Regulation 14D1.docx

Regulation 14D1.docx

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Regulation14D1

§240.14d-1 ScopeofanddefinitionsapplicabletoRegulations14Dand14E.

（a） Scope. Regulation14D（§§ 240.14d-1 through240.14d-101）shallapplytoanytenderofferthatissubjecttosection14（d）

（1）of theAct（15U.S.C.78n（d）

（1））,including,butnotlimitedto,anytenderofferfor securities ofaclassdescribedinthatsectionthatismadebyan affiliate ofthe issuer ofsuchclass.Regulation14E（§§ 240.14e-1through240.14e-8）shallapplytoanytenderofferfor securities （otherthanexemptedsecurities）unlessotherwisenotedtherein.

（b） Therequirementsimposedbysections14（d）

（1）through14（d）（7）oftheAct,Regulation14DandSchedulesTOand14D-9thereunder,andRule14e-1ofRegulation14EundertheAct,shallbedeemedsatisfiedwithrespecttoanytenderoffer,includingany exchange offer,forthe securities ofan issuer incorporatedororganizedunderthelawsofCanadaoranyCanadianprovinceorterritory,ifsuch issuer isa foreignprivateissuer andisnotaninvestmentcompanyregisteredorrequiredtoberegisteredunderthe InvestmentCompanyActof1940,iflessthan40percentoftheclassof securities outstandingthatisthesubjectofthetenderofferisheldbyU.S.holders,andthetenderofferissubjectto,andthebiddercomplieswith,thelaws,regulationsandpoliciesofCanadaand/oranyofitsprovincesorterritoriesgoverningtheconductoftheoffer（unlessthebidderhasreceivedanexemption（s）from,andthetenderofferdoesnotcomplywith,requirementsthatotherwisewouldbeprescribedbyRegulation14Dor14E）,providedthat:

（1） Inthecaseoftenderofferssubjectto section14（d）

（1）of theAct,wheretheconsiderationforatenderoffersubjecttothissectionconsistssolelyofcash,theentiredisclosuredocumentordocumentsrequiredtobefurnishedtoholdersoftheclassof securities tobeacquiredshallbefiledwiththeCommissiononSchedule14D-1F（§240.14d-102）anddisseminatedtoshareholdersofthesubjectcompanyresidinginthe UnitedStates inaccordancewithsuchCanadianlaws,regulationsandpolicies;or

（2） Wheretheconsiderationforatenderoffersubjecttothissectionincludes securities ofthebiddertobeissuedpursuanttotheoffer,any registrationstatement and/or prospectus relatingtheretoshallbefiledwiththeCommissionalongwiththeSchedule14D-1Freferredtoinparagraph（b）

（1）ofthissection,andshallbedisseminated,togetherwiththe homejurisdiction document（s）accompanyingsuchSchedule,toshareholdersofthesubjectcompanyresidinginthe UnitedStates inaccordancewithsuchCanadianlaws,regulationsandpolicies.

Notes:

1.Forpurposesofanytenderoffer,includingany exchange offer,otherwiseeligibletoproceedinaccordancewithRule14d-1（b）undertheAct,the issuer ofthesubject securities willbepresumedtobea foreignprivateissuer andU.S.holderswillbepresumedtoholdlessthan40percentofsuchoutstanding securities,unless（a）theaggregatetradingvolumeofthatclassonnational securities exchangesinthe UnitedStates andon NASDAQ exceededitsaggregatetradingvolumeon securities exchangesinCanadaandontheCanadianDealingNetwork,Inc.（“CDN”）overthe12calendarmonthperiodpriortocommencementofthisoffer,orifcommencedinresponsetoaprioroffer,overthe12calendarmonthperiodpriortothecommencementoftheinitialoffer（basedonvolumefigurespublishedbysuchexchangesand NASDAQ andCDN）;（b）themostrecentannualreportorannualinformationformfiledorsubmittedbythe issuer with securities regulatorsofOntario,Quebec,BritishColumbiaorAlberta（or,ifthe issuer ofthesubjectsecurities isnotareporting issuer inanyofsuchprovinces,withanyotherCanadian securities regulator）orwiththeCommissionindicatesthatU.S.holdershold40percentormoreoftheoutstandingsubjectclassof securities;or（c）theofferor hasactualknowledgethatthelevelofU.S.ownershipequalsorexceeds40percentofsuch securities.

2.NotwithstandingthegrantofanexemptionfromoneormoreoftheapplicableCanadianregulatoryprovisionsimposingrequirementsthatotherwisewouldbeprescribedbyRegulation14Dor14E,thetenderofferwillbeeligibletoproceedinaccordancewiththerequirementsofthissectioniftheCommissionby order determinesthattheapplicableCanadianregulatoryprovisionsareadequatetoprotecttheinterestofinvestors.

（c） TierI. Anytenderofferforthe securities ofa foreignprivateissuer asdefinedin§ 240.3b-4 isexemptfromtherequirementsofsections14（d）

（1）through14（d）（7）oftheAct（15U.S.C.78n（d）

（1） through78n（d）（7））,Regulation14D（§§ 240.14d-1 through240.14d-10）andSchedulesTO（§ 240.14d-100）and14D-9（§ 240.14d-101）thereunder,and§ 240.14e-1 and §240.14e-2of Regulation14EundertheActifthefollowingconditionsaresatisfied:

（1） U.S.ownershiplimitation. Exceptinthecaseofatenderofferthatiscommencedduringthependencyofatenderoffermadebyapriorbidderinrelianceonthisparagraphor§ 240.13e-4（h）（8）,U.S.holdersdonotholdmorethan10percentoftheclassof securities soughtintheoffer（asdeterminedunderInstructions2or3toparagraphs（c）and（d）ofthissection）.

（2） Equaltreatment. ThebiddermustpermitU.S.holderstoparticipateintheofferontermsatleastasfavorableasthoseofferedanyotherholderofthesameclassof securities thatisthesubjectofthetenderoffer;however:

（i） Registeredexchangeoffers. Ifthebidderoffers securities registeredunderthe SecuritiesActof1933 （15U.S.C.77a etseq.）,thebidderneednotextendtheoffertosecurityholdersinthosestatesorjurisdictionsthatprohibittheofferorsaleofthe securities afterthebidderhasmadeagoodfaithefforttoregisterorqualifytheofferandsaleof securities inthatstateorjurisdiction,exceptthatthebiddermustofferthesamecashalternativetosecurityholdersinanysuchstateorjurisdictionthatithasofferedtosecurityholdersinanyotherstateorjurisdiction.

（ii） Exemptexchangeoffers. Ifthebidderoffers securities exemptfromregistrationunder§ 230.802 ofthischapter,thebidderneednotextendtheoffertosecurityholdersinthosestatesorjurisdictionsthatrequireregistrationorqualification,exceptthatthebiddermustofferthesamecashalternativetosecurityholdersinanysuchstateorjurisdictionthatithasofferedtosecurityholdersinanyotherstateorjurisdiction.

（iii） Cashonlyconsideration. ThebiddermayofferU.S.holdersonlyacashconsiderationforthetenderofthesubject securities,notwithstandingthefactthatthebidderisofferingsecurityholdersoutsidethe UnitedStates aconsiderationthatconsistsinwholeorinpartof securities ofthebidder,solongasthebidderhasareasonablebasisforbelievingthatthe amount ofcashissubstantiallyequivalenttothevalueoftheconsiderationofferedtonon-U.S.holders,andeitherofthefollowingconditionsaresatisfied:

（A） Theofferedsecurityisa“marginsecurity”withinthemeaningofRegulationT（12CFR 220.2）andtheissuer undertakestoprovide,upontherequestofany U.S.holder ortheCommissionstaff,theclosingpriceanddailytradingvolumeofthesecurityontheprincipaltradingmarketforthesecurityasofthelasttradingdayofeachofthesixmonthsprecedingtheannouncementoftheofferandeachofthetradingdaysthereafter;or

（B） Iftheofferedsecurityisnota“marginsecurity”withinthemeaningofRegulationT（12CFR 220.2）theissuer undertakestoprovide,upontherequestofany U.S.holder ortheCommissionstaff,anopinionofanindependentexpertstatingthatthecashconsiderationofferedtoU.S.holdersissubstantiallyequivalenttothevalueoftheconsiderationofferedsecurityholdersoutsidethe UnitedStates.

（iv） Disparatetaxtreatment. Ifthebidderoffersloannotessolelytooffersellerstaxadvantagesnotavailableinthe UnitedStates andthesenotesareneither listed onanyorganized securities marketnorregisteredundertheSecuritiesActof1933 （15U.S.C.77a etseq.）,theloannotesneednotbeofferedtoU.S.holders.

（3） Informationaldocuments. （i）ThebiddermustdisseminateanyinformationaldocumenttoU.S.holders,includinganyamendmentsthereto,inEnglish,onacomparablebasistothatprovidedtosecurityholdersinthehomejurisdiction.

（ii） Ifthebidderdisseminatesbypublicationinits homejurisdiction,thebiddermustpublishtheinformationinthe UnitedStates inamannerreasonablycalculatedtoinformU.S.holdersoftheoffer.

（iii） Inthecaseoftenderoffersfor securities describedin section14（d）

（1）of theAct（15U.S.C.78n（d）

（1））,ifthebidderpublishesorotherwisedisseminatesaninformationaldocumenttotheholdersofthe securities inconnectionwiththetenderoffer,thebiddermustfurnishthatinformationaldocument,includinganyamendmentsthereto,inEnglish,totheCommissiononFormCB（§ 249.480 ofthischapter）bythefirstbusinessdayafterpublicationordissemination.Ifthebidderisaforeigncompany,itmustalsofileaFormF-X（§ 239.42ofthischapter）withtheCommissionatthesametimeasthesubmissionofFormCBtoappointanagentforserviceinthe UnitedStates.

（4） Investmentcompanies. The issuer ofthe securities thatarethesubjectofthetenderofferisnotaninvestmentcompanyregisteredorrequiredtoberegisteredunderthe InvestmentCompanyActof1940 （15U.S.C.80a-1 etseq.）,otherthanaregisteredclosed-endinvestmentcompany.

（d） TierII. A person conductingatenderoffer（includingany exchange offer）thatmeetstheconditionsinparagraph（d）

（1）ofthissectionshallbeentitledtotheexemptivereliefspecifiedinparagraph（d）

（2）ofthisse