• CSE issued guidance, expectations on disclosing certain acquisitions by listed issuers.
• Exchange reviewed acquisitions of private companies by listed issuers that do not seem to meet fundamental changes criteria, yet significant number of listed securities.
• Cited CSE Policy 6 distributions, for acquisitions involving issuance of securities; CSE Policy 8, fundamental changes, changes of business, fundamental change transactions.

Acquisition Public Disclosure Rules

• Listed issuers required to immediately post notice of proposed acquisition (Form 9).
• At least 1 full business day prior to closing, must post amended Form 9, if applicable.
• Stated proposed acquisitions should be consistent with disclosed business objectives.
• Reviewed situations in which proper disclosures of changes to investment strategy may not be provided by the issuer, based on prior disclosure and shareholder approvals.
• Required to consult exchange prior to contemplating fundamental change transactions.
• To determine if fundamental change, should consult with exchange in advance for an acquisition considering listed securities, convertible/exchangeable into listed securities.
• Described conditions or restrictions if determined a fundamental change is applicable.
• Discussed remedial action for transaction with inadequate disclosure/evidence of value.
• Actions based on interest of shareholders, a review of board suitability requirements.