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Cassels Brock & Blackwell LLP Going Public in Canada
CASSELS BROCK IN BRIEF
•Canadianlawfirmofmorethan200lawyersbasedinTorontoandVancouverfocusedonservingthetransaction,advocacyandadvisoryneedsofthecountry’smostdynamicbusinesssectors
•Emphasisoncorepracticeareasofmergersandacquisitions,securities,finance,corporateandcommerciallaw,litigation,taxation,intellectualpropertyandinformationtechnology,internationalbusinessandgovernmentrelations
•OneofthelargestbusinesslawpracticesinCanada,servingmultinational,nationalandmid-marketentitiesandwithaparticularstrengthintheminingandnaturalresourcessector
•ConsistentlyrankedatornearthetopofBloomberg,ThomsonFinancialandMergermarketdealsleaguetablesformergersandacquisitionsandequityofferings
•CitedasmarketleadersbyChambers Global, ALM 500, Best Lawyers, Lexpert, Global Counselandothers
•RegularlyactondealshonouredattheCanadianDealmakers’GalaandforcounselrecognizedattheCanadianGeneralCounselAwards
GoingPublicinCanada:Overview 1InitialPublicOffering 3ReverseTake-Over 6QualifyingTransactionwitha CapitalPoolCompany(“CPC”) 9LifeAfterListing 10
TABLEOFCONTENTS
Cassels Brock & Blackwell LLPGoing Public in Canada 1
Thedecisiontobecomeareportingissuerandoffersecuritiestobetradedonapublicexchangeisamilestoneforacompanyofanysize.Therearemanyadvantagestogoingpublic,however,doingsobringsnewresponsibilitiesforwhichabusinessmustbeprepared.Managementisencouragedtocarefullyconsiderthefollowingandthendecidewhethertheyarepreparedtobecome,andoperateas,apubliccompany.
GOINGPUBLICINCANADA: OVERVIEW
Advantages
Whenaprivatecompanygoespublic,currentshareholdersbenefitfromthenewmarketfortheirsecurities.Increasedliquiditycanraisethevalueofthesharesandallowsexistingshareholdersanopportunitytoexitalloraportionoftheirpositionandrealizegains.Thecompanymayalsodiversifyitscapitalstructure;accesstopublicmarketsgivesthecompanymoreflexibilityinitscapitalstructureasequitycanbesoldforcashorissuedinsatisfactionofdebt.Goingpubliccanincreasebargainingpowerwhendealingwithpartiesoutsidethebusinessaspubliccompaniesareseenasmoresecurethanprivatecompanies;contractorsandsupplierswilldealmorereadilywithapubliccompany.Publiccompaniesarealsoregardedmorehighlybycapitalandlabourmarkets.Employeescanbeofferedstockoptionsaspartoftheircompensationpackage,allowingthecompanytoattractandretainbettertalentandcreatinganincentivetoworktowardacommongoal.
ISITINTHECOMPANY’SBESTINTERESTTOGOPUBLIC?
Other considerations
Therearenumberofconsequencestobecomingapubliccompanythatmustbecarefullyconsidered.Tostart,thecompany’smanagementwillloseadegreeofcontroloverthebusiness.Managersandboardmembersareaccountabletoabroaderrangeofshareholdersandmustbeabletojustifytheirdecisionstothem.Thismeansthatmaximizingshareholdervalueisapriority,creatingpressureforshort-termperformance.Acompanymustalsobepreparedfortherequirementsofincreasedtransparencyandtheheightenedlevelofscrutinyapubliccompanyreceives.Businessinformationthatwasformerlyprivate,suchasbusinessstrategy,financialperformanceandcompensationofseniorofficers,isrequiredtoberevealedtothepublic,includingtocompetitors.Additionally,materialcontractsarerequiredtobemadeavailablepublicly,subjecttocertainexceptions.Thecontinuousdisclosureobligationscanbeonerousandcostly,andmanyjudgmentcalls willrequiretheassistanceofoutsideprofessionals.
Theinitialcostofgoingpublicmustbejustifiable.Apublicofferingwillrequiretheretentionoflawyers,auditorsandinvestmentbankersaswellasothertechnicalconsultants.Further,administrationcoatsforprintingtheprospectus,“roadshows”andlistingfeescanbesubstantial.Goingpublicalsoexposesthecompanyanditsdirectorstopotentialliability.Comparedtoprivateshareholders,publicshareholderswilllikelytakeamoreactiveinterestinthebusinessandmaybemorelikelytosue.Thisriskissomewhatmitigatedbytheavailabilityofdirectorinsurance,however,itonlycoverslimitedsituations.Goingpublicalsoincreasestheriskofatake-overbid.
Cassels Brock & Blackwell LLP Going Public in Canada2
Listing requirements
Evenifacompanyfeelsitispreparedtodealwiththerisksandobligationsofbeingapubliccompany,itmaynotmeetlistingrequirementssetbyeachoftheCanadianstockexchanges.TherearethreestockexchangesinCanada,theTorontoStockExchange(“TSX”),TSXVentureExchange(“TSXV”)andtheCanadianNationalStockExchange(“CNSX”).TheTSXisdesignedtoprovideseniorissuerswithamarketfortheirsecurities,whiletheTSXVisdesignedtogiveearlystagecompaniesaccesstoventurecapitalmarkets.TheCNSXisacost-effectivedisclosure-focusedexchangeforsmallerissuers.CompaniesinitiallylistedontheTSXVorCNSXmayapply tograduatetotheTSXwhentheymeettheappropriatelistingthresholds.TheTSXhasthehighestthresholdsintermsoflistingrequirementsofthethreeexchanges.
Companiesapplytobelistedononeoftheexchangesbysubmittingaletterrequestwithcertainrequiredsupportingdocumentstothedesiredexchange.Applicationdocumentsincludealistingagreement,personalinformationformsordeclarationsofallseniorofficersanddirectorsandaprospectus, ifthecompanyisissuingone,oralong-formapplicationifitisnot.
TSXVapplicationsmustbesponsoredbyaTSXVmember.Thissponsorconsiderstheexpertiseofseniormanagementanddirectors,theintegrityofthecompany’sfinancialstatements,thelistingrequirementsandwhetherthecompanyissuitableforapubliclisting.Thesponsoralsoplaysaroleindetermininghowthecompanywillgopublic.
Forallapplications,additionaldocumentsmayberequireddependingontheindustryinwhichthebusinessoperates.Forexample,miningcompanieswillberequiredtosubmitgeologicalreportsinrespectofmaterialpropertiesincompliancewithNI43-101–Standards for Disclosure for Mining Projects.
…GOINGPUBLICINCANADA:OVERVIEW
How do I go public?
InCanada,acompanycangopublicbycompletingaprospectusoffering(an“initialpublicoffering”or“IPO”),throughareversetake-overorbycompletingaqualifyingtransactionwithacapitalpoolcompany.
CANIGOPUBLIC?
Cassels Brock & Blackwell LLPGoing Public in Canada 3
Aninitialpublicofferingisthemostconventionalwaythatprivatecompaniesgopublic.AnIPOrequiresthepreparationofaprospectus,whichprovidesinvestorswiththeinformationneededtomakeaneducatedinvestmentdecision.Thelevelofdisclosureneededfortheprospectusisfull,trueandplaindisclosure,thehigheststandardinsecuritieslaw.Asaresult,creatingaprospectusisalonganddetailedprocessthatrequirestheco-operationofmanagement,securitieslawyers,externalauditors,investmentbankers,technicalconsultantsandinvestorrelationsprofessionals.
Apreliminaryprospectusispubliclyfiledwitheachofthesecuritiescommissionsoftheprovinceswherethesecuritieswillbeofferedandwiththedesiredexchange.Thepreliminaryprospectusisreviewedbytheregulatoryauthoritiesandcommentsaresenttothecompanyanditslawyerstoadviseofdeficienciesandissues,ifany.Onceallcommentshavebeensatisfactorilyaddressedandsettled,afinalprospectusisfiledandafinalreceiptisgiven.Thesecuritiesarethensold,theofferingisclosedandthesecuritiesarelistedontheapplicableexchange.
INITIALPUBLIC OFFERING
Will my IPO be successful?
Fortheretobeapublicofferingofsecurities,thecompanymustfirstfindunderwriterswhoareconfidentthesecuritieswillsell.Underwriterswillconsiderthecompany’spotentialforgrowthandwhetherthefundsraisedcanbeusedtoincreasethevalueofthecompany.Thecompany’spastearningsandfutureprospects,aswellastheabilitiesandpreviousexperienceofthemanagementteamandboardofdirectorswillalsobeconsidered.Apubliccompanyneedsamanagementteamandboardofdirectorswithexperienceoperatingpubliccompanies.
Why do an IPO?
AnIPOallowsforawidedistributionofsecurities.Fromamarketingperspective,thecompanyisgivenmorepublicityasmorepeoplebecomeawareoftheoffering.Unlikeareversetake-over,anIPOdoesnotinvolvedealingwithanothercompanythatmayhavepotentialliabilities,issuesorobligationsattachedtoitthatwouldbeinheritedorassumedbytheentitythatcontinuesforwardfollowingthereversetake-over.
What financial statements are required?
Generally,boththepreliminaryandfinalprospectusmustinclude:
» Astatementofcomprehensiveincome,astatementofchangesinequityandastatementofchangesincashflowforeachofthethreemostrecentlycompletedfinancialyears;and
» Astatementoffinancialpositionforeachofthetwomostrecentlycompletedfinancialyears.
Therearespecialrulesforquarterlyreportsandpossibleexceptionstotheaboverequirementsincertain,veryspecificsituations.Acompanypreparingtogopublicalsoneedstobeawarethatadditionalstatementsarerequiredifa“significantacquisition”hasbeencompletedinthemostrecentlycompletedfinancialyear(orthecompanyproposestocompleteone).Allannualfinancialstatementsincludedinaprospectusmustbeaudited.AuditsarerequiredtobepreparedinaccordancewithInternationalFinancialReportingStandards(IFRS).
Cassels Brock & Blackwell LLP Going Public in Canada4
…INITIALPUBLICOFFERING
TIMELINE FOR AN IPO IN CANADA
TIMING TASK
Weeks1-2 » Managementconfirmsthecurrentboardofdirectorsandmanagementteamwillmeettheregulatoryrequirementsofapubliccompany
» Managementchoosesandengagesprofessionaladvisors:underwriters,securitieslawyers,externalauditorsandinvestorrelationsprofessionals
» Meetingwithauditorsandotheradvisorstodiscussfinancialsand,ifapplicable,technicalreports(suchasNI43-101compliantreportsformineralproperties)andcommencepreparationofsame
» Internaldocumentationorganizedtoensureduediligenceandpreliminaryprospectuspreparationarecompletedefficiently
» Underwritersbeginduediligencereview » Draftingofpreliminaryprospectuscommences
Weeks3-4 » Preparationofexchangelistingapplication » Attendtoexchangelistingrequirements(i.e.,application
forCUSIPnumber,distributionofpersonalinformationformstodirectorsandofficers)
» Legalandbusinessduediligencetocontinue » Commencepreparationofmarketingmaterials » Arrangeforfinancialprinters
Week5 » Oralduediligencesessionwiththecompany’smanagement,auditorsandlegalcounsel
» Finalizepreliminaryprospectus » Boardmeetingtoapprovepreliminaryprospectus
(includingfinancialstatementsandtechnicalreports) » Preliminaryprospectusandsupportingdocument,including
financialstatements,filedwiththeexchangeandapplicableprovincialsecuritiesregulators
Weeks6-9 » “Waitingperiod”begins:thecompanyandtheunderwritersarepermittedtosolicitinterestinsecuritiesbyforwardingcopiesofpreliminaryprospectustoprospectiveinvestors
» Underwriters’counseldistributesdraftunderwritingagreement
» Provincialsecuritiesregulatorsandtheexchangereviewpreliminaryprospectusandadviseapplicantissuerandprofessionaladvisorsofanydeficiencies
» Applicantissuer(withaidofsecuritiescounsel)toaddressdeficienciesandfilenecessaryamendmentstoprospectuswithsecuritiesregulators
» Underwritersbeginmarketingefforts » Listingapplicationfiledwiththeapplicableexchange
What are the steps and timing?
Cassels Brock & Blackwell LLPGoing Public in Canada 5
…INITIALPUBLICOFFERING
What are the costs of an IPO?
CommonexpensesincompletinganIPOinCanadainclude:
» Auditorfees » Filingfees(paidtoCanadiansecuritiesregulatorswhenfilinga
prospectusinallprovinces) » Legalfees » Listingfees(paidtotheapplicableexchange) » Marketingcosts » Printingcosts » Transferagencyfee » Translationcosts(ifanypartoftheofferingismadeinQuébec) » Underwriterfees
Weeks10-11 » Marketingcompleteandexpressionsofinterestsolicited » Holdupdateduediligencesessionwithcompany’s
management,auditorsandlegalcounsel » Resolveanyoutstandingcommentsfromthesecurities
commissionsonthepreliminaryprospectus » Finalizetermsofoffering(i.e.,price,size,etc.) » Finalizefinalprospectus » Holdboardmeetingtoapprovefinalprospectusandany
otherancillarymatters » Filefinalprospectuswithrelevantsecuritiescommissions » Issuepressrelease » Printcommercialcopiesoffinalprospectusfordistribution
tosubscribers
Weeks12-13 » ExpiryofstatutorywithdrawalrightsinCanada » Pre-closingmeetingtosettleandsignallclosing
documentation » Closingoccurs » Issuepressrelease » Securitiesbegintrading
Cassels Brock & Blackwell LLP Going Public in Canada6
Anotherwayforaprivatecompanytobecomeapubliccompanyisforittobeacquiredbyanexistingpubliccompanylistedonanexchange,knownasa“reversetake-over”or“RTO”.AnRTOoccurswhenapubliclistedshellcompanyacquiresormergeswithaprivatecompany,andtheownersoftheprivatecompanybecomethemajorityownersofthepubliclylistedcompany.Theshellcompanywillnothaveanoperatingbusinessandwilltypicallyhavefew,ifany,assets.Theacquisitionoftheprivatecompanymaybeachievedthroughanumberofmeans,includingbymergerofthetwocompanies,assetacquisitionofshareacquisition.ThestructureoftheRTOwilldependonanumberoffactorsincludingtaxconsiderations.TheAcquisitiongenerallyrequiresthepreparationofmaterialsforameetingofshareholderstoapprovethesetransactionswhichcontainprospectusleveldisclosureonboththelistedcompanyandtheprivatecompany.
REVERSE TAKE-OVER
Why do a reverse take-over?
Thebenefitofpursuingareversetake-overisthatthepublicparenthasapre-existingshareholderbasethatwillsatisfytheexchange’spublicfloatrequirement.Thereforeitmaynotbenecessarytoattractasmanynewinvestorsorhireateamofunderwriterstodistributestock.
AlthoughanIPOmayestablishastrongerretaildistribution,anRTOprovidesahistoricalretailbasetherebyreducingtherequirementtomarkettoretailinvestors.Incertaincircumstances,theshellcompanycanprovidethecompanywithcommercialadvantagessuchascash,qualifiedresidentCanadiandirectorsandacompatibleasset.
Cassels Brock & Blackwell LLPGoing Public in Canada 7
…REVERSE TAKE-OVER
Other considerations
Thismethodofgoingpublicdoesnoteliminatetheworkorexpenseinvolvedintakingacompanypublic.Thenewcompany,onapost-transactionbasis,muststillmeetlistingrequirementsandthetransactionissubjecttoregulatoryapproval.Thecompanyperformingthereversetake-overwillstillneedtoconductextensiveduediligenceandpreparethedisclosuredocumentsassociatedwiththetransaction.Thefeesassociatedwithgoingpublicthiswayarestillsubstantial.
ThetimerequiredtocompleteanRTOvaries,howeveritusuallytakesbetweenfourmonthsandsixmonthsfromthetimetheownersoftheprivatecompanyidentifytheshellcompany.Thekeydeterminingfactorswithrespecttotimelinesincludestatutoryrequirementsfortheholdingofshareholdermeetings,thetimerequiredbyregulatorsforreviewofmaterialsandthereceptivenessofthemarkettoanyproposedfinancing.
TheissuerwhichresultsfromtheRTOmustmeettheoriginallistingrequirementsoftheexchangethatthepubliccompanyislistedonandthetransactionwillbesubjecttotheapprovalofthatexchange.
TheRTOmustbeapprovedbyshareholdersoftheshellcompany,whichrequiresthatainformationcircularbefiledandashareholdermeetingheld.Holdingashareholdermeetingaddstimeandexpensetothetransaction.Theshellcompanywouldhaveseparatelegalandaccountingadvisorswhichalsoaddsdelayandexpense.
Asindicatedabove,theshellcompanywillhavesomepriorhistorywhichmeansthatthereisgreaterpotentialforactualorcontingentliabilitiesthatwouldbeinheritedbyandcontinuewiththeentityresultingfromtheRTO.Forthereasonsnotedabove,includingtherequirementforashareholdermeetinginCanada,additionaladvisorsandseparatemeetingmaterialsandlistingapplication,anRTOmaybemoretimeconsumingandpotentiallymorecostlythananIPO.
Cassels Brock & Blackwell LLP Going Public in Canada8
What are the steps and timing?
…REVERSETAKE-OVERBID
TIMELINE FOR AN RTO IN CANADA
TIMING TASK
Weeks1-3 » Identifyandcommencenegotiationswithshellcompany » Partiestocommenceduediligenceprocessoneachother » Determinestockconsiderationratioorrange » Considerwhetherafinancingisrequiredinconnection
withtheRTO » Commencedraftingoftechnicalreports(suchas
NI43-101complainttechnicalreportsformineralproperties),ifapplicable
» Preparefinancialstatementsforinclusionininformationcircular
Weeks4-6 » Announcetransactionwithshellcompany » Commencepreparationofmeetingmaterials » Continuepreparationoffinancialstatementsandtechnical
reports » Legalandbusinessduediligencetocontinue » Selectmanagementandboardofdirectorsofresulting
issuer
Week7 » Deliverinitialdraftdocumentationtotheexchange (i.e.,informationcircular,financialstatements,technicalreports,listingapplication,personalinformationforms)
» Publishrecorddateforshareholdersmeeting (atleast7dayspriortotherecorddate)
Weeks8-11 » Recorddateforshareholdersmeeting (mustbeatleast30dayspriortomeetingdate)
» Obtainconditionallistingapprovaloftheapplicableexchange
» Printingandmailingofmeetingmaterialsforshareholdersmeeting(mustbeatleast21dayspriortothemeetingdate)
Weeks12-13 » Holdshareholdermeetingandobtainshareholderapproval » Filingofpost-shareholderapprovaldocumentswiththeTSX
(i.e.,scrutineer’sreport,legalopinion,balanceoffilingfees) » ClosingofRTO » Exchangeissuesfinalexchangebulletin(evidencingfinal
listingapproval) » Commonsharesoftheresultingissuercommencetrading
Cassels Brock & Blackwell LLPGoing Public in Canada 9
A“qualifyingtransaction”issimilartoareversetake-overexceptitisdoneusinga“CapitalPoolCompany”or“CPC”. ACPCisaparticularkindofTSXVlistedpublicshellcompanythatisverylimitedintermsofwhatitcandountilitcompletesa“QualifyingTransaction”byacquiringormergingwithanoperatingprivatecompanyoracquiringaqualifyingasset. TheCPCprogramisofferedbytheTSXVinanattempttoprovidesmallerbusinesseswithalternativeaccesstocapitalmarkets.ShareholdersoftheprivatecompanybecomeshareholdersoftheCPC.OncetheCPCcompletesthetransactionitssharescontinuetobetradedontheTSXV.
QUALIFYINGTRANSACTION WITHACAPITALPOOLCOMPANY
Why choose a CPC?
AprivatecompanymaychoosetodoaqualifyingtransactionwithaCPCtoallowtheprivatecompanytogopublicwhereitisnototherwisereadytohaveitssecuritiesverywidelyheld,orifthemarketisnotstrongenoughforasuccessfulIPO.BecauseaCPCisarecentlyincorporatedshellcompanywithlittlehistory,thereisatypicallymuchlowervolumeofduediligencethanforaregularreversetake-over.
TheCPCprogramprovidesanalternativeroutetoaccessingcapitalthatmayallowthecompanyfounderstoretainahigherownershipthanthroughatraditionalIPOorRTO.AqualifyingtransactionwithaCPCprovidesagoingpublicprocessthathasgreaterflexibility,morecertainty,andallowsformorecontrolbythecompaniesinvolved.Ingeneral,ittakesthesomeoftheriskoutofthegoingpublicprocess.
Other considerations
Aswiththeothermethodsforgoingpublic,astrongmanagementteamwithexperienceoperatingpubliccompaniesisneeded.Additionally,asuiteofprofessionaladvisorsincludingsecuritieslawyers,externalauditors,investmentbankersandtechnicalconsultantsarerequiredtobeinvolvedinthetransaction.Thecompanyalsoneedstoensurethatithasalong-termstrategyforgrowthasapubliccompanyandengagefinancialadvisorstoensurethatthecompany’smessageiscommunicatedtopotentialshareholdersandthatthereisinvestorsupportforthecompany’ssharesfollowingthegoingpublictransaction.
Thestepsinvolvedandtimetocompleteaqualifyingtransactionaresimilartothoseforareversetake-over.
Cassels Brock & Blackwell LLP Going Public in Canada10
LIFEAFTER LISTING
What happens once the company goes public?
Itisimportantforbusinessestogiveseriousconsiderationtotheobligationsassociatedwithbeingapubliccompany.Companiesarerequiredtoprovidebothperiodicandtimelydisclosureandthecontinuousdisclosurerequirementscanbeonerousandcostly.Periodicdisclosuremeansthattherewillberegularreportingoffinancialstatements,includingauditor’sreports,management’sdiscussionandanalysis,annualmeetingmaterials,businessacquisitionreportsfor“significantacquisitions”,technicalreports(ifapplicable)andanannualinformationform(whichisoptionalifthecompanyislistedontheTSXV).Theseitemsrequiresignificantresourcestoprepare,reviewandfile.Thetimelydisclosureregulationsmayalsobeonerous,ascompaniesarerequiredtoreportmaterialchangesbypressreleaseimmediatelyandtofileamaterialchangereportwithin10daysofthematerialchange.Decidingwhatconstitutesamaterialchangerequirescarefulconsiderationbytheboardofdirectorsandoftentheassistanceofanexperiencedsecuritieslawyer.Theconsequencesoffailingtodiscloseamaterialchangecanbesevere.
Onebenefittothecontinuousdisclosureregimeisthereducedcostandincreasedspeedwithwhichsubsequentprospectusofferingscanoccur. Ifacompanyisup-to-datewithitsfilingsitmayqualifytousetheshort-formprospectusregime.Theshort-formprospectusrulesallowacompanytoincorporatedocumentsbyreferenceandisamuchfasterprospectusprocessthanforalong-formprospectus.
Cassels Brock & Blackwell LLPGoing Public in Canada 11
Corporate governance requirements
Thereareimportantcorporategovernancematterstoconsiderwhengoingpublic,includingensuringthatthecompany’sboardandmanagementarecomprisedinaccordancewithCanadiangovernancestandardsandthatresidencyrequirementsfordirectorsaremet.
TheTSXrequiresaminimumoftwoindependentdirectorsinordertomeetminimumlistingrequirements.Threeindependentdirectorswhopossessknowledgeandunderstandingoffinancialmatters,arenecessaryinordertohaveaproperlyconstitutedauditcommittee.
Tobeconsidered“independent”,adirector:
» Mustnotcurrentlybeanexecutiveofferoremployeeoftheissuer (orhavefulfilledsucharoleinthelastthreeyears)
» Mustnotreceivecompensationfromtheissuerotherthanpaymentforactingasamemberoftheboardandhavenootherdirectorindirectmaterialrelationshipwiththeissuer
Managementandboardsarealsorequiredtobefamiliarwithapubliccompanystructureandhaveexperienceintheissuer’sbusiness/industry.
Residencyrequirementsvaryfromprovincetoprovince.Forexample,AlbertaandOntariorequirethatresidentCanadiandirectorscompriseatleast25%ofthetotalnumberofdirectorswhiletherearenocurrentCanadianresidencyrequirementsfordirectorsofcorporationsinBritishColumbiaandQuebec.BoardsofdirectorsofcompaniesexistingundertheCanada Business Corporations Actarealsorequiredtobecomprisedofatleast25%Canadianresidentdirectors.
…LIFEAFTERLISTING
Cassels Brock & Blackwell LLP
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© 2011–2013 CASSELS BROCK & BLACKWELL LLP. ALL RIGHTS RESERVED.
This document and the information in it is for illustration only and does not constitute legal advice. The information is subject to changes in the law and the interpretation thereof. This document is not a substitute for legal or other professional advice. Users should consult legal counsel for advice regarding the matters discussed herein.