RE: RE: My comments on today's NRHere are the SPECIFIC listing requirements. I am not a lawyer, but I believe HRG meets the listing requirements in all regards. The only black marks have been as a result of games played by Severtstal, such as late filings, delays and manufacturing FANTASY. Yes I agree HRG was on its last legs back in November, but any reasonable person can see HRG's improving financial position. Yet Severstal continues to keep hammering HRG down.
Severtsal is MUCK raking, and doing evrything in it''s power to derail HRG and provide value to its shareholders. If Severstal can't make a go of it, THE SELL IT TO SOMEONE ELSE.
Here is the link to the TSX regulations, have a read...
https://www.tsx.com/en/pdf/TSXNoticeOfApproval-AmendmentsJan2005.pdf
CJ
SRO Notices and Disciplinary Proceedings
November 5, 2004 (2004) 27 OSCB 9103
DELISTING CRITERIA
(1) Insolvency
Sec. 708. At such time as TSX is advised or becomes aware that a listed issuer (or any of its significant subsidiaries), has
become insolvent or bankrupt or has made an assignment for the benefit of creditors; or a trustee, receiver, liquidator or monitor
has been appointed for the listed issuer or for a substantial part of its assets; or bankruptcy, reorganization, creditor
arrangement or protection, insolvency, liquidation, winding up or similar proceedings are instituted by or against the listed issuer
under the laws of any jurisdiction, the securities of the listed issuer may, at the discretion of TSX, be immediately halted from
trading on TSX. TSX will ordinarily halt trading, or prevent the lifting of a trading halt, of the listed issuer’s securities in order to
allow material information to be publicly disseminated or when inadequate information in respect of the listed issuer is available
to the market, or when adequate information in respect of the listed issuer is not available to the market.
During the trading halt, or as soon as practicable after the trading halt is lifted, TSX shall notify the listed issuer that it is under
delisting review and is subject to the Expedited Review Process (see Section 707).
(2) Financial Condition and/or Operating Results
Sec. 709. TSX will normally consider the delisting of securities of a listed issuer if, in the opinion of TSX, the financial condition
and/or operating results of the listed issuer appear to be unsatisfactory or appear not to warrant continuation of the securities on
the trading list.
Sec. 710. Specifically, securities of a listed issuer may be delisted if:
All Issuers
(a)(i) the listed issuer's financial condition is such that, in the opinion of TSX, it is questionable as to whether the listed issuer
will be able to continue as a going concern. TSX will consider, among other things, the listed issuer's ability to meet its
obligations as they come due, as well as its working capital position, quick asset position, total assets, capitalization,
cash flow and earnings as well as accountants' or auditors' disclosures in financial statements regarding the listed
issuer's ability to continue as a going concern; or
(ii) the listed issuer has ceased, or has expressed an intention to cease, to be actively engaged in any ongoing business;
or
(iii) the listed issuer has discontinued or divested a substantial portion of its operations, thereby so reducing its business as
to no longer merit continued listing; or
Industrial Issuers
(b) the listed issuer fails to have:
(i) total assets of at least $3,000,000; and
(ii) annual revenue from ongoing operations of at least $3,000,000 in the most recent year.
Criteria (b)(i) and (ii) above do not apply to a research and development listed issuer; however, such a company may be delisted
if it has failed to spend at least $1,000,000 on research and development, acceptable to TSX, in the most recent year; or
Resource Issuers
(c)(i) in the most recent year, the listed issuer has failed to carry out at least $350,000 of exploration and/or development
work that is acceptable to TSX and has failed to generate revenue of at least $3,000,000 from the sale of resourcebased
commodities; or
(ii) the listed issuer does not have adequate working capital and an appropriate capital structure to carry on its business.
(3) Market Value and Public Distribution
Sec. 711. TSX will normally consider the delisting of securities of a listed listed issuer if, in the opinion of TSX, it appears that
the public distribution, price, or trading activity of the securities has been so reduced as to make further dealings in the securities
on TSX unwarranted.
SRO Notices and Disciplinary Proceedings
November 5, 2004 (2004) 27 OSCB 9104
Sec. 712. Specifically, participating securities may be delisted if:
(a) the market value of the listed issuer’s issued securities that are listed on TSX is less than $3,000,000 over any period
of 30 consecutive trading days; or
(b) the market value of the listed issuer’s freely-tradable, publicly held securities is less than $2,000,000 over any period of
30 consecutive trading days; or
(c) the number of freely-tradable, publicly held securities is less than 500,000; or
(d) the number of public security holders, each holding a board lot or more, is less than 150.
Non-participating securities will be subject to (b) above as well as Section 711.
(4) Failure To Comply With TSX Requirements & Policies
Listing Agreement
Sec. 713. TSX may delist the securities of a listed issuer that fails to comply with its Listing Agreement or other agreements
with TSX, or fails to comply with TSX requirements and policies. Examples of failure to comply with the Listing Agreement
include, but are not limited to, failure to obtain the prior consent of TSX to issue additional equity securities; failure to obtain the
consent of TSX before undergoing a material change in the business if the listed issuer is subject to Section 501; and failure to
comply with TSX’s requirements for stock options and security based compensation arrangements.
Disclosure Policies
Sec. 714. TSX may delist the securities of a listed issuer that has failed to comply with TSX’s Timely Disclosure policy (see
Sections 406 to 423.8 and 472 to 475) or with disclosure requirements under any securities law to which the listed issuer is
subject. In addition, TSX may delist the securities of a listed issuer that is engaged in the business of mineral exploration,
development or production if such listed issuer has failed to comply with TSX’s “Disclosure Standards for Companies Engaged
in Mineral Exploration, Development & Production” (see Appendix B).
Payment of Fees or Charges
Sec. 715. TSX may suspend from trading and delist the securities of a listed issuer that fails or refuses to pay, when due, any
fee or charge payable by the company pursuant to Exchange requirements.
Management
Sec. 716. TSX requires that each listed issuer must meet on an ongoing basis the management requirements relevant to its
category of listing that are described in Section 311 (for Industrial Issuers), Section 316 (for Mining Issuers) and Section 321 (for
Oil & Gas Issuers). TSX may delist the securities of a listed issuer that has failed to meet such management requirements.
Upon receipt of a Form 3 (see Section 424) from a listed issuer, or upon notice of a new insider of a listed issuer, TSX will
conduct a review of the new director, officer, trustee or insider with a view to determining the suitability of such individual or
entity as an insider of the listed issuer. Upon the request of TSX, listed issuers will submit a Personal Information Form (Form 4,
Appendix H) for any person so requested. TSX may delist the securities of a listed issuer in the event TSX determines that such
individual or entity is not suitable as an insider of the listed issuer.
(5) Change In Business
Sec. 717. Where a listed issuer substantially discontinues its business (for example, through the sale of all or substantially all of
its assets in one or more transactions) or materially changes the nature of its business (for example, through the acquisition of
an interest in another business which represents the majority of the market value of the listed issuer’s assets or which becomes
the principal operating enterprise of the listed issuer), TSX will normally require that the listed issuer meet original listing
requirements. Failure of the listed issuer to meet these requirements may result in the delisting of its securities.
REINSTATEMENT OF LISTING
Sec. 718. A listed issuer whose securities are delisted must remedy all of the conditions which resulted in the delisting, and
must meet TSX's requirements for original listing in order to qualify for reinstatement or be reconsidered for listing. The listed
issuer must submit a complete listing application with the required supporting documentation and TSX will consider each
application individually on the basis of all relevant facts and circumstances.