July 27, 2007
IN THE MATTER OF
THE SECURITIES LEGISLATION OF
ALBERTA, SASKATCHEWAN, MANITOBA, ONTARIO,
QUÉBEC, NEW BRUNSWICK, NOVA SCOTIA
AND NEWFOUNDLAND AND LABRADOR
(the "Jurisdictions")
AND
IN THE MATTER OF
THE MUTUAL RELIANCE REVIEW SYSTEM
FOR EXEMPTIVE RELIEF APPLICATIONS
AND
IN THE MATTER OF
COASTAL VALUE FUND INC.
(the "Filer")
MRRS DECISION DOCUMENT
Background
The local securities regulatory authority or regulator (the "Decision Maker") in each of the Jurisdictions has received an application from the Filer for a decision under the securities legislation of the Jurisdictions (the "Legislation") that the Filer be deemed to have ceased to be a reporting issuer in each of the Jurisdictions (the "Requested Relief").
Under the Mutual Reliance Review System for Exemptive Relief Applications
(a) the Ontario Securities Commission is the principal regulator for this application, and
(b) this MRRS decision document evidences the decision of each Decision Maker.
Interpretation
Defined terms contained in National Instrument 14-101 Definitions have the same meaning in this decision unless they are defined in this decision.
Representations
This decision is based on the following facts represented by the Filer:
1. The Filer is a corporation subsisting under the Business Corporation Act (Ontario).
2. The Filer's head office and principal place of business is located at Suite 280, 12 Church Street, Hamilton, HM11, Bermuda.
2. The Filer is a reporting issuer in all of the Jurisdictions. On June 14, 2007, the Filer ceased to be a reporting issuer in British Columbia pursuant to British Columbia Instrument 11-502 Voluntary Surrender of Reporting Issuer Status.
3. The Filer is authorized to issue an unlimited number of Senior Preferred Shares, Class A Capital Shares, Class B Capital Shares and Class A Shares.
4. On February 21, 2007 all of its outstanding Class A Capital Shares, Class B Capital Shares and Class A Shares were retracted.
5. On February 21, 2007, the Filer redeemed all of its outstanding Senior Preferred Shares and the Senior Preferred Shares were subsequently delisted from trading on the Toronto Stock Exchange.
6. As of the date hereof, there are no securityholders of the Filer.
7. As of the date hereof, no securities of the Filer are traded on a marketplace as defined in National Instrument 12-201 Marketplace Operations.
8. The Filer is not in default of any of its obligations under the Legislation as a reporting issuer other than the requirement to file its interim financial statements and related management report of fund performance for the six month period ended March 31, 2007.
Decision
Each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the decision has been met.
The decision of the Decision Makers under the Legislation is that the Requested Relief is granted.
"Robert L. Shirriff"
Commissioner
Ontario Securities Commission
"Paul K. Bates"
Commissioner
Ontario Securities Commission