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Cryptologic's Delisting A Knock Out Blow. Cryptologic's Delisting From The Toronto Stock Exchange (TSE) Index Of Leading Shares Will Set The Company Back Years. Cryptologic's delisting from the Toronto Stock Exchange (TSE) index of leading shares will set the company back years in terms of credibility, viability, and acceptance by institutional investors.
The crooks will no longer have the platform of one of the world's most prestigious exchanges to push their company's shares and products, and they must be sick to the back teeth. The shares will continue to be listed on the NASDAQ index.
The company's shares were marked for delisting from the TSE index because the market in their shares was too "thin." Bluntly put, this means no one wanted them. Matching trades between buyers and sellers became impossible or at least very hard to carry out.
The Toronto Stock Exchange is recognized worldwide as one of America's premier stock exchanges. Growth-oriented companies with strong track records of business management normally choose it for listing. Listed companies enjoy the prestige of being on Canada's largest exchange. A TSE listing brings visibility, attracts analysts and institutional investors, and provides access to capital.
When the TSE assesses a company's suitability for listing, all officers, directors and holders of more than 10% of the company's stock must produce details of their background, business experience, and industry knowledge. They must also give details of their residential addresses for the past 15 years.
A Personal Information Form also needs to be completed by all officers and directors of the company, and beneficial owners of more than 10% of the stock. A Commissioner of Oaths or Notary Public has to sign all the documents.
A person who makes a false statement by statutory declaration commits an indictable offence under the criminal code that is published by imprisonment for a term not exceeding 14 years.
Applicants are asked if they have even been the subject of disciplinary action, had past convictions involving securities or commodities, criminal offences, including fraud indictments, and whether they have ever been declared bankrupt.
Although the forms that have to be completed are lengthy, the problem is that most of them are just rubber-stamped by the lawyers because to make checks on an individual's background costs too much money. As well as that, most of the crooks in the business are good at telling lies and hiding their true history and identity.
While the delisting from the index is bad news for Cryptologic, the online gaming industry can breathe a sigh of relief. Meanwhile the crooks are still trying to conduct business as usual, and there is still some way to go before they are booted out once and for all.
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