| THE SECURITIES ACT | ) |
Order No. 5303 |
) |
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| Section 148 and 19(5) | ) |
February 15, 2007 |
PROMITTERE S & P 500 LIMITED,
PROMITTERE RETIREMENT TRUST, and ROBERT JAMES THIESSEN
WHEREAS:
(A) By Order No. 5175 dated September 29, 2006, 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, said orders to expire on February 15, 2007 unless extended by further order of the Commission;
(B) By Order No. 5190 dated October 13, 2006, the Commission pursuant to subsection 19(5) of the Act ordered a denial of exemptions against Robert James Thiessen ("THIESSEN"), said order to expire on February 15, 2007 unless extended by further order of the Commission.
(C) On February 14, 2007, a Notice of Hearing and Statement of Allegations were issued by the Commission, giving notice that a hearing would be held before the Commission on February 15, 2007 to consider, inter alia, whether or not it is in the public interest that orders of cease trading, denial of exemptions, and administrative penalties be issued against PS&P and/or PRT and that orders of denial of exemptions and administrative penalties be issued against THIESSEN;
(D) On February 15, 2007, a panel of the Commission heard a 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;
(E) Upon hearing the submissions of the respondents through counsel and the submissions of counsel for staff of the Commission, and upon noting the that THIESSEN consents to this order without making any admission as to any matter or allegation set out in any prior order or notice of hearing or to any other allegations which have been or may be made against him and without prejudice to any position he may take in future proceedings, 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, Order No. 5175 dated September 29, 2006 shall be extended such that commencing February 15, 2007 and continuing until March 19, 2007 all trading in the securities of PS&P shall cease, with the exception of any redemptions which may be made upon the request of any Manitoba investors now existing.
2. THAT, pursuant to section 148 of the Act, Order No. 5175 dated September 29, 2006 shall be extended such that commencing February 15, 2007 and continuing until March 19, 2007 all trading in the securities of PRT shall cease, with the exception of any redemptions which may be made upon the request of any Manitoba investors now existing.
3. THAT, pursuant to subsection 19(5) of the Act, Order No. 5190 dated October 13, 2006 shall be extended such that commencing February 15, 2007 and continuing until March 19, 2007: (a) subsections 19(1) and 19(3) of the Act do not, with respect to such of the trades referred to in those subsections, apply to THIESSEN; and (b) subsection 19(2) of the Act does not, with respect to such of the securities referred to in that subsection, apply to THIESSEN.
4. THAT the orders provided for in paragraphs 1, 2, and 3 shall expire on March 19, 2007, unless extended by further order of the Commission. 5. THAT staff’s motion for interim orders is returnable before the Commission on March 19, 2007 commencing at 9:00 a.m.
BY ORDER OF THE COMMISSION
Director - Legal