Published on June 1st, 2013 | by Ted Liu0
Saskatchewan files Information Services Corporation privatization IPO
Information Services Corporation has applied to list its Class A Shares on the Toronto Stock Exchange (TSX).
The offering is being underwritten by RBC Dominion Securities Inc., CIBC World Markets Inc., BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., GMP Securities L.P., National Bank Financial Inc., Canaccord Genuity Corp., Dundee Securities Ltd., Mackie Research Capital Corporation, Manulife Securities Incorporated, MGI Securities Inc. and PI Financial Corp.
MacPherson Leslie & Tyerman LLP acts as legal counsel to ISC, Kanuka Thuringer LLP acts for CIC/Saskatchewan Government, while McDougall Gauley LLP and Stikeman Elliott LLP act for the underwriters.
Information Services Corporation, formerly a Saskatchewan Provincial Crown corporation and a subsidiary of Crown Investments Corporation, provides registry and information services to the Province of Saskatchewan and are the exclusive provider of the Land Registry, Land Survey, PPR and Corporate Registry in the Province.
The proclamation of the ISC Act on May 30, 2013, resulted in The Crown Corporations Act, 1993 (Saskatchewan) ceasing to apply to ISC. Information Services Corporation was continued under The Business Corporations Act (Saskatchewan) on May 30, 2013.
In November 2012, the Government of Saskatchewan introduced legislation to enable the sale of shares of Information Services Corporation. The Province has indicated an intention to retain 40% of the shares in ISC, with the remaining 60% to be offered as follows: 45% of the shares will be available for Saskatchewan citizens, 5% of the shares will be held for company employee purchase, and the remainder will be available to outside investors.
As part of the privatization, the Province intends to transfer the Vital Statistics Registry from ISC to a Government of Saskatchewan entity, eHealth, on June 16, 2013. The transfer includes all assets and liabilities of ISC respecting the operations of the Vital Statistics Registry, and all contracts and causes of action of ISC respecting the operations of the Vital Statistics Registry.
Vital Statistics registers births, marriages and deaths that occur in Saskatchewan and provides certificates as legal proof of these vital events.
About the Author
Ted Liu Ted is an editor of CanadianPrivateEquity.com and Research Director for CVCA - Canada's Venture Capital and Private Equity Association. Ted has been following Canadian venture capital and private equity industry since 1993.