Canada bans Palmer's Gladstone Pacific Nickel
GLADSTONE Pacific Nickel Limited, 95% owned by Clive Palmer, has been banned by the Toronto Stock Exchange for failing to adhere to Canadian corporate disclosure laws.
GPN is required under Canadian law to send its annual reports and other materials to the TSX even though it delisted its shares there in 2008.
It was reportedly banned because the company continues to be regulated by the Ontario Securities Commission and may still have Canadian shareholders.
GPN executive director Blair Brewster said according to the register the company has no shareholders in Canada.
"The whole register has been transferred to Australia," he said.
Regarding the ban, Mr Brewster said: "It's just a case of sending over the audit account."
"There's nowhere the guys can trade our shares.
"Mr Palmer could trigger a takeover at any time.
"All our shareholders know where we are on this."
The Ontario Securities Commission issued the order on June 14 last year for "failure to file annual financial statements, failure to file interim financial statements, failure to file an annual or interim management's discussion and analysis or annual or interim management report of fund performance, failure to file a certification of annual or interim filings and failure to pay a fee required by the Act or the regulations".
GPN is planning to establish a AU$3.85 billion long-life, nickel and cobalt refinery in the Gladstone State Development Area.