| THE SECURITIES ACT | ) |
Order No. 5437 |
) |
||
| Sections 148 and 19(5) | ) |
August 3, 2007 |
PROMITTERE S & P 500 LIMITED,
PROMITTERE RETIREMENT TRUST, and ROBERT JAMES THIESSEN
WHEREAS:
(A) By Order No. 5303 dated February 15, 2007, The Manitoba Securities Commission ("Commission") made certain orders pursuant to section 148 of The Securities Act ("Act") that provided for a cease trade in the securities of PROMITTERE S & P 500 LIMITED ("PS&P") and of PROMITTERE RETIREMENT TRUST ("PRT"), with an exception as to redemptions, and furthermore pursuant to subsection 19(5) of the Act ordered a denial of exemptions against Robert James Thiessen ("THIESSEN"), said orders to expire on March 19, 2007 unless extended by further order of the Commission;
(B) On March 19, 2007, a panel of the Commission heard the motion by staff for interim orders of cease trade to be issued against PS&P and PRT and for an interim order denying exemptions to THIESSEN;
(C) By Order No. 5325 dated March 20, 2007, a panel of the Commission extended the provisions of Order No. 5303 as against PS&P, PRT, and THIESSEN until such time as a decision was rendered by the panel in respect of staff’s motion for interim orders;
(D) On July 18, 2007, the Commission issued Reasons for Decision;
(E) Upon hearing evidence and the submissions of the respondents through counsel and the submissions of counsel for staff of the Commission, the Commission is of the opinion that it is in the public interest to make this order.
IT IS ORDERED:
1. THAT, pursuant to section 148 of the Act, the cease trade orders of Order No. 5325 dated March 20, 2007, extending Order No. 5303 dated February 15, 2007, shall be extended such that all trading in the securities of PS&P, shall cease, except for those exceptions specifically provided for by Order No. 5408 dated July 5, 2007, until a hearing of the allegations against PS&P has been concluded and a decision rendered by a panel of the Commission.
2. THAT, pursuant to section 148 of the Act, the cease trade orders of Order No. 5325 dated March 20, 2007, extending Order No. 5303 dated February 15, 2007, shall be extended such that all trading in the securities of PRT, shall cease, except for those exceptions specifically provided for by Order No. 5408 dated July 5, 2007, until a hearing of the allegations against PRT has been concluded and a decision rendered by a panel of the Commission.
3. THAT, pursuant to subsection 19(5) of the Act, the denial of exemptions order of Order No. 5325 dated March 20, 2007, extending Order No. 5303 dated February 15, 2007, as against THIESSEN, shall lapse effective July 18, 2007 being the date of the Decision of the Commission in respect of staff’s motion for interim orders.
BY ORDER OF THE COMMISSION
Deputy Director