The information circular
and proxy statement has been mailed to all company shareholders of record on June 20, 2008.
Because of TEI's substantial and continuing concerns about the proper application of the these provisions, we offer the following comments on the draft Information Circular
As at the date of the Information Circular
, there were 1,903,700 options outstanding, representing 3.
Management Information Circular
(dated May 14, 2004), 9,715,512 common shares and 227,500 common shares under options as at April 30, 2004;
It would be helpful if the final statement of Revenue Canada's revised administrative practice in Information Circular
IC 87-2R addressed the statutory interpretation and application issues discussed here and provided guidance to mitigate fundamentally unnecessary and unreasonable concerns that could develop about the latitude provided to Revenue Canada in subsection 247(10) in the context of section 247 generally.
On May 21, 1993, Revenue Canada-Customs, Excise and Taxation issued an exposure draft of an information circular
(IC) relating to procedures and guidelines for securing an Advance Pricing Agreement (APA) to confirm that a taxpayer's transfer pricing methodology and results will satisfy the requirements for dealing with related parties as though at arm's length.
A recent amendment of Information Circular
81-11R3 provides that payments toward an anticipated reassessment will now be accepted, but even under the amendment Revenue Canada will require designation of the taxation year involved.
A court hearing to confirm, among other things, the mechanics of the mailing of the Notice of Special Meeting and Management Information Circular
, and the meeting date, has been scheduled for September 13, 2006.
The former procedure is governed by a non-statutory, administrative ruling procedure (which is described in Information Circular
The management information circular
of MOSAID, prepared for the 2006 meeting, states that: "If a person has acquired Common Shares after the Record Date, that person is entitled to vote those Common Shares at the Meeting upon producing properly endorsed share certificates, or otherwise establishing share ownership, and demanding the inclusion of his or her name on the list of shareholders before the Meeting.
The foregoing may be compared to Revenue Canada's approach as set out in the Information Circular
at paragraph 14:
An information circular
being mailed today asks shareholders to approve the exercise of a share purchase option to acquire 100% of the issued and outstanding shares of Cuprum in return for 3,212,000 shares of Bellhaven.