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Coventree Discloses Receipt of OSC Enforcement Notices

  //business-finance.news-articles.net/content/200 .. iscloses-receipt-of-osc-enforcement-notices.html
  Published in Business and Finance on Friday, July 24th 2009 at 10:39 GMT, Last Modified on 2009-07-24 10:39:30 by Market Wire
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 Toronto Stock Exchange Symbol: COF TORONTO, July 24 /CNW/ - As Coventree Inc. (TSX: COF) ("Coventree" or the "Company") has previously disclosed, in early 2008 the Ontario Securities Commission (the "OSC") and the Investment Dealers Association of Canada (now known as the Investment Industry Regulatory Organization of Canada ("IIROC")) acknowledged that they were examining the Canadian ABCP market. Subsequently, the OSC made further public statements indicating that it was investigating this market. As part of this investigation, staff of the OSC ("Staff") inquired into Coventree's participation in the Canadian ABCP market and various disclosure issues, including the sufficiency of the disclosure in the prospectus relating to Coventree's initial public offering that was completed in November 2006, the company's disclosure of its U.S. subprime exposure to customers and dealers during 2007, and the company's compliance with its continuous disclosure obligations prior to August 13, 2007. Coventree cooperated with OSC Staff throughout the investigation. The Company and four of its current and former officers, Dean Tai, Geoff Cornish, David Allan and Bridget Child, have now received "Enforcement Notices" from Staff. The Enforcement Notices identify the disclosure issues that have been the subject of the OSC's investigation, and indicate that Staff is contemplating commencing proceedings in relation to those issues. The Enforcement Notices afford the Company and individuals an opportunity to make representations before a decision is taken by the OSC to commence proceedings. Coventree is reviewing the Notices and will respond to the Notices after it has considered its position. %SEDAR: 00024386E 

For further information: Craig Armitage, The Equicom Group Inc., Tel: (416) 815-0700 x278, Email: [ carmitage@equicomgroup.com ]