CGX Energy Inc V.OYL

Disclosure of informationa botu the rights - for OIL_RUN

[oldcompanyman]

Hi OIL_RUN,

Regarding your question on the ST board (copied below), you ask a legitimite question and the ethicallly expected answer would be "of course" but in reality I would think they have no such duty or at least the stock market has no way to enforce it; how the heck shall an empty suit regulator sitting in Toronto gonna know when the guys went through the payzone...?

On at least one occasion I saw a press release come up not days, not weeks but months after I finished drilling it, seriously. It was a different ballgame, it was just an appraisal well (no high stake well such as this one) and for a supermajor (so it had absolutely no impact on the SP and there wasn't a nail-biting community of investors sitting and waiting for the news) but anyway, for all intents and purposes it was a well that added reserves and therefore value to the company and they couldn't be bothered (for whatever reason their empty suits at the HQ may have decided) to communicate it. And it was a supermajor listed among other places in NY.

Therefore, my answer to your question would be "no".

GLTA,


Question: If CGX confirms they have encountered pay in the campanian during the rights offering - do they have a duty to disclose that information to shareholders during the rights period? Or, can they withhold material information until the rights offering is complete? Hmm.

[Miftee9]

I believe by law they cannot sit on material information and need to disclose.  However, I am sure they can manipulate their way to concluding that it either was not material or was not factual and therefore they could not disclose until they know further as to what they have as in OCM example above. However,   If it is leaked and the price runs one way or the other they would have

[oldcompanyman]

One question, with no disrespect to any country (I'm neither Canadian nor American); a friend told me that Toronto is a very loosely regulated market, compared to New York and that companies who choose to be listed in Toronto can practically get away with murder. Any truth to that? As stated several times here, I don't know much about markets so interested to hear people's thoughts. I

[ljmorin]

Its a dirty game no matter where i'm thinking. Manipulation is everywhere. But I'm no expert either. 

[Phantomblogger]

Oldcompanyman, you've heard correctly. Empricial evidence is Conrad Black, whose mistake was listing his companies in Canada and USA. He was convicted in Chicago and jailed. Biofail (read Biovail) had to be reborn to survive the tight ropes of the USA. But the 'horse man' was laughing all the way to the bank. Yes, Canadian companies get away with bloody murder. And the Venture exchange