Winnipeg Free Press

Winnipeg Free Press (Newspaper) - November 24, 1982, Winnipeg, Manitoba Man acquitted of i the securities act does Fiot Fie Cessar ily make sales of shares of proposed companies illegal just because the seller is unregistered and the company has not filed a a court of Appeal judge has those who seek to attract Fisk Capi Tal in the opening phase of a new venture must careful to avoid in fringing on the provisions of these purities act but it is going much too far to say the act applies to All proposed new companies from the out Justice Joseph Osullivan said in a written decision he was commenting in a ruling that restored an acquittal for Patrick Campbell Gyles on two counts of unlawfully trading Iff securities of Wes Tward resources Gyles was acquitted of the charges in provincial court but was convicted on pet Ocanada at Ottawa up Petty Canadas proposed takeover of the refining and retail arms of by Canada will Cost almost not million As claimed when the offer was announced last executives of the Crown corporation admitted the executives chairman Wilbert Hopper and Vic president Joel Bell said the Cost of the buy would include an extra million to replace by Oil stocks and another million to As sume bps they told the commons Energy com Mittee those figures should be included in calculating the Money needed for the contrary to earlier statements by company the scheme would have a subsidiary of British Petroleum itself into two one made up of the company current exploration and production divisions and the other comprised of the refining and marketing current by shareholders would get one share of the new exploration and production company for each share of by Canada now As Well As the equivalent of a share from pet Ocanada for each by but in an unusual twist for this Type of by would first sell its inventory for about million giving the company current shareholders another a this would be a Bonanza for the by they would get a total of each for shares that were trading last August and september in the Range and still retain an equal number of shares in the new company formed from the lucrative exploration and product Ion rumours about the offer spurred by shares to a Market value of be fore trading on the company Stock was halted in late the pro posed Sale was announced Hopper confirms higher Cost when trading by share values soared to because of the proposals lucrative pet Ocanada said when the offer was announced the Purchase Price was million and refused to include the Cost of new saying it had bought a House without but when reporters asked Hopper yesterday if the real Cost is Mil lion including inventory and assumed replied the Purchase would rank Petrovan Ada fifth in terms of retail size behind the four major Oil companies Shell and its refining capacity would jump to barrels a Day from barrels and its retail outlets would leap to stations Energy minister Jean Chretien repeated yesterday the Purchase would not involve government Money be cause pet Ocanada would finance the Deal on its own through Cabin tap proved crts decision wipes out firs phone requirements up Consumers and businesses in four provinces and the Northwest territories have been Given unlimited Powers to buy All their Tele phone equipment anywhere they want in a far reaching decision yesterday by the Canadian radio television and telecommunications Telephone subscribers in British Newfoundland and the Northwest territories have had to buy their first phone from the Telephone then were free to buy other crts decision wipes out the firs phone requirement and allows Telephone users in those federally re Gul ated areas to do All their equipment shopping anywhere they phone companies will still be required to maintain these the decision opens up the phone equipment business in Canada and could Lead provincial telecommunications regulators to follow the fed eral that could seriously de crease phone company subscribers now can return their phone to their 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shares in new company Gyles and his friends thought it possible to make Large gains on Oil and Gas exploration Stock if one were Able to get in on the ground judge Osullivan Gyles a Fri fld con necked with the new westwards and the Friend told him he could acquire shares of the company at 50 cents each by investing at least of his own the Friend suggested Gyles Tell others who might be potential investors of this but there was no arrange ment Between the two for payment or any Gyles let some friends and business contacts know about the friends ruling the county court finding in judge Osullivan said Blue sky legislation is designed to protect the Public it is Fidot meant to inhibit a group of per soils from their capital in order to embark m a hew with the finest glasses and Contact lenses from Contact lenses from m39 the regular marked prices on our very special selection of when you Purchase your prescription lenses at any of our three Consumers optical a Small Deposit will hold your 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