Amendment of the TSX Listing Fees
On November 20, 2008, the Toronto Stock Exchange (the “TSX”) announced several amendments to its listing fees. The revised listing fees will be effective January 1, 2009 and include:
• changes to the base and maximum sustaining fees for corporate issuers (variable fee rates remain unchanged);
• the fees payable for corporate reorganizations, which include income trust conversions; and
• the maximum fees payable for security-based compensation arrangements (minimum fees and the variable fee rates remain unchanged).
The maximum annual sustaining fee (for issuers with a base market capitalization of $500M or more) has been increased to $95,000.
Original listing and additional listing fees (other than for security-based compensation arrangements) are to remain unchanged.
According to the TSX, the fee review included a consideration of the difficult market environment currently facing many TSX-listed issuers and the need to be competitive with other major exchanges.
The new listing fees will apply to applications, transactions and notices filed on or after January 1, 2009. The 2009 TSX listing fees and a listing fee calculator may be found on the TSX’s web site at www.tsx.com.
This update is intended as a summary only and should not be regarded or relied upon as advice to any specific client or regarding any specific situation.
If you would like further information regarding the issues discussed in this update or if you wish to discuss any aspect of this commentary, please feel free to contact us.
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