| THE SECURITIES ACT | ) |
Order No. 5730 |
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| Section 148.3 and 19(5) | ) |
July 9, 2008 |
MICHAEL SAVAGE
WHEREAS:
(A) On February 1, 2008, the British Columbia Securities Commission (“BCSC”) issued a decision (“BCSC Decision”) against Michael Savage (“SAVAGE”);
(B) On May 23, 2008, The Manitoba Securities Commission (“Commission”) issued a Notice of Hearing (“Notice”) giving notice of its intention to hold a hearing to consider whether or not it was in the public interest to grant orders pursuant to The Securities Act, R.S.M. 1988, c. S50 as amended (“Act”) with respect to SAVAGE;
(C) On July 9, 2008, the hearing proceeded before a panel of the Commission;
(D) Upon reviewing the documentary evidence and hearing the submissions of counsel for staff of the Commission and the submissions of the respondent appearing on his own behalf by teleconference, 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 148.3 of the Act, SAVAGE resign as, and is prohibited from becoming or acting as, a director or officer of any issuer, other than one in which he and his immediate family own 100% of all the issued shares.
2. THAT, pursuant to subsection 19(5) of the Act, subsection 19(1) of the Act, with respect to such of the trades referred to in that subsection, and subsection 19(2) of the Act, with respect to such of the securities referred to in that subsection, do not apply to SAVAGE.
3. THAT SAVAGE be prohibited from engaging in investor relations activities and acting in a managerial or consultative capacity in connection with activities in securities markets.
4. THAT this order shall remain in force until the latest of:
(a) February 1, 2018;
(b) the date on which SAVAGE pays to the BCSC the administrative penalty pursuant to the BCSC Decision; and
(c) the date on which he completes a course of study satisfactory to the Executive Director of the BCSC on the duties and responsibilities of directors and officers pursuant to the BCSC Decision;
unless otherwise hereinafter further ordered by the Commission.
BY ORDER OF THE COMMISSION
Director, Legal and Enforcement