RE:Re re loan terms As the original release made reference to MI 61-101 and given what is expressed in the Exchanges policies regarding special transactions that affect minority shareholders, especially those between related parties, I would say it is likely that the Exchange is examining (not necessarily investigating) the merits of the application to exclude minority approval for the loan (if they are still relying upon the exception).
In my opinion and to therorise, the extension to September more than likely was something desired by the Exchange as the shorter term looked to be so onerous that it was likely CGX would default if no other financial provisions were provided or obtained. As FEC is not the only bag of money (and CGX is rightly capable of finding other loans with more agreeable terms to minority shareholders), this arms length agreement would need to meet the necessary thresholds under the rules. Given that FEC is the majority shareholder and on paper capable of casting its 75+% voting position to pass any resolution, these minority shareholder protection rules will definitely be at play. And like WS, I believe it is because of these rules that we are seeing this amendment and statement that the approval is still pending. Which like all other NR's is the crumbs we should be following.