V-1.1 - Securities Act

Section 225.29 Disposition versions

2008-05-28

225.29. Damages are assessed as follows in favour of a plaintiff that disposed of an issuer’s securities:

(1)  in respect of securities that the plaintiff has not subsequently repurchased, assessed damages are to be equal to the number of securities disposed of and not repurchased, multiplied, if the issuer’s securities trade on a published market, by the difference between the trading price of the issuer’s securities on the principal market for the 10 trading days following the public correction of the misrepresentation or the disclosure of the material change in the manner required under this Act or the regulations, or, if there is no organized market, the amount that the court considers just, and the average price received per security on the disposition of those securities (deducting commissions paid determined on a per security basis);

(2)  in respect of securities that the plaintiff subsequently repurchased on or before the last of the 10 trading days referred to in paragraph 1, assessed damages are to be equal to the difference between the price paid for those securities (excluding commissions) and the average price received on the disposition of those securities (deducting commissions), calculated taking into account the result of hedging or other risk limitation transactions; and

(3)  in respect of securities that the plaintiff repurchased after the last of the 10 trading days referred to in paragraph 1, assessed damages are to be equal to the lesser of

(a)  the number of those securities, multiplied by the difference determined under paragraph 1; and

(b)  the difference determined under paragraph 2.

2007, c. 15, s. 11; 2008, c. 7, s. 155.

2007-11-09

225.29. Damages are assessed as follows in favour of a plaintiff that disposed of an issuer’s securities:

(1)  in respect of securities that the plaintiff has not subsequently repurchased, assessed damages are to be equal to the number of securities disposed of and not repurchased, multiplied, if the issuer’s securities trade on an organized market, by the difference between the trading price of the issuer’s securities on the principal market for the 10 trading days following the public correction of the misrepresentation or the disclosure of the material change in the manner required under this Act or the regulations, or, if there is no organized market, the amount that the court considers just, and the average price received per security on the disposition of those securities (deducting commissions paid determined on a per security basis);

(2)  in respect of securities that the plaintiff subsequently repurchased on or before the last of the 10 trading days referred to in paragraph 1, assessed damages are to be equal to the difference between the price paid for those securities (excluding commissions) and the average price received on the disposition of those securities (deducting commissions), calculated taking into account the result of hedging or other risk limitation transactions; and

(3)  in respect of securities that the plaintiff repurchased after the last of the 10 trading days referred to in paragraph 1, assessed damages are to be equal to the lesser of

(a)  the number of those securities, multiplied by the difference determined under paragraph 1; and

(b)  the difference determined under paragraph 2.

2007, c. 15, s. 11.