VANCOUVER, BC (September 13, 2011) Clearlease Financial Reports The Ontario Securities Commission will hear a request to partially lift a cease-trade order issued against shares of Sino-Forest Corp. (TSX:TRE), a Chinese timber company accused of defrauding investors.
The request for relieft was made by the Canadian Derivatives Clearing Corp., which wants the OSC to permit holders of certain exchange-traded option contracts to exercise their rights.
The CDCC is a federally incorporated central clearinghouse for exchange-traded derivatives in Canada.
It says there are currently about 9,000 contracts that entitle the holders to sell nearly 900,000 common shares of Sino-Forest at prices far above their current value. The value of the contracts wasn’t disclosed.
These “put” options would normally have to be honoured by the counterparties that sold them — meaning they’d be obliged to buy the shares at the contracted price — but the OSC’s cease-trade orders prevent the transactions.
The Canadian Derivatives Clearing Corp. argues the transactions aren’t investment decisions as such but “merely the realization” of decisions made before the initial cease-trade order against Sino-Forest stock on Aug. 26.
The OSC announced Monday it will hold a hearing on the matter on Sept. 14, at 8:30 a.m.
The original temporary cease-trade order was extended to Jan. 25 after a hearing last week. Sino-Forest, which has offices near Toronto and in Hong Kong, consented to the extension.
Shares in Sino-Forest — once the most valuable forestry company listed on the Toronto Stock Exchange — were hammered this summer after short-seller Muddy Waters Research first alleged that it had exaggerated sales and assets.
None of the allegations have been proven
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