XN000022-1973-03-09 — Page 7

Friday, March 9, 1973

TWO PRIORITY LISTS FOR DRAFT COMPANY PROSPECTUSES

The Registrar of Companies, Mr. W. Hume, referred today to a statement

made by him on February 15, when he said that draft prospectuses received by

the Companies Registry would be given serial numbers and would be examined in

strict numerical order.

Commenting on this statement, Mr. Hume said that representations have

recently been made to the Commissioner for Securities by the chairmen of the

stock exchanges, who are concerned lest public offers for which dates have

been booked well in advance by the stock exchanges may be held up because of

the large number of private placements now in the course of preparation.

"The question was discussed by the Securities Advisory Council yesterday

morning", said Mr. Hume, "and I have accepted a recommendation of the Council

that I should in future maintain two separate priority lists, one for draft

prospectuses relating to public offers for which dates have been reserved by

the stock exchanges under an agreement reached with the Exchange Banks Association,

and one for draft prospectuses relating to any other public offers and all private

placements.

"Any draft prospectus on the first of these lists will take priority

over draft prospectuses on the second list."

"This means", added Mr. Hume, "that provided draft prospectuses relating

to public offers falling within the scope of the agreement mentioned above do

not exceed one in every 10 days, which it is understood will be the case, and

provided the conditions set out in my statement of February 15 are satisfied,

it should not take more than a few days to clear a draft prospectus relating

to such a public offer."