Receiver Appointed In Matter Of Argentum
Securities
Montréal – At the request of the Ontario Securities Commission (OSC) and supported by the Autorité des marchés financiers (AMF), A. John Page and Associate Inc. has been appointed by an Ontario court as Receiver for @rgentum Management and Research Corporation and the family of @rgentum Funds. The appointment authorizes the Receiver to take control of all assets in Ontario and to preserve any documents belonging to the said parties.
On September 19, 2005, freeze and cease trading orders were issued by the Bureau de décision et de révision en valeurs mobilières (BDRVM) against @rgentum Management and Research Corporation and the family of @rgentum Funds.
The orders followed a request by the AMF in which it alleged:
- Failure to file annual financial statements for the fiscal period ended on December 31, 2004 as well as the interim financial statements for the period ended on June 30, 2005.
- A substantial decrease in the net assets of @rgentum Funds from $8.6 million on June 30, 2004 to $5.3 million on September 13, 2005. The AMF has received no explanation for the decline in value.
- An unspecified number of unitholders.
- A significant increase in management expense ratios.
- @rgentum’s intention to liquidate the @rgentum Funds.
Following the orders issued by the BDRVM, the OSC issued three freeze orders given that assets in the name or under the control of @rgentum Management and Research Corporation were held in Toronto. The three orders were extended by Ontario Superior Court.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.
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