Unusual Delay I put together the following table to show the initial date of the halt and subsequent date when the TSX-V announced that the halt would remain in effect... with the reasons having to do with documentation related to a takeover transaction (Policy 5.2 or 5.3)
You can see that at most 5 days passed before the exchange stepped in to extend the halt. NDG is similar to NWN in that they have requested a halt pending news but 7 days have passed with no announcement from the exchange. That's unusual based on the oher halts listed in the table. NWN could remain in this state for a few more days without the exchange taking notice.
| Sym | Halted | Reason | Remain Halted | Reason | Days halted | Days between halt notices |
| AQX - V | 11/14/2011 | pending an announcement | 11/15/2011 | pending documentation | 16 | 1 |
| BTX - V | 12/21/2011 | pending news | 12/23/2011 | Policy 5.2 | 10 | 2 |
| BYM - V | 12/16/2011 | pending an announcement | 12/19/2011 | Policy 5.2 | 15 | 3 |
| CKO - V | 2/8/2012 | pending an announcement | 2/8/2012 | pending documentation | 21 | 0 |
| ERI - V | 7/29/2011 | pending an announcement | 8/2/2011 | Policy 5.2 | 2 | 4 |
| FTE - V | 5/16/2011 | pending an announcement | 5/19/2011 | Policy 5.2 | 15 | 3 |
| GDM - V | 11/17/2011 | pending news | 11/22/2011 | Policy 5.2 | 13 | 5 |
| KGH - V | 2/21/2012 | pending an announcement | 2/21/2012 | Policy 5.2 | 8 | 0 |
| MMA - V | 8/16/2011 | pending an announcement | 8/16/2011 | Policy 5.2 | 15 | 0 |
| NDG - V | 2/22/2012 | pending news | | | 7 | |
| NMD - V | 12/7/2011 | pending an announcement | 12/7/2011 | Policy 5.3 | 24 | 0 |
| NWN - V | 2/27/2012 | pending an announcement | | | 2 | |
| PDE - V | 6/29/2011 | pending news | 6/29/2011 | Policy 5.2 | 1 | 0 |
| PNN - V | 12/20/2011 | pending news | 12/22/2011 | Policy 5.2 | 11 | 2 |
| RND - V | 12/6/2011 | pending an announcement | 12/7/2011 | Policy 5.2 | 25 | 1 |
| URP - V | 12/1/2011 | pending news | 12/6/2011 | Policy 5.2 | 30 | 5 |
| VVI - V | 11/28/2011 | pending an announcement | 11/29/2011 | Policy 5.2 | 2 | 1 |
We should watch NDG to see how long they can get away without having to announce that a halt will remain in effect , assuming they can even get away with that. At some point NDG will announce that the halt is to remain for some reason or the halt will be lifted. Watch for that and you'll have an idea how long NWN might try to drag this out. I'm thinking they're wait until after SPE has an announcement, which I believe will be significant.
We'll see though. Pure speculation on my part :-)