03/14/2012
03/14/2012
12/31/2011
12/31/2011
03/14/2012
03/14/2012
12/30/2011
59
30
30
59
30
30
59
30
30
59
30
30
59
59
30
30
59
59
30
30
59
30
30
59
30
30
59
30
30
59
30
30
59
59
30
30
59
59
59
30
30
59
59
30
Common Shares
Chase, Geoffrey Charles
4
03/09/2012
Common Shares
4
Options
Common Shares
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
10.76
4,081
1,549
1,608
6,325
4,041
4,206
6,806
7,051
7,351
4,514
1,731
1,804
4,518
3,454
1,786
1,855
5,405
5,349
7,448
7,762
4,623
13,999
14,576
42,249
7,084
7,382
5,635
11,295
11,767
4,055
7,880
8,201
6,757
6,143
5,354
5,577
4,061
9,082
3,607
11,256
11,723
30,722
4,960
2,706
-4,157
300
59
-7,245
340
165
-6,792
162
300
-5,310
63
73
-5,186
-4,116
303
69
-6,792
-10,675
275
314
-5,557
988
577
-52,142
300
298
-6,861
575
472
-5,017
737
321
-8,452
-2,367
291
223
-4,830
-8,850
-4,391
708
467
-34,784
-6,037
176
51
4.27
76,500
16,500
03/09/2012
10
11.68
40,000
-36,500
4
03/09/2012
51
4.27
143,400
-16,500
Gress, Albert
5
03/13/2012
51
5.27
12,500
5,000
Common Shares
Gress, Albert
5
03/13/2012
10
12.1
7,500
-5,000
Options
Gress, Albert
5
03/13/2012
51
5.27
189,100
-5,000
Common Shares
Herrick, Lloyd William
4, 5
03/09/2012
10
11.73
513,721
-30,400
Common Shares
NOYES, Erwin Lewis
4
03/14/2012
10
12.05
51,647
-25,200
Common Shares
NOYES, Erwin Lewis
4
03/14/2012
10
12.1
46,047
-5,600
Common Shares
Irwin, Christopher
4
03/14/2012
10
2.25
31,800
8,800
Options
Performance Unit Awards
(PSUs)
(PSUs)
(PSUs)
Common Shares
Common Shares
Common Shares
Common Shares
Options
Baldwin, Michael Andrew
5
03/08/2012
50
18.03
222,750
18,350
5
03/08/2012
56
18.03
11,300
3,600
5
03/08/2012
56
18.03
14,900
3,600
5
03/08/2012
56
18.03
18,500
3,600
Brooks, Gilbert Allen
Brooks, Gilbert Allen
Browne, David James
Browne, David James
Browne, David James
4
4
5
5
5
03/15/2012
03/15/2012
12/31/2011
12/31/2011
03/08/2012
10
10
30
30
50
16.3
16.29
24.7
14.71
18.03
1,300
3,000
15,136
15,246
63,600
1,300
1,700
79
110
10,600
40.6
39.28
40.71
39.19
40.6
39.15
40.8
39.16
40.63
39.26
40.62
39.16
40.81
39.18
40.6
39.16
40.63
39.17
40.6
39.2
40.6
39.17
40.59
39.18
(2012) 35 OSCB 2956
Insider Reporting
Issuer Name
Security
Insider Name
(PSUs)
(PSUs)
(PSUs)
(PSUs)
Common Shares
Common Shares
Options
(PSUs)
(PSUs)
(PSUs)
Common Shares
Common Shares
Common Shares
Options
(PSUs)
(PSUs)
(PSUs)
Options
(PSUs)
(PSUs)
(PSUs)
Options
Options
(PSUs)
(PSUs)
(PSUs)
(PSUs)
Common Shares
Options
(PSUs)
(PSUs)
(PSUs)
Options
(PSUs)
(PSUs)
(PSUs)
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
March 23, 2012
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Browne, David James
5
07/18/2011
00
Browne, David James
5
03/08/2012
56
18.03
2,067
2,067
Browne, David James
5
03/08/2012
56
18.03
4,134
2,067
Browne, David James
5
03/08/2012
56
18.03
6,200
2,066
Cox, Robert, John
Cox, Robert, John
Cox, Robert, John
5
5
5
12/31/2011
12/31/2011
03/08/2012
30
30
50
24.04
24.04
18.03
3,242
3,245
224,150
10
3
17,350
Cox, Robert, John
5
03/08/2012
56
18.03
10,600
3,400
Cox, Robert, John
5
03/08/2012
56
18.03
14,000
3,400
Cox, Robert, John
5
03/08/2012
56
18.03
17,400
3,400
Croft, Bonita Maria
Croft, Bonita Maria
Croft, Bonita Maria
Croft, Bonita Maria
5
5
5
5
12/31/2011
12/31/2011
12/31/2011
03/08/2012
30
30
30
50
24.04
24.04
24.04
18.03
1,006
1,009
2,575
175,800
1
3
10
12,600
Croft, Bonita Maria
5
03/08/2012
56
18.03
8,217
2,467
Croft, Bonita Maria
5
03/08/2012
56
18.03
10,684
2,467
Croft, Bonita Maria
5
03/08/2012
56
18.03
13,150
2,466
Dusterhoft, Dale M.
5
03/08/2012
50
18.03
481,150
49,950
Dusterhoft, Dale M.
5
03/08/2012
56
18.03
27,534
9,834
Dusterhoft, Dale M.
5
03/08/2012
56
18.03
37,367
9,833
Dusterhoft, Dale M.
5
03/08/2012
56
18.03
47,200
9,833
Jahrig, Randy John
5
03/05/2012
00
Jahrig, Randy John
5
03/08/2012
50
18.03
30,000
30,000
Jahrig, Randy John
5
03/05/2012
00
Jahrig, Randy John
5
03/08/2012
56
18.03
2,167
2,167
Jahrig, Randy John
5
03/08/2012
56
18.03
4,334
2,167
Jahrig, Randy John
5
03/08/2012
56
18.03
6,500
2,166
Jones, David R.
Jones, David R.
5
5
12/31/2011
03/08/2012
30
50
24.04
18.03
152
77,600
1
11,300
Jones, David R.
5
03/08/2012
56
18.03
7,084
2,234
Jones, David R.
5
03/08/2012
56
18.03
9,317
2,233
Jones, David R.
5
03/08/2012
56
18.03
11,550
2,233
Kelly, Michael Grant
5
03/08/2012
50
18.03
203,350
23,350
5
03/08/2012
56
18.03
13,284
4,634
5
03/08/2012
56
18.03
17,917
4,633
5
03/08/2012
56
18.03
22,550
4,633
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
4, 5
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/13/2012
03/13/2012
03/15/2012
03/15/2012
51
10
10
10
10
10
10
10
10
51
10
51
10
3.02
17.15
17.16
17.17
17.18
17.19
17.2
17.24
17.25
3.02
17
3.02
16.34
846,250
837,700
837,400
837,200
836,100
835,700
835,000
834,900
834,800
906,500
834,800
834,900
834,800
11,450
-8,550
-300
-200
-1,100
-400
-700
-100
-100
71,700
-71,700
100
-100
Luft, Donald R.
Luft, Donald R.
Luft, Donald R.
Luft, Donald R.
Luft, Donald R.
Luft, Donald R.
Luft, Donald R.
Luft, Donald R.
Luft, Donald R.
Luft, Donald R.
Luft, Donald R.
Luft, Donald R.
Luft, Donald R.
(2012) 35 OSCB 2957
Insider Reporting
Issuer Name
Security
Insider Name
Options
Options
Options
Options
(PSUs)
(PSUs)
(PSUs)
Options
(PSUs)
(PSUs)
(PSUs)
Common Shares
Common Shares
Options
(PSUs)
(PSUs)
(PSUs)
Options
(PSUs)
(PSUs)
(PSUs)
(PSUs)
Options
Trimel Pharmaceuticals
Corporation (formerly J5
Acquisition Corp.)
Acquisition Corp.)
Acquisition Corp.)
Acquisition Corp.)
Acquisition Corp.)
Acquisition Corp.)
Acquisition Corp.)
Acquisition Corp.)
Trinidad Drilling Ltd.
March 23, 2012
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Luft, Donald R.
4, 5
03/08/2012
50
18.03
546,250
46,800
Luft, Donald R.
4, 5
03/12/2012
51
3.02
534,800
-11,450
Luft, Donald R.
4, 5
03/13/2012
51
3.02
463,100
-71,700
Luft, Donald R.
4, 5
03/15/2012
51
3.02
463,000
-100
Luft, Donald R.
4, 5
03/08/2012
56
18.03
26,900
9,200
Luft, Donald R.
4, 5
03/08/2012
56
18.03
36,100
9,200
Luft, Donald R.
4, 5
03/08/2012
56
18.03
45,300
9,200
Price, Kelly L
2
03/08/2012
50
18.03
115,150
17,350
Price, Kelly L
2
03/08/2012
56
18.03
10,600
3,400
Price, Kelly L
2
03/08/2012
56
18.03
14,000
3,400
Price, Kelly L
2
03/08/2012
56
18.03
17,400
3,400
Redmond, Steven, Jeffrey
5
5
5
12/31/2011
12/31/2011
03/08/2012
30
30
50
24.04
24.04
18.03
2,808
2,811
126,600
8
3
11,300
5
03/08/2012
56
18.03
7,084
2,234
5
03/08/2012
56
18.03
9,317
2,233
5
03/08/2012
56
18.03
11,550
2,233
Venditto, James
5
03/08/2012
50
18.03
78,400
13,400
Venditto, James
5
07/18/2011
00
Venditto, James
5
03/08/2012
56
18.03
2,634
2,634
Venditto, James
5
03/08/2012
56
18.03
5,267
2,633
Venditto, James
5
03/08/2012
56
18.03
7,900
2,633
Butler, James Robert
4
03/12/2012
50
3.3
50,000
25,000
Options
Davis, Larry Allan
4
03/12/2012
50
3.3
50,000
25,000
Options
Deeth, Douglas Norman
4
03/12/2012
50
75,000
25,000
Options
Friedrichsen, John
4
03/12/2012
50
3.3
50,000
25,000
Options
Gregory, Stephen Robert
4
03/12/2012
50
3.3
50,000
25,000
Options
Howling, Ken
5
03/12/2012
50
3.3
545,000
75,000
Options
Rossi, Tommaso (Tom)
5
03/12/2012
50
3.3
1,253,125
428,125
Options
Sherman, Jeffrey Dennis
4
03/12/2012
50
3.3
50,000
25,000
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Common Shares
Bolster, Lesley Marie
5
10/04/2011
35
5
10/04/2011
35
18,569
147
5
03/12/2012
56
46,817
28,125
Clemett, Jason John
5
10/04/2011
35
Clemett, Jason John
5
10/04/2011
35
78,786
622
Clemett, Jason John
5
03/12/2012
56
195,824
67,733
Conway, Brent John
5
03/10/2008
00
97
242
(2012) 35 OSCB 2958
Insider Reporting
Issuer Name
Security
Insider Name
Common Shares
Common Shares
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Common Shares
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Options
TriStar Gold Inc.
Triumph Ventures II
Corporation
Troy Resources Limited
Date/Month End
Holdings
Acquired/
Disposed
30
30
35
3,400
9,430
3,400
1,219
827
10/03/2011
35
227,457
1,797
5
03/12/2012
56
247,284
80,128
Lachance, Adrian Victor
5
10/03/2011
35
5
10/03/2011
35
183,407
1,449
5
03/12/2012
56
189,901
61,337
Oke, Edward Langdon
Oke, Edward Langdon
5
5
03/12/2012
10/04/2011
30
35
10,599
2,379
161
Oke, Edward Langdon
5
10/04/2011
35
47,248
373
Oke, Edward Langdon
5
03/12/2012
56
56,463
20,000
Powers, Lewis Wetzel Jody
4
03/14/2012
52
0
-43,486
Common Shares
Common Shares
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Rights Performance
Share Units
Common Shares
Common Shares
Reinboldt, Darcy Donald
5
5
5
02/13/2012
03/12/2012
03/12/2012
00
30
56
1,081
119,227
1,081
35,000
Whitmarsh, Lyle Clarence
4
10/03/2011
35
4
10/03/2011
35
4
03/12/2012
56
4
03/12/2012
56
4
3, 4
03/12/2012
03/15/2012
10
10
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Common Shares
Doyle, Peter James
Doyle, Peter James
Doyle, Peter James
Doyle, Peter James
Doyle, Peter James
Doyle, Peter James
Doyle, Peter James
Parish, Clement Robin
Woodbine
Bureau, Jean-François
Carrière, Germain
de Villers, André
Désy, Pierre
Husman, James Richard
Marcotte, Jacques
McDonald, W. Barry
Cooperman, Michael
Cooperman, Michael
Cooperman, Michael
Cooperman, Michael
Woroch, David John
GILL, HARJINDER SINGH
GILL, HARJINDER SINGH
Interinvest Corporation
Sonnenreich, Michael
Glaspey, Douglas J
Glaspey, Douglas J
Glaspey, Douglas J
Glaspey, Douglas J
Glaspey, Douglas J
Hawkley, Kerry Don
Hawkley, Kerry Don
Kunz, Daniel
Kunz, Daniel
Larkin, Paul Anthony
Larkin, Paul Anthony
5
5
5
5
5
5
5
4
01/01/2008
03/13/2012
03/13/2012
03/13/2012
03/14/2012
03/13/2012
03/13/2012
03/13/2012
00
51
99
10
10
99
51
10
3
03/13/2012
10
4
4
4
4
4
4
4
5
5
5
5
5
5
5
3
3
3
3
4
4, 5
4, 5
4, 5
4, 5
4, 5
5
5
3, 4, 5
3, 4, 5
4, 5
4, 5
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
03/13/2012
02/27/2012
02/27/2012
02/27/2012
02/27/2012
03/15/2012
01/09/2012
03/09/2012
03/09/2012
03/12/2012
03/13/2012
03/14/2012
01/13/2012
03/12/2012
03/16/2012
03/16/2012
03/16/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
50
50
50
50
50
50
50
90
90
90
90
10
00
50
10
10
10
10
54
57
10
10
10
57
57
57
57
57
57
57
Trueclaim Exploration Inc.
Common Shares
TSO3 inc.
TSO3 inc.
TSO3 inc.
TSO3 inc.
TSO3 inc.
TSO3 inc.
TSO3 inc.
Tucows Inc.
Tucows Inc.
Tucows Inc.
Tucows Inc.
Tucows Inc.
Tyhee Gold Corp.
Tyhee Gold Corp.
Tyhee Gold Corp.
Tyhee Gold Corp.
Tyhee Gold Corp.
Tyhee Gold Corp.
Tyhee Gold Corp.
U.S. Geothermal Inc.
Options
Options
Options
Options
Options
Options
Options
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Options
Common Shares
Common Shares
Common Shares
Common Shares
Warrants
Common Shares
Common Shares
Common Shares
Common Shares
Rights
Common Shares
Rights
Common Shares
Rights
Common Shares
Rights
March 23, 2012
Rel'n
Transaction
Date
T/O
Conway, Brent John
Conway, Brent John
Conway, Brent John
5
5
5
03/12/2012
03/12/2012
10/03/2011
Conway, Brent John
5
Conway, Brent John
Jones, III, Mark E.
Dulmage, Stephen
Unit
Price
569
13.44
1,591
429,819
3,396
240,233
557,908
240,233
0.36
0.25
3,320,751
290,000
20,000
40,000
2.5071
2.5071
4.6507
50,000
56,000
29,000
6,000
3,500
400,000
4,306,507
50,000
6,000
-27,000
-23,000
-6,000
-50,000
-45,000
0.075
216,284
-148,000
17,500
92,903
49,903
21,000
17,500
59,903
111,045
148,750
182,394
3,500
7,000
3,500
3,500
3,500
3,500
3,500
-135,000
-135,000
135,000
135,000
10,000
800,000
48,229,555
48,379,555
48,479,555
48,679,555
0
574,557
14,500
13,800
7,500
0
125,000
0
2,521,026
0
298,068
0
800,000
150,000
150,000
100,000
200,000
-11,111,111
31,666
-500
-700
-6,300
-31,666
8,333
-8,333
50,000
-50,000
3,334
-3,334
4.6567
4.6148
0.3903
0.88
0.3903
0.88
1.05
0.11
0.105
0.105
0.1
0.1
0.58
0.553
0.555
0.5528
0.58
0.58
0.58
100
(2012) 35 OSCB 2959
Insider Reporting
Issuer Name
Security
U.S. Silver Corporation
U3O8 Corp.
UEX Corporation
UEX Corporation
UEX Corporation
UEX Corporation
UEX Corporation
UEX Corporation
Unigold Inc.
Unigold Inc.
Unigold Inc.
Unigold Inc.
United Corporations Limited
Common Shares
Rights
Common Shares
Rights
Common Shares
Rights
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Warrants
Warrants
Common Shares
Insider Name
Mink, Leland
Mink, Leland
Walker, John Howard
Walker, John Howard
Zurkoff, Jonathan
Zurkoff, Jonathan
Ryley, Thomas Lovett
Inwentash, Sheldon
Boney, Edward
Boney, Edward
Cameco Corporation
Cameco Corporation
Lee, Nan H
Lee, Nan H
Acero, Jose Ignacio
Acero, Jose Ignacio
Acero, Jose Ignacio
Acero, Jose Ignacio
United-Connected Holdings
Corp.
United Corporations Limited Common Shares
Corp.
United Corporations Limited Common Shares
Corp.
Ur-Energy Inc.
Common Shares
Parker, Thomas Howard
Uranium Focused Energy
Trust Units
Uranium Focused Energy
Fund
Fund
Uranium One Inc.
Options
Adams, Andrew Bell
Uranium One Inc.
Rights Restricted Shares Heyns, Thys
Uranium One Inc.
Rights Restricted Shares Heyns, Thys
Uranium One Inc.
Options
Telfer, Ian William
Uranium One Inc.
Options
Williamson, Kenneth Frank
Vecima Networks Inc.
Vermilion Energy Inc.
Vero Energy Inc.
Vero Energy Inc.
Vero Energy Inc.
Vero Energy Inc.
Vero Energy Inc.
Visible Gold Mines Inc.
Visible Gold Mines Inc.
Vista Gold Corp.
Vista Gold Corp.
Vista Gold Corp.
Vista Gold Corp.
Vista Gold Corp.
Vista Gold Corp.
Vista Gold Corp.
Vista Gold Corp.
Vista Gold Corp.
Vista Gold Corp.
Vista Gold Corp.
Wajax Corporation
Wajax Corporation
Wajax Corporation
Wajax Corporation
Wajax Corporation
Wajax Corporation
March 23, 2012
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Rights Share Awards
Rights Share Awards
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Options
Options
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Warrants
Warrants
Warrants
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Kumar, Surinder Ghai
Hicks, Curtis W.
Hicks, Curtis W.
Hicks, Curtis W.
Mac Dougall, G.R. (Bob)
Madison, William F.
Madison, William F.
Patel, Dhirajlal
Patel, Dhirajlal
Patel, Dhirajlal
Sider, Peter
Bachynski, Robert
Bartole, Doug
Gilewicz, Gerald
Manchester, Shane
Yakiwchuk, Kevin
Inwentash, Sheldon
Clark, John
Clark, John
Sun Valley Gold LLC
Sun Valley Gold LLC
Sun Valley Gold LLC
Sun Valley Gold LLC
Sun Valley Gold LLC
Sun Valley Gold LLC
Sun Valley Gold LLC
Sun Valley Gold LLC
Sun Valley Gold LLC
Foote, Alan Mark
Foote, Alan Mark
Foote, Alan Mark
Foote, Alan Mark
Foote, Alan Mark
Foote, Alan Mark
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
4
4
4
4
5
5
4
4
5
5
3
3
5
5
4
4
4
4
3
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/15/2012
04/04/2011
03/13/2012
03/13/2012
03/14/2012
04/19/2011
03/13/2012
02/17/2003
03/08/2012
02/17/2003
03/08/2012
03/09/2012
57
57
57
57
57
57
10
10
00
15
15
16
00
15
00
16
00
16
10
0.58
2.3258
0.51
55,000
0
10,000
0
95,000
0
100,000
3,584,861
3,334
-3,334
3,334
-3,334
31,666
-31,666
50,000
3,000
0.8
0.8
0.84
25,000
49,069,171
50,020,427
25,000
3,208,902
951,256
0.8
25,000
25,000
0.3
667,000
667,000
50.0233
333,500
2,854,342
333,500
6,900
3
03/12/2012
10
49.99
2,855,242
900
3
03/14/2012
10
50.32
2,855,942
700
4
1
03/09/2012
03/06/2012
10
38
1.1875
2.73
24,011
18,405,885
15,000
1,000
4
5
5
4, 5
4
03/15/2012
11/29/2010
11/29/2010
03/15/2012
03/15/2012
50
57
57
50
50
3.21
450,000
3.21
3.21
0
1,370,000
450,000
120,000
-21,000
-21,000
240,000
120,000
3, 4, 5
3, 4, 5
3, 4, 5
5
5
5
5
5
5
5
5
5
5
5
5
5
4
4
5
5
5
5
5
4, 5
5
5
5
3, 6
3
4
4
3
3
3
3
3
3
3
3
3
4
4
4
4
4
4
03/12/2012
03/12/2012
03/12/2012
03/08/2012
03/12/2012
12/31/2011
03/08/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
12/31/2011
12/31/2011
12/31/2011
12/31/2011
12/31/2011
03/09/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/12/2012
03/15/2012
03/15/2012
05/17/2011
05/17/2011
04/20/2011
01/19/2012
01/19/2012
03/08/2012
03/12/2012
01/19/2012
04/20/2011
03/16/2012
03/16/2012
03/09/2012
03/09/2012
03/12/2012
03/13/2012
03/13/2012
03/14/2012
10
10
10
10
10
30
10
10
10
10
10
10
10
10
10
10
30
30
30
30
30
10
30
30
30
30
22
10
10
51
51
00
97
10
10
10
97
00
97
97
10
10
10
10
10
10
0.58
0.58
3.6
3.7
3.79
48.36
48.75
47.75
48.41
48.6
48.61
48.62
48.5
48.51
48.58
48.59
48.52
48.53
47.1
47.1
48.2
3.28
3.28
3.28
3.28
3.28
0.1324
0.1324
3.3
3.4065
3.3554
47.85
47.72
47.32
46.4
46.39
46.92
79,700
79,900
80,400
120,970
115,970
12,123
74,518
74,018
73,618
73,518
73,418
73,218
72,918
71,718
71,618
71,518
49,343
10,102
101,876
949,477
102,313
304,016
412,180
4,500,000
4,500,000
159,485
164,227
300
200
500
-10,000
-5,000
939
-2,000
-500
-400
-100
-100
-200
-300
-1,200
-100
-100
595
595
4
4
3
-1,036
537
735
537
537
537
-400,000
-400,000
-4,742
4,742
8,884,255
8,906,305
8,907,305
8,971,331
0
8,884,255
22,050
1,000
64,026
-8,884,255
2,173,913
0
900
1,000
1,500
1,900
2,000
2,500
2,173,913
-2,173,913
400
100
500
400
100
500
(2012) 35 OSCB 2960
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Wallbridge Mining Company
Limited
Wand Capital Corporation
Waseco Resources Inc.
Common Shares
Bailey, Joshua
5
03/16/2012
10
0.18
172,527
20,000
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Common Shares
Waseco Resources Inc.
Common Shares
West Fraser Timber Co. Ltd. Common Shares
Drimmer, Daniel
Drimmer, Daniel
Liddell, Martin
McKee, Robert
Ossip, Alon Samuel
Howe, Arthur Cresswell
Aspinwall
Howe, Arthur Cresswell
Aspinwall
Hutchinson, Rodger
4
4
5
4
4
4, 5
03/09/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
03/09/2012
00
00
00
00
00
46
0.07
4, 5
03/09/2012
10
0.07
420,000
130,000
5
03/15/2012
10
51.31
0
-687
Western Potash Corp.
Options
Westport Innovations Inc.
Common Shares
Lock, Richard Philip
5
02/27/2012
00
Douglas, Kevin
3
03/13/2012
10
44.76
1,514,721
Common Shares
Douglas, Kevin
3
03/14/2012
10
43.29
1,522,484
7,763
Common Shares
Douglas, Kevin
3
03/14/2012
10
44.38
1,544,975
22,491
Common Shares
Douglas, Kevin
3
03/13/2012
10
44.76
2,897,313
100,215
Common Shares
Douglas, Kevin
3
03/14/2012
10
43.29
2,907,856
10,543
Common Shares
Douglas, Kevin
3
03/14/2012
10
44.38
2,951,515
43,659
Common Shares
Douglas, Kevin
3
03/13/2012
10
44.76
871,412
23,804
Common Shares
Douglas, Kevin
3
03/14/2012
10
43.29
873,916
2,504
Common Shares
Douglas, Kevin
3
03/14/2012
10
44.38
887,146
13,230
Common Shares
Douglas, Kevin
3
03/13/2012
10
44.76
1,830,105
134,889
Common Shares
Douglas, Kevin
3
03/14/2012
10
43.29
1,844,295
14,190
Common Shares
Douglas, Kevin
3
03/14/2012
10
44.38
1,897,215
52,920
Common Shares
Wong, Elaine
5
03/07/2012
57
21,329
600
Common Shares
Wong, Elaine
5
03/07/2012
57
21,629
300
Common Shares
Wong, Elaine
5
03/07/2012
57
21,929
300
Common Shares
Wong, Elaine
5
03/07/2012
57
25,729
3,800
Common Shares
Wong, Elaine
5
03/07/2012
57
25,753
24
Common Shares
Wong, Elaine
5
03/07/2012
57
32,753
7,000
Common Shares
Wong, Elaine
5
03/07/2012
57
32,829
76
Common Shares
Wong, Elaine
5
03/07/2012
57
38,329
5,500
Common Shares
Wong, Elaine
5
03/07/2012
57
38,429
100
Common Shares
Wong, Elaine
5
03/07/2012
57
38,629
200
Common Shares
Wong, Elaine
5
03/07/2012
57
39,229
600
Common Shares
Wong, Elaine
5
03/07/2012
57
45,729
6,500
Performance Share Units Wong, Elaine
5
03/07/2012
57
250,576
-600
5
03/07/2012
57
250,276
-300
5
03/07/2012
57
249,976
-300
5
03/07/2012
57
246,176
-3,800
5
03/07/2012
57
246,152
-24
5
03/07/2012
57
239,152
-7,000
11,250,000
2,500,000
750,000
500,000
3,250,000
130,000
300,000
73,792
5
03/07/2012
57
239,076
-76
5
03/07/2012
57
233,576
-5,500
5
03/07/2012
57
233,476
-100
5
03/07/2012
57
233,276
-200
5
03/07/2012
57
232,676
-600
5
03/07/2012
57
226,176
-6,500
4, 6, 5
03/15/2012
10
1
3,268,092
2,000
19,802
Wheels Group Inc. (formerly, Common Shares
Greenfield Financial Group
Inc.)
Wi-LAN Inc.
Options Warrants
Bramson, Robert S.
4
03/09/2012
50
5.05
106,802
Wi-LAN Inc.
Options Warrants
Fattouche, Michel
4
03/09/2012
50
5.05
131,802
19,802
Wi-LAN Inc.
Options Warrants
Gillberry, John Kendall
4
03/09/2012
50
5.05
106,802
19,802
Ward, J. R. Kingsley
Wi-LAN Inc.
Options Warrants
Jenkins, William Keith
4
03/09/2012
50
5.05
131,802
19,802
Wi-LAN Inc.
Options Warrants
McCarten, W. Paul
4
03/09/2012
50
5.05
66,213
19,802
Wi-LAN Inc.
Options Warrants
Roche, James Norman
4
03/09/2012
50
5.05
66,213
19,802
Wi-LAN Inc.
Options Warrants
Shorkey, Richard John
4
03/09/2012
50
5.05
136,802
19,802
Wi-LAN Inc.
Common Shares
Skippen, James
4, 5
03/09/2012
10
5.06
419,500
1,200
Wi-LAN Inc.
Common Shares
Skippen, James
4, 5
03/09/2012
10
5.07
423,300
3,800
Wi-LAN Inc.
Common Shares
Skippen, James
4, 5
03/12/2012
10
5.1
427,400
4,100
March 23, 2012
(2012) 35 OSCB 2961
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
Wi-LAN Inc.
Common Shares
Skippen, James
4, 5
03/13/2012
10
5.12
430,400
3,000
Wi-LAN Inc.
Common Shares
Skippen, James
4, 5
03/14/2012
10
5.23
433,000
2,600
Wi-LAN Inc.
Common Shares
Skippen, James
4, 5
03/15/2012
10
5.28
437,000
4,000
Wi-LAN Inc.
Common Shares
Skippen, James
4, 5
03/15/2012
10
5.25
439,000
2,000
Wi-LAN Inc.
Options Warrants
Skippen, James
4, 5
03/09/2012
50
5.05
1,780,000
400,000
Wi-LAN Inc.
Common Shares
Vladescu, Michael
5
03/14/2012
10
5.24
6,000
5,000
Wild Stream Exploration Inc. Common Shares
Burton, David Jonathan
5
03/15/2012
51
9.75
152,474
59,974
5
03/15/2012
22
0
-152,474
5
03/15/2012
22
0
-257,400
Wild Stream Exploration Inc. Options
5
03/15/2012
51
90,000
-160,000
5
03/15/2012
52
0
-90,000
Colborne, Paul
4
03/12/2012
54
1.8
160,993
138,893
Colborne, Paul
4
03/14/2012
51
9.9
225,993
65,000
Colborne, Paul
4
03/14/2012
51
32,500
-65,000
Wild Stream Exploration Inc. Warrants
Colborne, Paul
4
03/12/2012
54
0
-138,893
Fink, George Frederick
4
03/14/2012
51
6.4
380,400
65,000
Fink, George Frederick
4
03/14/2012
51
6.4
32,500
-65,000
Mack, Raymond
4
03/14/2012
51
6.4
85,433
65,000
Mack, Raymond
4
03/15/2012
22
0
-85,433
Mack, Raymond
4
03/15/2012
22
0
-13,889
Mack, Raymond
4
03/14/2012
51
6.4
52,500
-65,000
Mack, Raymond
4
03/15/2012
38
9.82
32,500
-20,000
Mack, Raymond
4
03/15/2012
38
10.95
0
-32,500
Mitchell, Paul Leslie
5
03/13/2012
51
6.4
1,061,300
180,000
5
03/14/2012
22
0
-1,061,300
5
03/13/2012
51
90,000
-180,000
Olson, Kevin
4
03/14/2012
51
689,067
65,000
Olson, Kevin
4
03/14/2012
51
162,500
65,000
Olson, Kevin
4
03/14/2012
99
97,500
-65,000
Olson, Kevin
4
03/14/2012
51
32,500
-65,000
Olson, Kevin
4
03/15/2012
52
0
-32,500
ROBERTSON, BRUCE
5
03/14/2012
51
2,682,112
61,846
ROBERTSON, BRUCE
5
03/14/2012
51
90,000
-180,000
ROBERTSON, BRUCE
5
03/15/2012
52
0
-90,000
ROSZELL, NEIL
4
03/14/2012
51
2,060,011
82,462
JACK
6.4
ROSZELL, NEIL
JACK
4
03/14/2012
51
120,000
-240,000
ROSZELL, NEIL
JACK
4
03/15/2012
52
0
-120,000
5
03/14/2012
51
478,813
61,846
5
03/14/2012
51
90,000
-180,000
5
03/14/2012
52
0
-90,000
SAPIEHA, JERRY
MICHAEL
SAPIEHA, JERRY
MICHAEL
SAPIEHA, JERRY
MICHAEL
Saxberg, Scott
4
03/08/2012
54
1.8
590,732
277,774
Saxberg, Scott
4
03/14/2012
51
9.9
March 23, 2012
65,000
(2012) 35 OSCB 2962
Insider Reporting
Issuer Name
Security
Insider Name
Rel'n
Transaction
Date
T/O
Unit
Price
Date/Month End
Holdings
Acquired/
Disposed
6.4
655,732
65,000
32,500
-65,000
0
-277,774
74,000
-4,000
Saxberg, Scott
4
03/14/2012
51
Saxberg, Scott
4
03/14/2012
51
Wild Stream Exploration Inc. Warrants
Saxberg, Scott
4
03/08/2012
54
Xtreme Coil Drilling Corp.
Options
Beattie, Leona Ann
5
03/10/2012
52
Yaletown Capital Corp.
Common Shares
Allen, Neil Stuart
4
03/13/2012
00
Yangarra Resources Ltd.
Common Shares
Faminow, Randall
5
03/15/2012
54
Warrants
Faminow, Randall
5
10/24/2011
00
Warrants
Faminow, Randall
5
03/14/2012
Warrants
Faminow, Randall
5
03/15/2012
Common Shares
Glessing, James, Alan
5
Warrants
5
Warrants
5
03/13/2012
Warrants
5
03/15/2012
Yoho Resources Inc.
Options
4
Yoho Resources Inc.
Options
4
March 23, 2012
10.84
410,000
0.5
358,500
100,000
11
0.5
100,000
100,000
54
0.5
0
-100,000
03/15/2012
54
0.5
391,100
100,000
12/01/2010
00
10
0.5
100,000
100,000
54
0.5
0
-100,000
02/21/2012
50
3.29
02/22/2012
50
3.29
25,000
95,000
25,000
(2012) 35 OSCB 2963
Insider Reporting
March 23, 2012
(2012) 35 OSCB 2964
Chapter 8
Notice of Exempt Financings
REPORTS OF TRADES SUBMITTED ON FORMS 45-106F1 AND 45-501F1
Transaction
Date
No. of
Purchasers
01/01/2011 to
12/31/2011
131
01/01/2011 to
12/31/2011
Issuer/Security
Total
Purchase
Price ($)
No. of
Securities
Distributed
Acker Finley Select Canada Focus Fund - Trust Units
1,283,829.30
145,497.04
177
Acker Finley Select US Value 50 Fund - Trust Units
2,342,626.90
687,080.83
12/31/2010 to
12/23/2011
39
Addenda Bond Pooled Fund - Trust Units
130,654,137.0
0
10,369,242.00
03/01/2011 to
12/16/2011
20
Addenda Corporate Bond Pooled Fund - Trust Units
27,145,000.00
2,569,968.00
07/08/2011
5
Addenda International Equity Pooled Fund - Trust Units
1,768,000.00
21,913.00
12/31/2010 to
06/17/2011
26
Addenda Long Term Corporate Bond Pooled Fund Trust Units
35,867,000.00
4,414,836.00
12/31/2010 to
07/08/2011
18
Addenda Long Term Government Bond Pooled Fund Trust Units
35,860,125.00
3,492,612.00
02/21/2012
6
Advanced Proteome Therapeutics Corporation Common Shares
34,999.92
583,332.00
02/23/2012 to
02/24/2012
25
Americas Petrogas Inc. - Common Shares
70,759,500.00
20,217,000.00
06/30/2011 to
12/31/2011
5
Anchorage Capital Partners Offshore, Ltd. - Common
Shares
232,689,600.0
0
N/A
02/03/2012 to
02/13/2012
23
Argent Energy Trust - Trust Units
1,865,000.00
0.00
02/13/2012
13
AT&T Inc. - Notes
39,941,500.00
N/A
02/22/2011 to
03/03/2011
12
Baby Gourmet Foods Inc. - Common Shares
687,999.90
1,408,222.00
04/11/2011
1
25,000.00
50,000.00
11/23/2011
2
78.57
785,772.00
02/24/2012
4
Ball Corporation - Notes
7,200,000.00
7,200.00
01/10/2011 to
12/30/2011
141
Burgundy American Equity Fund - Units
34,742,231.34
1,538,195.74
01/10/2011 to
12/28/2011
67
Burgundy Asian Equity Fund - Units
17,414,983.82
832,183.83
01/10/2011 to
12/28/2011
12
Burgundy Balanced Foundation Fund - Units
7,013,912.88
412,423.04
04/25/2011
1
Burgundy Balanced Income Fund - Units
7,118.01
196.41
March 23, 2012
(2012) 35 OSCB 2965
Transaction
Date
No. of
Purchasers
01/10/2011 to
12/30/2011
16
01/10/2011 to
12/30/2011
224
Issuer/Security
Total
Purchase
Price ($)
No. of
Securities
Distributed
Burgundy Balanced Pension Fund - Units
35,883,871.23
1,932,544.59
Burgundy Bond Fund - Units
64,186,443.51
1,545,455.50
418,540.27
41,854.03
08/02/2011
1
Burgundy Canada Plus Fund - Units
02/28/2011 to
12/30/2011
18
Burgundy Canadian Equity Fund - Units
23,689,259.68
157,494.02
01/10/2011 to
12/30/2011
78
Burgundy Canadian Small Cap Fund - Units
10,871,617.03
63,450.06
01/17/2011 to
12/19/2011
25
Burgundy Compound Reinvestment Fund - Units
7,856,002.34
591,355.91
03/14/2011
1
Burgundy Core Plus Bond Fund - Units
175,000.00
14,417.65
01/24/2011 to
12/01/2011
10
Burgundy EAFE Fund - Units
36,446,702.82
2,969,091.29
07/25/2011
2
Burgundy Emerging Markets Foundation Fund - Units
1,479,000.00
146,966.76
07/11/2011 to
12/28/2011
16
Burgundy Emerging Markets Fund - Units
4,804,214.30
345,099.96
01/10/2011 to
12/28/2011
119
Burgundy European Equity Fund - Units
42,647,757.41
1,873,927.76
03/14/2011 to
12/19/2011
3
Burgundy European Foundation Fund - Units
1,101,086.36
63,103.17
01/10/2011 to
12/28/2011
39
Burgundy Focus Asian Equity Fund - Units
935,026.91
84,736.11
01/10/2011 to
12/30/2011
170
Burgundy Focus Canadian Equity Fund - Units
110,511,309.4
3
3,456,602.62
01/10/2011 to
12/28/2011
38
Burgundy Foundation Trust Fund - Units
8,161,638.56
224,993.72
02/07/2011 to
11/14/2011
6
Burgundy Global Equity Fund (Excluding Canada) Units
18,731,634.24
1,693,799.74
01/10/2011 to
12/28/2011
27
Burgundy Global Focused Opportunities Fund - Units
1,831,173.87
186,575.67
08/02/2011
1
Burgundy Independence Fund - Units
418,540.27
41,854.03
08/15/2011 to
12/19/2011
4
Burgundy MM Fund - Units
2,633,084.40
185,193.14
01/10/2011 to
12/30/2011
262
Burgundy Money Market Fund - Units
98,198,380.69
6,475,576.52
01/10/2011 to
12/30/2011
95
Burgundy Partners' Balanced RSP Fund - Units
10,652,799.09
174,909.68
02/07/2011 to
12/01/2011
9
Burgundy Partners' Equity RSP Fund - Units
2,067,065.75
55,733.30
01/10/2011 to
12/30/2011
673
121,508,169.7
7
2,252,511.83
March 23, 2012
Burgundy Partners' Global Fund - Units
(2012) 35 OSCB 2966
Transaction
Date
No. of
Purchasers
01/10/2011 to
12/30/2011
284
01/10/2011 to
12/30/2011
Issuer/Security
Total
Purchase
Price ($)
No. of
Securities
Distributed
Burgundy Total Return Bond Fund - Units
41,406,525.47
3,121,674.64
15
Burgundy U.S. Money Market Fund - Units
13,846,202.46
1,050,008.25
01/10/2011 to
12/30/2011
67
Burgundy U.S. Smaller Companies Fund - Units
67,759,052.07
1,852,656.72
02/22/2011 to
11/07/2011
10
Burgundy U.S. Small/Mid Cap Fund - Units
7,083,756.51
593,531.02
02/15/2012
18
CanAir Nitrogen Fund - Trust Units
4,812,408.09
7,638,743.00
01/31/2012
93
Centurion Apartment Real Estate Investment Trust Units
4,488,312.20
441,719,541.0
0
12/20/2011
1
CI Cambridge Core Canadian Equity Fund - Units
1,000,000.00
100,000.00
01/06/2011 to
12/30/2011
194
CI Signature Canadian Balanced Fund - Units
235,453,749.6
5
4,239,540.79
01/04/2011 to
12/30/2011
124
CI Signature Canadian Bond Plus Fund - Units
6,756,782.42
170,272.12
07/27/2010
1
CI Signature Canadian Equity Plus Fund - Units
100.00
10.00
11/04/2011
1
CI Signature Canadian Equity Plus Fund - Units
8,500,000.00
781,968.72
01/31/2012
9
Clearview Resources Ltd. - Common Shares
1,265,000.00
126,500.00
02/20/2012 to
02/24/2012
17
Colwood City Centre Limited Partnership - Notes
627,000.00
627,000.00
03/06/2012
1
Credit Suisse AG - Notes
37,876,120.00
3.00
02/01/2012
1
CYS Investments, Inc. - Common Shares
664,000.00
50,000.00
12/01/2011
2
Eleven Fund - Units
130,000.00
12,959.31
11/01/2011
17
Eleven Fund - Units
3,963,825.58
396,382.56
02/15/2012
3
Empire Communities (2183 Lakeshore Blvd.), L.P. Units
2,053,312.80
666.66
02/01/2012
1
EMSO Saguaro Ltd. - Common Shares
20,000,000.00
2,000.00
07/11/2011 to
11/10/2011
13
Exodos Life Sciences Limited Partnership - Units
644,930.00
750,000.00
01/01/2011 to
12/31/2011
80
FGP Balanced Pooled Fund - Units
54,380,279.00
691,930.52
01/01/2011 to
12/31/2011
304
FGP Bond Pooled Fund - Units
122,077,530.0
0
2,916,036.98
01/01/2011 to
12/31/2011
2
30,000.00
2,749.02
01/01/2011 to
12/31/2011
140
FGP Canadian Equity Pooled Fund - Units
67,782,647.00
355,246.81
01/01/2011 to
12/31/2011
64
FGP Corporate Bond Pooled Fund - Units
9,507,486.00
475,490.92
March 23, 2012
FGP Canadian Balanced Pooled Fund - Units
(2012) 35 OSCB 2967
Transaction
Date
No. of
Purchasers
01/01/2011 to
12/31/2011
4
01/01/2011 to
12/31/2011
154
01/01/2011 to
12/31/2011
Total
Purchase
Price ($)
No. of
Securities
Distributed
3,869,322.00
354,115.93
FGP Income Pooled Fund - Units
32,299,138.00
378,130.36
48
FGP International Equity Pooled Fund - Units
10,249,272.00
252,714.78
01/01/2011 to
12/31/2011
14
FGP Private Balanced Pooled Fund - Units
2,291,172.00
35,855.85
01/01/2011 to
12/31/2011
109
FGP Private Canadian Equity Pooled Fund - Units
4,201,325.00
53,209.41
01/01/2011 to
12/31/2011
10
FGP Private Developing Markets Pooled Fund - Units
3,765,300.00
452,338.08
01/01/2011 to
12/31/2011
170
FGP Private International Equity Pooled Fund - Units
21,565,188.00
159,316.46
01/01/2011 to
12/31/2011
119
FGP Private U.S. Equity Pooled Fund - Units
6,777,933.00
114,071.83
01/01/2011 to
12/31/2011
7
FGP Short Term Bond Pooled Fund - Units
1,346,813.00
15,904.17
01/01/2011 to
12/31/2011
343
FGP Short Term Investment Pooled Fund - Units
409,944,158.0
0
20,469,321.07
01/01/2011 to
12/31/2011
73
FGP Small Cap Canadian Equity Pooled Fund - Units
136,512,111.0
0
8,693,112.67
01/01/2011 to
12/31/2011
64
FGP U.S. Equity Pooled Fund - Units
12,317,595.00
376,554.92
01/01/2011 to
12/31/2011
41
Fiera Global Macro Fund - Units
43,809,111.57
4,419,214.99
01/01/2011 to
12/31/2011
99
Fiera Long Short Equity Fund - Units
39,639,047.00
4,235,721.18
01/01/2011 to
12/31/2011
569
Fiera Market Neutral Equity Fund - Units
20,364,852.69
1,733,435.44
02/14/2012
15
Global Green Matrix Corp. - Units
512,793.00
5,697,700.00
03/02/2012
25
GoldQuest Mining Corp. - Units
660,000.00
6,600,000.00
12/16/2010 to
12/15/2011
913
Heathbridge Checkmark Equity Pooled Fund - Units
10,313,819.16
922,632.98
01/01/2011 to
12/31/2011
12
Hexavest Canadian Equity Fund - Common Shares
56,680,417.00
80,115.00
01/21/2011 to
12/31/2011
7
Hexavest Global (ACWI) Fund - Common Shares
198,314,164.0
0
192,361.00
01/01/2011 to
12/31/2011
92
Hexavest World Fund - Common Shares
799,547,112.0
0
1,996,454.00
02/21/2012
29
Honda Canada Finance Inc. - Debentures
300,000,000.0
0
300,000.00
02/21/2012
7
Hoopla.com Entertainment Inc. - Common Shares
172,900.00
53,198.00
March 23, 2012
Issuer/Security
FGP Foreign Equity Pooled Fund - Units
(2012) 35 OSCB 2968
Transaction
Date
No. of
Purchasers
Total
Purchase
Price ($)
No. of
Securities
Distributed
02/20/2012 to
02/24/2012
32
IGW Real Estate Investment Trust - Units
1,026,544.86
N/A
02/10/2012
39
International Business Machines Corporation - Notes
497,366,339.5
0
500,000,000.0
0
01/10/2011
1
KBSH Canadian Growth Equity Fund - Units
11,860.95
207.19
01/04/2011 to
03/10/2011
42
KBSH Enhanced Income Fund - Units
1,816,600.00
179,270.16
01/11/2011 to
12/22/2011
25
KBSH Money Market Fund - Units
4,580,000.00
458,000.00
01/07/2011 to
02/24/2011
7
KBSH Private Fixed Income Fund - Units
139,764.13
13,799.42
02/24/2012
32
Kitrinor Metals Inc. - Units
445,048.48
2,772,442.00
01/04/2011 to
12/30/2011
348
Man AHL Diversified (Canada) Fund - Units
20,759,226.03
2,075,922.60
01/04/2010 to
12/30/2010
57
Man Canada Investment Strategies Fund - Units
1,608,050.00
160,805.00
08/02/2011 to
12/30/2011
30
Man GLG Emerging Markets Income Fund - Units
2,072,000.00
207,200.00
08/02/2011 to
12/30/2011
32
Man GLG Global Opportunity Fund - Units
1,195,000.00
119,500.00
01/01/2011 to
12/31/2011
592
McLean & Partners Private Global Dividend Growth
Pool - Trust Units
4,115,464.79
563,867.37
01/01/2011 to
12/31/2011
295
McLean & Partners Private International Equity Pool Trust Units
6,718,110.54
972,943.53
02/21/2012 to
02/24/2012
8
Member-Partners Solar Energy Capital Inc. - Bonds
175,000.00
1,750.00
02/29/2012
6
Myca Helath Inc. - Common Shares
125,000.00
26,124.00
02/22/2012
1
Newcastle Minerals Ltd. - Common Shares
21,000.00
350,000.00
09/01/2011
1
Numeric Absolute Return Fund, L.P. - Limited
Partnership Interest
2,427,363.93
2,412,199.27
01/28/2011 to
12/30/2011
39
NWM Alternative Strategies Fund - Units
13,118,150.00
1,327,534.73
01/31/2011 to
12/30/2011
62
NWM Balanced Mortgage Fund - Units
40,855,279.23
4,106,976.72
01/14/2011 to
12/30/2011
101
NWM Bond Fund - Units
153,747,262.7
2
15,368,302.73
01/07/2011 to
12/30/2011
83
NWM Global Bond Fund - Units
19,932,747.00
1,936,118.85
01/07/2011 to
12/30/2011
112
NWM Global Equity Fund - Units
33,863,554.49
2,424,608.10
01/07/2011 to
12/30/2011
104
NWM High Yield Bond Fund - Units
33,906,002.75
2,857,391.14
March 23, 2012
Issuer/Security
(2012) 35 OSCB 2969
Transaction
Date
No. of
Purchasers
01/07/2011 to
12/30/2011
62
01/07/2011 to
12/30/2011
Total
Purchase
Price ($)
No. of
Securities
Distributed
NWM Precious Metal Fund - Units
32,244,630.93
3,248,851.77
87
NWM Preferred Share Fund - Units
22,834,287.00
1,854,226.31
01/28/2011 to
12/30/2011
48
NWM Primary Mortgage Fund - Units
35,081,002.00
3,409,761.70
01/28/2011 to
12/30/2011
81
NWM Real Estate Fund - Units
17,478,215.96
907,343.12
01/07/2011 to
12/30/2011
132
NWM Strategic Income Fund - Units
71,864,717.31
8,503,582.65
01/31/2011 to
12/30/2011
17
NWM Tactical High Income Fund (CAD) - Units
5,004,400.00
523,716.23
01/31/2011 to
12/30/2011
16
NWM Tactical High Income Fund (USD) - Units
5,665,370.70
517,906.81
02/24/2012
1
Parallel Mining Corp. - Units
144,000.00
800,000.00
01/01/2011 to
12/31/2011
33
Picton Mahoney 130/30 Alpha Extension Canadian
Equity Fund - Units
208,113,665.7
0
13,732,633.40
01/01/2011 to
12/31/2011
91
Picton Mahoney Diversified Strategies Fund - Units
8,360,293.71
690,796.53
01/01/2011 to
12/31/2011
83
Picton Mahoney Global Long Short Equity Fund - Units
2,802,318.47
271,743.31
01/01/2011 to
12/31/2011
164
Picton Mahoney Global Market Neutral Equity Fund Units
12,188,224.52
1,120,781.43
01/01/2011 to
12/31/2011
1322
Picton Mahoney Income Opportunities Fund - Units
107,135,603.0
9
9,355,459.64
01/01/2011 to
12/31/2011
30
Picton Mahoney Long Short Emerging Markets Fund Units
856,860.00
71,374.51
01/01/2011 to
12/31/2011
402
Picton Mahoney Long Short Equity Fund - Units
21,356,503.60
1,088,963.95
01/01/2011 to
12/31/2011
175
Picton Mahoney Long Short Global Resource Fund Units
4,472,292.32
210,827.17
01/01/2011 to
12/31/2011
1388
Picton Mahoney Market Neutral Equity Fund - Units
103,806,393.4
9
5,576,514.41
01/19/2011 to
12/29/2011
79
Polar Investment Funds Limited (Altairis Long/Short
Class) - Common Shares
18,441,458.82
182,181.63
02/24/2012
6
Range Resources Corporation - Notes
10,250,000.00
10,250.00
01/24/2012
3
Return On Innovation Capital Ltd. - Units
889,600.00
889,600.00
01/31/2012
1
759,136.00
759,136.00
01/31/2012
2
300,000.00
300,000.00
01/03/2011 to
12/01/2011
74
Roundtable Dividend and Income Fund - Trust Units
14,222,046.54
1,143,081.47
March 23, 2012
Issuer/Security
(2012) 35 OSCB 2970
Transaction
Date
No. of
Purchasers
Issuer/Security
04/01/2011
15
Roundtable Energy Income II LP Fund - Limited
Partnership Units
07/04/2011 to
09/01/2011
2
Roundtable Everkey Global Focus Fund - Trust Units
01/03/2011
1
Roundtable Everkey Global Fund - Trust Units
Total
Purchase
Price ($)
No. of
Securities
Distributed
16,800,000.00
16,800.00
589,276.08
62,643.11
50,000.00
5,071.15
01/03/2011 to
12/01/2011
150
Roundtable Growth Fund - Trust Units
9,826,032.27
630,671.08
01/03/2011 to
12/01/2011
66
Roundtable US Dividend and Income Fund - Trust
Units
2,085,778.07
221,414.34
02/13/2012
2
Roundys, Inc. - Common Shares
2,975,000.00
350,000.00
02/06/2012
27
Royal Bank of Canada - Notes
2,865,000.00
2,865.00
01/27/2012
64
Saber Capital Corp. - Common Shares
790,500.00
7,905,000.00
05/01/2011
6
Scale Opportunities Fund - Units
1,600,000.00
160,000.00
06/01/2011
6
850,000.00
85,088.49
07/01/2011
1
300,000.00
30,509.20
08/01/2011
1
250,000.00
24,667.00
12/01/2011
1
250,000.00
24,807.49
01/01/2011 to
12/01/2011
158
Seven Seas Capital Appreciation Fund - Trust Units
23,396,050.31
2,339,605.03
01/01/2011 to
12/01/2011
1
Seven Seas Capital Appreciation Fund LP - Limited
Partnership Units
23,396,050.31
2,132,942.34
01/01/2011 to
12/01/2011
230
Sherpa Diversified Returns Fund - Trust Units
20,632,782.17
1,997,080.46
01/01/2011 to
12/01/2011
673
Sherpa Market Neutral Income Fund - Trust Units
84,249,650.06
8,431,287.05
11/24/2011
10
Silver Lake Resources Limited - Common Shares
72,676,470.00
20,588,235.00
05/01/2011
58
Spartan Multi Strategy Fund Limited Partnership - Units
2,975,585.57
241,226.94
06/01/2011
37
1,850,050.00
152,056.52
07/01/2011
24
1,083,050.00
90,451.10
08/01/2011
17
837,155.00
70,279.46
09/01/2011
23
687,315.61
59,602.86
10/01/2011
14
564,700.00
48,552.08
11/01/2011
5
87,000.00
7,486.62
12/01/2011
22
1,080,900.00
93,608.40
01/01/2011 to
12/31/2011
16
Sprucegrove Global Pooled Fund - Units
241,113,531.7
3
18,711,901.13
March 23, 2012
(2012) 35 OSCB 2971
Transaction
Date
No. of
Purchasers
01/01/2011 to
12/31/2011
16
01/01/2011 to
12/31/2011
Total
Purchase
Price ($)
No. of
Securities
Distributed
Sprucegrove Global Pooled Fund (Pension) - Units
268,229,692.7
5
13,613,280.46
23
Sprucegrove International Pooled Fund - Units
328,928,024.4
9
3,710,117.54
01/01/2011 to
12/31/2011
17
Sprucegrove Special International Pooled Fund - Units
319,130,359.1
0
2,753,949.78
02/23/2012
1
The Bank of Tokyo-Mistsubishi UFJ, Ltd. - Note
6,985,585.88
1.00
01/31/2012
39
The Cash Store Financial Services Inc. - Notes
125,377,501.0
0
39.00
01/01/2011 to
12/01/2011
33
The K2 Principal Fund L.P. - Limited Partnership Units
59,502,659.48
3,134.94
01/01/2011 to
11/01/2011
108
The K2 Principal Trust - Trust Units
10,324,319.19
724,931.42
02/23/2012
3
TNR Gold Corp. - Common Shares
4,200.00
60,000.00
01/31/2011 to
12/31/2011
6
Triasima Canadian All Capitalization Fund - Units
51,800.00
4,447,447.00
01/31/2011 to
11/30/2011
18
Triasima Canadian Long/Short Fund - Units
4,958,191.40
477,628,870.0
0
02/28/2011 to
03/31/2011
3
Triasima Canadian Small Capitalization Fund - Units
62,000.00
5,000.45
01/31/2011 to
12/30/2011
202
Trident Global Opportunities Fund - Units
9,325,175.03
40,110.28
02/09/2012
46
U308 Corp. - Units
11,523,000.00
19,205,000.00
02/22/2012
3
ViaSat, Inc. - Notes
3,500,000.00
3.00
01/01/2011
3
Visum Multi Strategy Fund - Units
2,300,000.00
2,300.00
02/01/2011
9
3,774,943.33
340,834.20
03/01/2011
13
2,568,188.47
217,333.66
04/01/2011
3
751,010.10
66,404.08
06/01/2011
2
1,120,000.00
95,612.77
07/01/2011
1
35,000.00
3,076.84
12/01/2011
4
Visum Multi Strategy RRSP Fund - Units
266,289.99
31,818.09
March 23, 2012
Issuer/Security
(2012) 35 OSCB 2972
Chapter 11
IPOs, New Issues and Secondary Financings
Issuer Name:
49 North 2012 Resource Flow-Through Limited Partnership
Principal Regulator - Saskatchewan
Type and Date:
Preliminary Long Form Prospectus dated March 14, 2012
NP 11-202 Receipt dated March 14, 2012
Offering Price and Description:
$5,000,000 (MAXIMUM OFFERING)
A MAXIMUM OF 500,000 LIMITED PARTNERSHIP UNITS
$1,000,000 (MINIMUM OFFERING)
A MINIMUM OF 100,000 LIMITED PARTNERSHIP UNITS
PRICE PER UNIT: $10.00
MINIMUM SUBSCRIPTION: $2,000 (200 Units)
Underwriter(s) or Distributor(s):
MGI Securities Inc.
Promoter(s):
49 North 2012 Resource Fund Inc.
Tom MacNeill
Project #1871616
Issuer Name:
Amaya Gaming Group Inc.
Principal Regulator - Quebec
Type and Date:
Preliminary Short Form Prospectus dated March 15, 2012
$28,750,000 - 28,750 Units comprised of 28,750
Convertible Debentures and
1,437,500 Warrants issuable upon exercise of 28,750
Special Warrants
Price: $1,000 per Special Warrant
Canaccord Genuity Corp.
Desjardins Securities Inc.
Union Securities Ltd.
Promoter(s):
David Baazov
Project #1872524
_______________________________________________
Issuer Name:
AGF Dividend Income Fund
AGF Equity Income Focus Fund
AGF Floating Rate Income Fund
AGF Income Focus Fund
AGF Inflation Focus Fund
AGF Monthly High Income Class
Principal Regulator - Ontario
Type and Date:
Preliminary Simplified Prospectuses dated March 16, 2012
Mutual Fund Series, Series F, Series O, Series T and
Series V Securities
AGF Funds Inc.
Promoter(s):
AGF Investments Inc.
Project #1873154
_______________________________________________
Issuer Name:
Type and Date:
$150,062,500 - 1,715,000 Common Shares
Price: C$87.50 per Common Share
RBC DOMINION SECURITIES INC.
BMO NESBITT BURNS INC.
CIBC WORLD MARKETS INC.
NATIONAL BANK FINANCIAL INC.
SCOTIA CAPITAL INC.
TD SECURITIES INC.
Promoter(s):
Project #1873523
_______________________________________________
_______________________________________________
March 23, 2012
(2012) 35 OSCB 2973
Issuer Name:
Crombie Real Estate Investment Trust
Principal Regulator - Nova Scotia
Type and Date:
$67,135,000 - 4,630,000 Units
Price: $14.50 per Unit
SCOTIA CAPITAL INC.
TD SECURITIES INC.
CANACCORD GENUITY CORP.
MACQUARIE CAPITAL MARKETS CANADA LTD.
RAYMOND JAMES LTD.
BEACON SECURITIES LIMITED
BROOKFIELD FINANCIAL CORP.
DESJARDINS SECURITIES INC.
Promoter(s):
Project #1871677
_______________________________________________
Issuer Name:
Dundee Real Estate Investment Trust
Type and Date:
$201,495,000 - 5,700,000 REIT Units, Series A
PRICE: $35.35 per Unit
TD SECURITIES INC.
SCOTIA CAPITAL INC.
DUNDEE SECURITIES LTD.
HSBC SECURITIES (CANADA) INC.
BROOKFIELD FINANCIAL CORP.
GMP SECURITIES L.P.
Promoter(s):
Project #1871732
_______________________________________________
Issuer Name:
E-L Financial Corporation Limited
Type and Date:
$100,000,000 - (4,000,000 shares) - 5.50% NonCumulative Redeemable First Preference Shares, Series 3
Price: $25.00 per share to yield 5.50%
SCOTIA CAPITAL INC.
TD SECURITIES INC.
Promoter(s):
Project #1871930
_______________________________________________
Issuer Name:
Enerkem Inc.
Principal Regulator - Quebec
Type and Date:
Amendment dated March 19, 2012 to Preliminary Long
Form Prospectus dated February 3, 2012
US$ * - 7,250,000 Common Shares
Price: US$ * per Common Share
GOLDMAN SACHS CANADA INC.
CREDIT SUISSE SECURITIES (CANADA), INC.
Promoter(s):
Project #1855592
_______________________________________________
Issuer Name:
GLG EM Income Fund
Type and Date:
Class L and Class M Units
Promoter(s):
MAN INVESTMENTS CANADA CORP.
Project #1872957
_______________________________________________
March 23, 2012
(2012) 35 OSCB 2974
Issuer Name:
Great Basin Gold Ltd.
Principal Regulator - British Columbia
Type and Date:
$50,025,000 - 66,700,000 Units
RAYMOND JAMES LTD.
CIBCWORLD MARKETS INC.
STIFEL NICOLAUS CANADA INC.
Promoter(s):
Project #1872995
_______________________________________________
Issuer Name:
Lexaria Corp.
Type and Date:
Minimum: US$500,000
Maximum: US$5,000,000
Up to 20,000,000 Units
Price: US$0.25 per Unit
Leede Financial Markets Inc.
Promoter(s):
Project #1872275
_______________________________________________
Issuer Name:
Megal Capital Corporation
Type and Date:
Amended and Restated Final CPC Prospectus dated
March 16, 2012
MACQUARIE PRIVATE WEALTH INC.
Promoter(s):
Harold Lee
Project #1811379
_______________________________________________
Issuer Name:
Northland Power Inc.
Type and Date:
Preliminary Shelf Prospectus dated March 16, 2012
$500,000,000
Common Shares
Preferred Shares
Debentures (unsecured)
Promoter(s):
Project #1872763
_______________________________________________
Issuer Name:
Novadaq Technologies Inc.
Type and Date:
US$100,000,000
Preferred Shares
Common Shares
Promoter(s):
Project #1873684
_______________________________________________
Issuer Name:
Renegade Petroleum Ltd.
Principal Regulator - Alberta
Type and Date:
$10,003,200 - 2,084,000 Flow-Through Shares and
$40,000,000 - 10,000,000 Common Shares
Price: $4.00 per Common Share and $4.80 per FlowThrough Share
GMP SECURITIES L.P.
PARADIGM CAPITAL INC.
TD SECURITIES INC.
ALTACORP CAPITAL INC.
FIRSTENERGY CAPITAL CORP.
Promoter(s):
Project #1873637
_______________________________________________
March 23, 2012
(2012) 35 OSCB 2975
Issuer Name:
Revolution Resources Corp.
Type and Date:
$5,015,000 - 14,750,000 Units
Price of $0.34 per Unit
HAYWOOD SECURITIES INC.
Promoter(s):
Project #1871754
_______________________________________________
Issuer Name:
Sandspring Resources Ltd.
Type and Date:
$25,002,000 - 23,150,000 Common Shares
Price: $1.08 per Common Share
SCOTIA CAPITAL INC.
CLARUS SECURITIES INC.
Promoter(s):
Richard A. Munson
Crescent Global Gold Ltd.
Project #1871703
_______________________________________________
Issuer Name:
Silver Bull Resources, Inc.
Type and Date:
Preliminary Prospectus - MJDS dated March 15, 2012
US$125,000,000
Senior Debt Securities
Subordinated Debt Securities
Common Stock
Warrants
Rights
Units
Promoter(s):
Project #1872577
Issuer Name:
Stornoway Diamond Corporation
Type and Date:
$15,000,000 - 15,000,000 Units
Scotia Capital Inc.
Promoter(s):
Project #1871806
_______________________________________________
Issuer Name:
Vista Gold Corp.
Type and Date:
US$200,000,000
Common Shares
Warrants
Units
Promoter(s):
Project #1872859
_______________________________________________
Issuer Name:
West Melville Metals Inc.
Type and Date:
$7,500,000 to $10,000,000
15,000,000 to 20,000,000 Common Shares
Haywood Securities Inc.
Byron Capital Markets Ltd.
Promoter(s):
Project #1871452
_______________________________________________
_______________________________________________
March 23, 2012
(2012) 35 OSCB 2976
Issuer Name:
Canadian Satellite Radio Holdings Inc.
Type and Date:
Final Short Form Prospectus dated March 19, 2012
$24,000,000 - 8,000,000 Class A Subordinate Voting
Shares (the “Offered Shares”)
Price: $3.00 per Offered Share
National Bank Financial Inc.
Promoter(s):
Project #1867389
_______________________________________________
Issuer Name:
Cargojet Inc.
Type and Date:
$25,000,000.00 - 6.5% Convertible Unsecured
Subordinated Debentures Price: $1,000 per Debenture
SCOTIA CAPITAL INC.
Promoter(s):
Project #1869032
_______________________________________________
Issuer Name:
DeeThree Exploration Ltd.
Type and Date:
$15,003,000.00 - 3,334,000 Flow-Through Shares Price:
$4.50 per Flow-Through Share
CASIMIR CAPITAL LTD.
CORMARK SECURITIES INC.
STIFEL NICOLAUS CANADA INC.
NCP NORTHLAND CAPITAL PARTNERS INC.
Promoter(s):
Project #1869565
Issuer Name:
Firm Capital Mortgage Investment Corporation
Type and Date:
$18,023,000.00 - 1,340,000 Common Shares - and $18,000,000.00 - 5.25% Convertible Unsecured
Subordinated Debentures due March 31, 2019 PRICE:
$13.45 per Share
PRICE: $1,000 per Debenture
TD SECURITIES INC.
Promoter(s):
Project #1868975
_______________________________________________
Issuer Name:
Horizons Enhanced Income Energy ETF
Horizons Enhanced Income Equity ETF
Horizons Enhanced Income Financials ETF
Horizons Enhanced Income Gold Producers ETF
Horizons Enhanced Income International Equity ETF
Horizons Enhanced Income US Equity (USD) ETF
Type and Date:
Final Long Form Prospectus dated March 16, 2012
Class E Units
Promoter(s):
Project #1856438
_______________________________________________
_______________________________________________
March 23, 2012
(2012) 35 OSCB 2977
Issuer Name:
Labrador Iron Mines Holdings Limited
Type and Date:
$60,950,000
11,500,000 Common Shares
$10,675,000
1,750,000 Flow-Through Shares
JENNINGS CAPITAL INC.
OCTAGON CAPITAL CORP.
SCOTIA CAPITAL INC.
RAYMOND JAMES LTD.
Promoter(s):
Project #1864009
_______________________________________________
Issuer Name:
Lysander Balanced Fund
Lysander Bond Fund
Lysander Corporate Value Bond Fund
Type and Date:
Amended and Restated to Final Simplified Prospectuses
and Annual Information Form dated February 3, 2012
Series A and Series F Units
Promoter(s):
Lysander Funds Limited
Project #1816003
_______________________________________________
Issuer Name:
New Zealand Energy Corp.
Type and Date:
$55,200,000 - 18,400,000 Common Shares
MACKIE RESEARCH CAPITAL CORPORATION
PI FINANCIAL CORP.
Promoter(s):
John G. Proust
Project #1869003
Issuer Name:
Type and Date:
$70,000,000 - 5.75% Convertible Unsecured Subordinated
Debentures
Price: $1,000 per Debenture
TD SECURITIES INC.
SCOTIA CAPITAL INC.
GMP SECURITIES L.P.
Promoter(s):
Project #1871126
_______________________________________________
Issuer Name:
Sentry Mining Opportunities Class
Sentry Precious Metals Growth Class
Type and Date:
Amendment #3 dated March 16, 2012 to Final Simplified
Prospectuses and Annual Information Form dated May 27,
2011
Sentry Investments Inc.
Promoter(s):
SENTRY INVESTMENTS INC.
Project #1735515
_______________________________________________
Issuer Name:
Scotia Canadian Tactical Asset Allocation Fund
Scotia Canadian Small Cap Fund
Type and Date:
Amendment #1 to Final Simplified Prospectuses and
Annual Information Form dated February 29, 2012 NP 11202 Receipt dated March 14, 2012
Series A, Series F, Series I, Series M and Advisor Series
Units @ Net Asset Value
Scotia Securities Inc.
Scotia Securites Inc.
Promoter(s):
Project #1818276
_______________________________________________
_______________________________________________
March 23, 2012
(2012) 35 OSCB 2978
Issuer Name:
Scotia Canadian Small Cap Fund
Scotia Private Canadian Preferred Share Pool
Type and Date:
Amendment #1 dated February 29, 2012 to Final Simplified
Prospectuses and Annual Information Form dated
November 30, 2011
Series I and Series M units @ Net Asset Value
Scotia Securities Inc.
Promoter(s):
Scotia Asset Management L.P.
Project #1818284
_______________________________________________
Issuer Name:
Sojourn Ventures Inc.
Type and Date:
Final CPC Prospectus dated March 14, 2012
$350,000
3,500,000 OFFERED SHARES
Price: $0.10 per Offered Share
Promoter(s):
John Meekison
Project #1857749
Issuer Name:
Tucson Acquisition Corporation
Type and Date:
Final CPC Prospectus dated March 14, 2012
$300,000 1,500,000 common shares Price: $0.20 per
common share
Macquarie Private Wealth Inc.
Promoter(s):
Alain Lambert
Project #1856319
_______________________________________________
Issuer Name:
Verde Potash Plc (formerly Amazon Mining Holding Plc)
Type and Date:
$25,000,000
3,875,969 ORDINARY SHARES
$6.45 PER ORDINARY SHARE
GMP Securities L.P.
Mackie Research Capital Corporation
Promoter(s):
Project #1869073
_______________________________________________
Issuer Name:
Trimark Europlus Fund
Trimark Fund
Trimark Global Fundamental Equity Fund
Trimark Global Fundamental Equity Class
Type and Date:
Amendment #5 dated March 16, 2012 to Annual
Information Form dated July 29, 2011
Series A, Series F, Series FH, Series H, Series I, Series P,
Series PF, Series PH, Series SC, Series T4, Series T6 and
Series T8 @ Net Asset Value
Promoter(s):
Invesco Canada Ltd.
Invesco Trimark Ltd.
Project #1760534
_______________________________________________
March 23, 2012
(2012) 35 OSCB 2979
March 23, 2012
(2012) 35 OSCB 2980
Chapter 12
Registrations
12.1.1
Registrants
Type
Voluntary Surrender
Company
Integra Capital Financial
Corporation
Category of Registration
Effective Date
Investment Fund Manager
March 14, 2012
Portfolio Manager
March 14, 2012
From: Ambrose Investment
Counsel Ltd.
Name Change
To: Ballast Healthcare Partners
Inc.
From: Portfolio Manager
Change in Registration
Category
Radin Capital Partners Inc.
To: Exempt Market Dealer,
Portfolio Manager and
Investment Fund Manager
March 16, 2012
From: Portfolio Manager and
Exempt Market Dealer
Change in Registration
Category
March 23, 2012
Innocap Investment Management
Inc.
To: Exempt Market Dealer,
Portfolio Manager and
Commodity Trading Manager
March 19, 2012
(2012) 35 OSCB 2981
Registrations
March 23, 2012
(2012) 35 OSCB 2982
Chapter 13
SROs, Marketplaces and Clearing Agencies
13.1
SROs
13.1.1
IIROC Rules Notice – Request for Comment – Proposed Amendments to Dealer Member Rules and Universal
Market Integrity Rules (UMIR) – Consolidation of IIROC Enforcement, Procedural, Examination and Approval
Rules
IIROC RULES NOTICE – REQUEST FOR COMMENT –
PROPOSED AMENDMENTS TO DEALER MEMBER RULES AND
UNIVERSAL MARKET INTEGRITY RULES (UMIR) CONSOLIDATION OF IIROC ENFORCEMENT,
PROCEDURAL, EXAMINATION AND APPROVAL RULES
The Commission is publishing for comment IIROC’s proposed amendments to its Dealer Member Rules and UMIR to
consolidate IIROC’s enforcement, procedural, examination and approval rules. The proposed rules and IIROC’s Rules Notice
can be found at www.osc.gov.on.ca. Comments on the proposed amendments should be in writing and submitted within 90
calendar days following the date of publication of this notice in the Ontario Securities Commission Bulletin.
March 23, 2012
(2012) 35 OSCB 2983
13.3
Clearing Agencies
13.3.1
CDS – Notice and Request for Comment – Material Amendments to CDS Procedures – GIC Funds-Only Trade
Service in CDSX
CDS CLEARING AND DEPOSITORY SERVICES INC. (CDS®)
MATERIAL AMENDMENTS TO CDS PROCEDURES
GIC FUNDS-ONLY TRADE SERVICE IN CDSX
REQUEST FOR COMMENTS
A.
DESCRIPTION OF THE PROPOSED CDS PROCEDURE AMENDMENTS
The proposed amendments to CDS Participant Procedures will introduce a new service – the GIC Funds-Only Trade Service –
into CDS’s CDSX settlement system. This new participant-requested service will automate the process for the exchange of
funds between Guaranteed Investment Certificate (GIC) issuers and GIC purchasers in the Canadian capital markets.
CANNEX Financial Exchanges Limited (CANNEX) is a service provider that compiles interest rate and calculation value
information for a variety of financial products (e.g. GICs, term deposits and Guaranteed Interest Annuities) from 49 Canadian
issuing institutions (of which 20 are CDS participants) and redistributes that information to subscribing agents, brokers and
dealers. Through the CANNEX Financial Network system, subscribing clients are able to transmit purchase order files to
participating financial institutions to electronically confirm their purchases of offered financial products. Through the same
system, the financial institutions are also able to transmit order confirmation files back to the agents, brokers, and dealers
verifying the details of their purchases.
The current process for the completion of these purchases involves an exchange of funds between the issuing financial
institution and the purchasing agent, broker or dealer via the issuance of physical cheques, and the manual delivery and deposit
of those cheques. Throughout the day, various cheque payments may be exchanged between these parties for daily money
settlement of new purchases, and payments of maturity amounts, interest payments, commissions and early redemptions.
Security positions are held electronically by the issuing institution and require no physical exchange. A regular reconciliation is
performed by issuers and purchasers to verify their electronic positions.
CDS was asked by some of its participants through the Debt & Equity Subcommittee of the Strategic Development Review
Committee (SDRC) to introduce a facility within CDSX whereby daily payments specific to GICs could be exchanged. This
request is in line with a continuing effort by the financial community to reduce the exchange of non-electronic funds.
To accommodate this request, CDS, the SDRC and CANNEX agreed to a process whereby CANNEX will deliver a daily
payments file related to GIC activity between eligible clients to CDS for funds-only settlement in CDSX. The payments file will be
transmitted to CDS daily at approximately 2:00 p.m. ET, with additional files containing late delivery information sent up to 3:00
p.m. ET, as required. With the introduction of seven new trade types in CDSX, CANNEX will be able to instruct on payments
that represent the netted exchange of funds on purchases, maturities, interest payments, commissions, early redemptions, other
miscellaneous payments such as correction amounts, as well as a single total netted settlement amount. Each individual
payment will be instructed as a non-exchange trade with a designated trade type. Trades reported by CANNEX will be identified
by a unique source ID. The payment types and related non-exchange trade types are described on page 12 of CDS’s Trade and
Settlement Procedures manual, in the proposed documentation changes.
CDS participants that are also clients of CANNEX will be required to instruct both CANNEX and CDS of their wish to participate
in this service. Participants will be required to advise CDS to accept transactions from CANNEX by subscribing to this service
within CDSX. CDS will control inbound activity and subsequent non-exchange trade activity by insuring that both parties to the
transaction provided by CANNEX have subscribed to the service and that the transactions reflect one of the seven acceptable
trade types.
CANNEX clients that are not CDS participants (primarily credit unions and municipalities that issue GICs) may arrange for a
CDSX participant to act as their settlement agent in order to exchange owing funds electronically within CDSX, replacing the
current manual delivery of cheques. This relationship is arranged outside of CDS.
Upon receipt of the payments file from CANNEX, the non-exchange trade transactions will be uploaded into the CDSX
settlement system in a confirmed status. The generic Canadian or U.S. funds ISINs will be reported on the non-exchange trade
record (CA99997Z1099 or US99997Z2083), depending on the currency identified on the payment. The submitter/acceptor and
buyer/seller roles on the trade will be determined based on which counterparty owes/is owed funds, with the submitter being
deemed as the seller who will be credited with the netted funds at settlement, and the acceptor being deemed as the buyer who
March 23, 2012
(2012) 35 OSCB 2984
is being debited. The settlement control indicators for each party will be set to ‘N’o. Both the submitter and acceptor will be
required to confirm their agreement with the funds amount of each trade by re-setting their own settlement control indicator to
‘Y’es. Current non-exchange trade functionality applies. Once both settlement control indicators on a trade have been updated,
the transaction will be considered for settlement. The settlement of these trades will be subject to the existing funds and
aggregate collateral value (ACV) edits, ensuring that the acceptor has sufficient funds and collateral to allow settlement.
CANNEX will provide their clients with a daily report that will provide a breakdown of each payment record, allowing easier
reconciliation of settlement amounts. It is expected that if both parties disagree with the funds amount reported, they will delete
the incorrect trade in CDSX and manually setup a replacement one.
CDSX participants will have the ability to report non-exchange trades with these new trade types directly. They may choose to
do so if (i) they are not clients of CANNEX, but the issuing GIC institution is able to settle funds through CDSX, or (ii) they are
now able to accept a previously rejected payment. If directly entered, these non-exchange trades will follow the current nonexchange trade lifecycle from trade entry through to settlement.
In addition to the above mentioned changes to the non-exchange trade function, a new EAS Alert will be implemented advising
participants that the current day’s transactions have been received from CANNEX and loaded into CDSX. Multiple alerts may
be received by participants in a single day, depending on the number of files CANNEX provides, and if another GIC service
provider joins the new service.
Based on the above, CDS proposes to implement system and procedure changes to accommodate the electronic settlement of
funds movements related to GIC transactions.
B.
NATURE AND PURPOSE OF THE PROPOSED CDS PROCEDURE AMENDMENTS
The proposed procedure amendments support the financial industry’s objective of straight-through electronic processing. The
amendments facilitate a reduction in the physical creation, certification and delivery of cheques and bank drafts as payment for
various GIC transactions.
CDS participants will benefit from the introduction of funds settlements in CDSX for GIC payment activities through (i) improved
delivery efficiency of payments (electronic exchange of funds versus manual delivery by messenger), (ii) lowered processing
and staffing costs, (iii) settlement process efficiencies (by keeping funds inside CDSX that may be used for other investment
activities), and (iv) reduced risk through finality of payment.
C.
IMPACT OF THE PROPOSED CDS PROCEDURE AMENDMENTS
The elimination of physical cheques, and the associated delivery and handling of those payments, will allow CDS participants to
securely settle the funds related to their GIC investment activities within CDSX.
C.1
Competition
The proposed procedure amendments will have no impact on the ability of eligible market players, both CDS participants and
non-CDS participants, to use the new service. All information service providers that facilitate transactions between GIC issuers
and purchasers will be able to provide CDS with settlement details to enable the exchange of the funds related to those
transactions within CDSX.
No CDS participant will be at a disadvantage if they chose not to subscribe to the GIC Funds-Only Trade service. All CDS
participants may use the new trade types to settle funds movements related to GIC transactions. Institutions that are clients of
both CANNEX and CDS may elect to have their netted transaction details uploaded electronically into the CDSX settlement
system, but are not required to do so. CANNEX clients that are not CDSX participants may arrange to have an existing CDS
participant act as their agent to effect settlement of these transactions.
C.2
Risks and Compliance Costs
The development of the new service was undertaken at the request of some of CDS’s participants, and is intended to reduce
both the risk and costs associated with GIC investment activities. There are no compliance costs or issues for participants vis-àvis CDS with regard to the new service.
The reduced costs and increased efficiencies in the processing of funds related to GIC transactions will benefit those
participants that use the new trade types. The settlement of these funds trades will be subject to the existing funds and ACV
edits, ensuring that the acceptor has sufficient funds and aggregate collateral value to allow settlement.
March 23, 2012
(2012) 35 OSCB 2985
As with all other transactions, GIC related delivery of funds transactions expose CDS to payment risk. CDSX addresses this
payment risk by ensuring that the corresponding participants are appropriately funded and collateralized at all points of time.
Settlements of free deliveries of funds are subject to the existing risk edits. Payment risk is mitigated by ensuring that the
purchasing participant has sufficient funds and aggregate collateral value to allow settlement.
In order for a free delivery of funds to settle, the following payment risk edits are applied:
•
The buyer must have sufficient available funds, unused cap and/or unused lines of credit to cover their funds obligation
after the settlement (the Funds edit)
•
The buyer and the seller must have sufficient ACV after the settlement to cover the resulting funds obligation (the ACV
edit)
The Funds edit ensures that the GIC related transactions do not exceed the corresponding participant’s limit as calculated by
the sum of cap and line of credit.
C.3
Comparison to International Standards – (a) Committee on Payment and Settlement Systems of the Bank for
International Settlements, (b) Technical Committee of the International Organization of Securities
Commissions, and (c) the Group of Thirty
CDS continues to monitor the development of new international standards for payment, clearing and settlement systems set out
1
in the CPSS/IOSCO report Principles for Financial Market Infrastructures , and will work with the financial services industry to
achieve compliance with the new standards.
The proposed new service is within the scope of Principle #21 – Efficiency and effectiveness – which states that a financial
market infrastructure such as CDS “should be designed to meet the needs of its participants and the markets it services, in
particular, with regard to choice of a clearing and settlement scheme; operating structure; scope of products recorded, cleared
or settled; and use of technology and procedures”.
The development requested by some of CDS’s participants will support timely delivery of funds related to GIC investment
activities. While the exchange and custody of the GIC security will continue to occur outside of CDSX, the delivery of funds for
purchases and entitlements will be accomplished within the secure processing environment of CDSX, where finality of payment
is ensured.
No other comparison is available in respect of the proposed amendments.
D.
DESCRIPTION OF THE PROCEDURE DRAFTING PROCESS
D.1
Development Context
The development request was tabled at the SDRC Debt & Equity subcommittee, as an opportunity to streamline GIC related
payment activities. Once approved by the SDRC for further analysis, CDS was requested to consult with CANNEX to
understand their financial products information service, and to determine how best to integrate their clients GIC payment
transaction details with the CDSX settlement system. The resulting straw-man approach was reviewed in detail with the SDRC
and any additional participant requirements were incorporated into the final approved design.
D.2
Procedure Drafting Process
The CDS Procedure Amendments were drafted by CDS’s Business Systems Development and Support group, and
subsequently reviewed and approved by CDS’s Strategic Development Review Committee (“SDRC”). The SDRC determines or
reviews, prioritizes and oversees CDS-related systems development and other changes proposed by participants and CDS.
The SDRC’s membership includes representatives from a cross-section of the CDS participant community and it meets on a
monthly basis.
These amendments were reviewed and approved by the SDRC on March 16, 2012.
D.3
Issues Considered
The original design of this initiative involved the creation of a single new trade type that would identify a trade as being the total
netted amount of all funds settlements between a GIC issuer and purchaser on a given day (i.e. all new purchases, maturing
1
The report can be found at http://www.bis.org/publ/cpss94.pdf
March 23, 2012
(2012) 35 OSCB 2986
amounts, interest payments, commissions, early redemptions, and payment corrections). After an initial review with the SDRC
Debt & Equity subcommittee, it was identified that some participants would have difficulty reconciling this single amount as
various types of payments are handled in different departments (i.e. interest payments may be reconciled in an entitlement area,
while new purchases are handled in a settlement area). As a result, the number of new trade types was expanded to seven to
identify each type of payment that would be exchanged.
CANNEX requested an end of day file that would identify whether the original payment amounts submitted by them were
completed, outstanding or deleted by the counterparties. In order to maintain the scope of the project and control costs, the
SDRC Debt & Equity subcommittee rejected this item, for consideration at a later time.
D.4
Consultation
This development initiative was requested by the SDRC Debt & Equity subcommittee. CDS has reviewed the related
requirements documentation with that group, and received their final approval of the proposal.
CDS has regular consultations with CANNEX to better understand their financial service offerings, to determine how best to
receive their client’s GIC funds-related information, and to exchange project status updates. CDS and CANNEX have met
frequently to arrive at a mutually acceptable electronic communications protocol. Business requirements and the business
relationships required to make this project successful have also been discussed, and will be reflected in a formal agreement,
which will be in place prior to the implementation of this initiative.
CDS’s Customer Service account managers provide continuous communication and status updates of all proposed changes to
their clients, as well as soliciting input on those changes. They will provide customer-related training prior to implementation, as
required. As per usual practice, CDS will distribute a bulletin to all participants the week before implementation reminding them
of the upcoming changes.
CANNEX has reviewed the details of this project with their clients at their scheduled user group meetings, and are working with
their “non-CDS participant” clients to assist them in establishing settlement agent relationships with existing CDS participants.
CDS facilitates consultation through a variety of means, including regularly scheduled SDRC subcommittee meetings which
provide a forum for detailed requirement review, and monthly meetings with service bureaus to discuss development impacts to
them. All development initiatives are presented to IIROC’s FAS working groups.
This initiative was discussed at the CDS Risk Advisory Committee, and CDS Risk Management will be providing an analysis for
their review.
D.5
Alternatives Considered
Preliminary analysis by CDS to introduce GIC securities into CDSX concluded that a system constraint within the Security
Master File function prevents multiple securities from having the same description and maturity date (i.e. CDS’s entitlement
system could not calculate the appropriate accrued interest on a GIC issued on many different days, but with the same maturity
date and rate). CDS concluded that the alternative of introducing funds-only GIC transactions would allow participants to
exchange settlement funds with issuing financial institutions in an electronic and secure manner. The exchange and custody of
the GIC security will continue to occur outside of CDSX.
D.6
Implementation Plan
The proposed changes and the scheduled date of implementation have been communicated regularly to CDS participants
through the SDRC and its subcommittees, as well as through Customer Service relationship meetings. As per usual practice,
the Customer Service account managers will provide their clients with details of the upcoming changes, and provide training as
required. CDS will distribute a bulletin to all participants the week before implementation reminding them of the upcoming
changes, and confirming the effective date of those changes.
Prior to implementation, CDS and CANNEX will perform file transmission and settlement process testing. CDS participants will
be required to advise CDS that details of their GIC funds settlements are to be accepted electronically from CANNEX. CANNEX
will maintain similar eligibility criteria where their clients instruct CANNEX to send their GIC fund settlement details to CDS.
CDS is recognized as a clearing agency by the Ontario Securities Commission pursuant to section 21.2 of the Ontario Securities
Act. The Autorité des marchés financiers has authorized CDS to carry on clearing activities in Québec pursuant to sections 169
and 170 of the Québec Securities Act. In addition CDS is deemed to be the clearing house for CDSX®, a clearing and
settlement system designated by the Bank of Canada pursuant to section 4 of the Payment Clearing and Settlement Act. The
Ontario Securities Commission, the Autorité des marchés financiers and the Bank of Canada will hereafter be collectively
referred to as the “Recognizing Regulators”.
March 23, 2012
(2012) 35 OSCB 2987
The amendments to Participant Procedures may become effective upon approval of the amendments by the Recognizing
Regulators following public notice and comment. Implementation of this change is planned for May 28, 2012.
E.
TECHNOLOGICAL SYSTEMS CHANGES
E.1
CDS
CDSX functionality will be impacted by these changes, as follows:
a)
Accept daily files of payment transaction details from GIC service providers
b)
Implement a new service transmission code for GIC funds settlements from CANNEX
c)
Modify the trade entry function such that the non-exchange trades delivered to CDSX:
•
are from an acceptable GIC service provider
•
identify the GIC service provider in the Source ID field
•
both parties have agreed to allow the service provider to send settlement details on their behalf
•
are accepted in a confirmed status
•
are accepted with both the submitter’s and acceptor’s settlement control indicators set to ‘N’o
•
instruct one of the seven agreed trade types
d)
Report these trades in the existing transaction reports
e)
Exclude these trades from non-exchange trade statistics
In addition, a new EAS alert will be available to subscribing participants advising when the current day’s file for a given service
provider has been received and processed.
E.2
CDS Participants
CDS participants may need to make changes to their internal systems to recognize (i) a new trade source ID, and (ii) the new
funds-only GIC trade types. If a participant chooses to process these types of non-exchange trades differently from their other
trade activity, they may need to make appropriate system changes. No one has indicated this to be the case.
E.3
Other Market Participants
Service bureaus may be required to make changes to their internal systems on behalf of their clients to recognize (i) a new
source ID, and (ii) the new funds-only GIC trade types. If a service bureau chooses to process these types of non-exchange
trades differently from their other trade activity, they may need to make related system changes. No one has indicated this to be
the case.
CANNEX is making the necessary arrangements to update their systems and/or communicate any necessary changes to their
clients’ systems to benefit from this implementation.
F.
COMPARISON TO OTHER CLEARING AGENCIES
No comparable or similar procedures were available for other clearing agencies in order to conduct an analysis.
G.
PUBLIC INTEREST ASSESSMENT
CDS has determined that the proposed amendments are not contrary to the public interest.
H.
COMMENTS
Comments on the proposed amendments should be in writing and submitted within 30 calendar days following the date of
publication of this notice in the Ontario Securities Commission Bulletin to:
March 23, 2012
(2012) 35 OSCB 2988
Laura Ellick
Manager, Business Systems
CDS Clearing and Depository Services Inc.
85 Richmond Street West
Toronto, Ontario M5H 2C9
Phone: 416-365-3872
Fax: 416-365-0842
Email: [email protected]
Copies should also be provided to the Autorité des marchés financiers and the Ontario Securities Commission by forwarding a
copy to each of the following individuals:
e
M Anne-Marie Beaudoin
Secrétaire générale
800, square Victoria, 22e étage
C.P. 246, tour de la Bourse
Montréal (Québec) H4Z 1G3
Télécopieur: (514) 864-6381
Courrier électronique: [email protected]
Manager, Market Regulation
Capital Markets Branch
Suite 1903, Box 55,
Toronto, Ontario, M5H 3S8
Fax: 416-595-8940
e-mail: [email protected]
CDS will make available to the public, upon request, all comments received during the comment period.
I.
PROPOSED CDS PROCEDURE AMENDMENTS
Access the proposed amendments to the CDS Procedures and CDS Forms (if applicable) on the User documentation revisions
web page (http://www.cds.ca/cdsclearinghome.nsf/Pages/-EN-UserDocumentation?Open). The revision portfolio contains text
of CDS Procedures marked to reflect proposed amendments, as well as text of these procedures reflecting the adoption of the
proposed amendments.
March 23, 2012
(2012) 35 OSCB 2989
March 23, 2012
(2012) 35 OSCB 2990
Index
Adams, Herbert
Notice from the Office of the Secretary ..................... 2766
Order – ss. 127 of the Act and Rule 3
of the OSC Rules of Procedure................................. 2806
Agueci, Eda Marie
Order – s. 127 ...........................................................2808
Ambrose Investment Counsel Ltd.
Name Change...........................................................2981
Aston Hill Asset Management Inc.
Decision .................................................................... 2773
Ballast Healthcare Partners Inc.
Name Change...........................................................2981
Bishop, Steve
Blackrock, Inc.
Decision .................................................................... 2769
Borland, Brent
Order......................................................................... 2804
Canadian Tire Corporation, Limited
Decision ....................................................................2778
Canyon Acquisitions International, LLC
Order......................................................................... 2804
Canyon Acquisitions, LLC;
Order......................................................................... 2804
Caruso, Marco
Order......................................................................... 2804
Cassidy, Diana
Notice........................................................................ 2764
Catone, Ron
Notice........................................................................ 2764
CBK Enterprises Inc.
March 23, 2012
CDS Procedures – GIC Funds-Only Trade Service in
CDSX
Marketplaces ............................................................ 2984
CERF Incorporated
Decision.................................................................... 2793
Claymore Investments, Inc.
Decision.................................................................... 2773
Copal Resort Development Group, LLC
Notice from the Office of the Secretary .................... 2766
Order ........................................................................ 2804
Deschamps Eric
Order ........................................................................ 2804
Dividend 15 Split Corp. II
Decision.................................................................... 2782
Dividend 15 Split Corp.
Decision.................................................................... 2785
FFI First Fruit Investments Inc.
Order ........................................................................ 2804
Fiorillo, Henry
Order – s. 127 .......................................................... 2808
Fiorini, Giuseppe (Joseph)
Order – s. 127 .......................................................... 2808
Garner, Ron
Notice ....................................................................... 2764
Gornitzki, Jacob
Order – s. 127 .......................................................... 2808
Grossman, Allen
Notice ....................................................................... 2764
HEIR Home Equity Investment Rewards Inc.
Order ........................................................................ 2804
High River Gold Mines Ltd.
Cease Trading Order................................................ 2861
(2012) 35 OSCB 2991
Index
Hyacinthe, Marianne
Notice........................................................................ 2764
IA Clarington Aston Hill Tactical Yield Fund
Decision .................................................................... 2773
IA Clarington Tactical Income Fund
Decision ....................................................................2773
Iacono, Santo
Order – s. 127 ...........................................................2808
IIROC Rules Notice – Request for Comment – Proposed
Amendments to Dealer Member Rules and Universal
Market Integrity Rules (UMIR) – Consolidation of IIROC
Enforcement, Procedural, Examination and Approval
Rules
SROs ........................................................................2983
Innocap Investment Management Inc.
Change in Registration Category .............................. 2981
Integra Capital Financial Corporation
Voluntary Surrender.................................................. 2981
Kricfalusi, Mary
Lanys, Steven
Notice........................................................................ 2764
Decision .................................................................... 2787
Loman, Kevin
Maitland Capital Ltd.
Notice........................................................................ 2764
Majestic Supply Co. Inc.
McKenzie, Roger
Notice........................................................................ 2764
Mezinski, Tom
Notice........................................................................ 2764
NI 21-101 Marketplace Operation
Notice ....................................................................... 2764
OSC Rule 21-501 – Deferral of Information
Transparency Requirements for Government Debt
Securities in National Instrument 21-101 – Marketplace
Operation
Notice ....................................................................... 2764
Cease Trading Order................................................ 2861
Pardo, Rene
News Release .......................................................... 2765
Placencia Estates Development, Ltd.
Order ........................................................................ 2804
Placencia Hotel and Residences Ltd.
Order ........................................................................ 2804
Placencia Marina, Ltd.
Order ........................................................................ 2804
Pollen Services Limited
Order – s. 127 .......................................................... 2808
Quadravest Capital Management Inc.
Decision.................................................................... 2782
Decision.................................................................... 2785
Radin Capital Partners Inc.
Change in Registration Category ............................. 2981
Rahman, Monie
OSC Decision........................................................... 2809
Raponi, Josephine
Order – s. 127 .......................................................... 2808
Rendezvous Island, Ltd.
Order ........................................................................ 2804
Robbins, Wayne D.
Order ........................................................................ 2804
Robertson, Archibald
Order ........................................................................ 2804
Rouse, William
Notice ....................................................................... 2764
NB Split Corp.
Decision – s. 1(10) .................................................... 2784
March 23, 2012
(2012) 35 OSCB 2992
Index
Serpa, John
Order – s. 127 ...........................................................2808
Snow, Jason
Notice........................................................................ 2764
St. Eugene Mining Corporation Ltd.
Decision .................................................................... 2781
Stephany, Kimberley
Order – s. 127 ...........................................................2808
Suman, Shane
OSC Decision ........................................................... 2809
Suncastle Developments Corporation
Telfer, Ian
Order – s. 127 ...........................................................2808
Tim Hortons Inc.
Order – s. 104(2)(c) .................................................. 2802
Ulfan, Hanoch
Notice........................................................................ 2764
Valde, Gord
Notice........................................................................ 2764
Waddingham, Leonard
Notice........................................................................ 2764
Wealth Building Mortgages Inc.
Order......................................................................... 2804
Wing, Dennis
Order – s. 127 ...........................................................2808
March 23, 2012
(2012) 35 OSCB 2993
Index
March 23, 2012
(2012) 35 OSCB 2994

OSC Bulletin

Transcription

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