Argus Corporation Limited Announces That OSC Has Issued a Temporary Cease Trade Order and Independent Director is Reappointed.Business Editors TORONTO--(BUSINESS WIRE)--May 26, 2004 Argus Corporation Argus Corporation, based in Toronto, Ontario, is an investment and holding company founded in 1945 by its President E. P. Taylor with minority partners Colonel W. Eric Phillips and Wallace McCutcheon and other investors. Limited ("Argus") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :AR.PR.A) (TSX:AR.PR.D) (TSX:AR.PR.B) today announced that the Ontario Securities Commission The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown corporation which reports to the Ontario legislature through the Minister of Finance. (the "Commission") has issued at its request a temporary order that all trading by certain directors, officers and insiders of Argus in securities of Argus cease subject to certain exceptions. A hearing to continue the temporary management and insider cease trade order is to be held at the offices of the Commission on June 3, 2004. Argus had announced on May 14, 2004 that it would be delayed in filing its quarterly financial statements for the fiscal quarter ended March 31, 2004 and its related Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial by May 15, 2004 as required. Argus is presently reviewing with the Commission the financial statements and other disclosure that it will need to file to be current in its filings with the Commission and for the temporary cease trade order to be lifted. The temporary cease trade order issued today would ordinarily or·di·nar·i·ly adv. 1. As a general rule; usually: ordinarily home by six. 2. In the commonplace or usual manner: ordinarily dressed pedestrians on the street. be replaced within 15 days by a permanent management and insider cease trade order. Any permanent order would then be in place until two days after Argus had made all of its filings. In the meantime Adv. 1. in the meantime - during the intervening time; "meanwhile I will not think about the problem"; "meantime he was attentive to his other interests"; "in the meantime the police were notified" meantime, meanwhile , Argus expects to generally provide bi-weekly updates by way of news release on the affairs of Argus under the guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. pursuant to which the management and insider cease trade order was issued. The exceptions to the temporary order are for any trades contemplated by the offering of Hollinger Inc.'s subscription receipts offering completed on April 7, 2004 or trades in connection with any transaction resulting from the "strategic process" currently being conducted by Hollinger International Inc. The Commission announced temporary cease trade orders on similar terms on May 18, 2004 as against the management and insiders of Hollinger Inc. and Hollinger International Inc. and on May 21, 2004 as against the management and insiders of Hollinger Canadian Newspapers, Limited Partnership. Argus also announced today that Paul A. Carroll, Q.C. is to be reappointed as a Director of Argus and as a member of its Audit Committee. Mr. Carroll is the President and Chief Executive Officer of Carnarvon Capital Corporation, a Toronto-based investment management and venture capital company. Prior to January 31, 2003, he was Counsel to Gowling Lafleur Henderson LLP LLP - Lower Layer Protocol , a major Canadian law firm, and its predecessor firm Smith Lyons. Mr. Carroll had been appointed as a Director of Argus and a member of its Audit Committee on April 20, 2004. He then resigned as a Director on May 14, 2004 while certain regulatory issues were being reviewed. Argus intends to soon announce the appointment of another independent Director. |
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