Shareholder Spread Requirement  |
|
|---|---|
| Rule: | I 3.9 |
| Date Requested: | Friday, January 4, 2019 |
| Requested By: | SPS |
| Date Approved: | Tuesday, January 29, 2019 |
| Approved By: | Compliance Committee |
| Issuer: | SPS |
| Securities: | SPS |
| Description of Rule: | There must be an open market in the securities for which listing is sought. This means that the minimum percentage of securities in public hands, (i.e. persons who are not a director or substantial shareholder of the issuer or a director of a substantial shareholder of the issuer or an associate of any of them) must at all times follow the attached scale: Percentage in Non-Director hands: 25% Number of shareholders required: 50 This requirement is not met if the spread is obtained by artificial means. For the purpose of calculating the number of holders, holders with securities valued at less than $2,000 will be disregarded, and the Exchange may in its discretion determine the value of securities. |
| Waiver Requested: | Relief requested in relation to this listing application regarding the total percentage of the shares in director hands being 78.78% and greater than the 75% permissible under NSX Listing Rule 3.9. |
| Effect of Waiver: | Waiver granted |