Winnipeg Free Press

Winnipeg Free Press (Newspaper) - April 15, 2005, Winnipeg, Manitoba Winnipeg free press Friday april 15, 2005 province a5 doer rejects Calls Crocus redemption for Public inquiry into Crocus fund Premier Gary doer yesterday rejected opposition Calls for a Public inquiry into the Crocus investment fund controversy. Need probing critics no huge Cash ins but some sales blips seen conservative Leader Stuart Murray said Only an Independent Public Dent and spokesman said the Securi inquiry will ensure the facts come out by Paul Egan ties commission requested an insider about what went wrong with the trading report As part of its labour sponsored investment fund investigation and Crocus produced one t he Manitoba securities com which voluntarily froze trading on that showed no director officer or staff Mission should examine who dec. 10. Member sold Crocus shares in the six was cashing in their Crocus Crocus a creation of the provincial months prior to dec. 10. In fact on investment fund shares in the weeks government and the Manitoba Feder officer continued to buy shares through before trading of the Mutual fund was action of labour under former tory Crocus has payroll deduction Jones said. Halted fund watchers say. Premier Gary Filmon has become athe remaining concern is whether reported that nowhere was no massive Rush to sell financial Lemon for 33,678 Manitoba word of the pending writ Down could fund director Crocus shares just before the dec. 10 investors. Have reached the Street through Board officer or staff trading halt but there were sales blips on april 5, the fund announced members Crocus officials or others member sol that shareholder representatives and $46-million writ Down that will sen connected with the Crocus Board. Others say Are Worth a closer look. Crocus shares in share values below $7 from $10.45 information accompanying the Mac the Board of Crocus was receiving the six months allegations ? which accuse certain pre when trading halted. The share value signs As Early As september and Clear prior to the Trad sent and former Board members of which peaked at $15.39 in july 2000,warnings starting nov. 18, that a major ing halt. Allowing the Sale of Crocus shares at had earlier taken a hit of $1.10 in sep inflated prices ? includes sales and writ Down of the fund was needed which would cause the share value to tember. Dip sharply. The securities commission has redemption data for 11 trading weeks result those who bought Crocus shares the securities commission report an from sept. 24 to dec. 3. During that for the week ended dec. 3, the last alleged that Crocus its eight current in 1998 Are not eligible to redeem until the numbers provided by Jones 6.1 per entire period sales totalled $365,088 full trading week before sales and directors and two former directors 2006. Cent of All shares that were eligible Forand redemption totalled $487,465. Redemption were halted Crocus the fund has 33,678 shareholders. Redemption were cashed in during the breached the securities act by allow the nearly half million dollars in shares Worth $67,250 were cashed in but As of dec. 10, there were Only 2,937 11 weeks prior to the trading halt. Ing Crocus shares to be sold for More redemption Over 11 weeks represents compared with sales totalling $27,067, investors with 713,000 Crocus shares that is looking like a significant than they were Worth. The fund should a Pace of redemption that would according to data included with a set Worth $7.45 million who would have number said tory Industry critic John have halted trading three weeks Earli equate to an annual redemption figure of april 5 allegations made by the Secu been eligible to redeem Crocus Loewen. Or on nov. 18, the commission alleged. Of $2.3 million. Those numbers could cities commission. Spokesman Bob Jones said. Virtually there needs to be a thorough rec a hearing is set for May 6. Be significant because the 2004-05 sea Crocus insiders such As directors and All of them were investors who became on Iling of who redeemed shares Over doer can sweep this under the car son was an off year for Crocus senior officers have not filed Public eligible to redeem in the 2003-04 sea the course of the last number of weeks pet As if it did to happen or he can do investors in which no Crocus share reports when they have bought or sold son but had essentially left their shares while this thing was in turmoil he the right thing and today Call for a holders became newly eligible to Cash shares since 2002, when a Manitoba in limbo ? neither cashing them in nor said. Independent Public inquiry Murray in their shares. Securities commission order exempt re investing them in new shares for said in the legislature. The mandatory hold period for Cro de Mutual fund insiders from such a another seven years. Requirement. Cus shares was extended to eight years. . based on the redemption numbers in from seven years Early in 1998. As abut Bob Jones a Crocus vice presi National poster contest finalist named Manitoba a finalist for the country a other finalists in the poster contest from annual Canada Day poster contest is 16-the rest of the provinces and territories. Year old Sheryl Rose san Miguel of St. One poster will be selected from Boniface diocesan High school Feder among the provincial and territorial win Al Canada Day organizers announced ners to be the official Canada Day 2005 yesterday. Post and it will be distributed around the the runner up is Jenny waldner 14, country. Of Baker school in Macgregor. Third the name of the National Winner will place went to Michelle Alina 17 of St. Be announced some time in april. Cele Mary a Academy. Rations this year on parliament Hill will there were a total of 15 finalists in the Mark the country a 138th National birth province for the contest this year. They Day. Ranged in age from 7 to 17. The historical foundation of Canada san Miguel a first place finish entitles the Dominion Institute the trans Cana her to a trip to Ottawa to celebrate Canada Trail foundation the Canadian Chil a Day on parliament Hill with Federal Drens museum and the Hudson a Bay heritage minister Liza Frulla. She will be company Are official partners in this joined there by her competitors All the years poster contest ;