BUSINESS

Business Notes

June 4 1990
BUSINESS

Business Notes

June 4 1990

Business Notes

GORDON TAKES A HIT

The Ontario Securities Commission has imposed a 10-day principal-trading ban on Gordon Capital Corp. of Toronto. The osc handed down the decision, following a two-year-long investigation, for violations by one of the firm’s leading floor traders, David Bond, of takeover provisions in the province’s Securities Act. The osc said that Gordon, one of Bay Street's most aggressive and secretive investment firms, broke the provisions of the act when it failed to inform the OSC that it had accumulated more than 10 per cent of the preferred shares in auto-parts manufacturer ITL Industries Ltd. of Toronto in 1987 and 1988. As a result, Gordon will be barred from trading shares on its own account on the Toronto Stock Exchange for 10 trading days beginning on June 18. The OSC also suspended Bond for five days during the same period. Gordon is appealing the ruling.

FOREIGN OWNERSHIP CLIMBS

Foreigners now control nearly 20 per cen cs Canada of foreign-

j own imped sharply to

19,2 per cent at the beginning of 1989 from 18,2 per cent in 1987.

MEXICO'S FREE TRADERS

! Mex e Gor-

tarih î agreement

j with îada and the United States,

! and >nal Trade r John

Cro . sted in

puri ive.

A DOMESTIC BID FOR CONSUMERS'

A Ci. 1 to counter

Brit m purchase

offer for s' Gas

Co. gn takeover

of Canada’s largest gas utility would not be i tional

Gas Inc. notice

of it Board

to b ¿over.

ProNational says that it will match its British rival’s price of $34 per share and then resell the shares to small Canadian investors.

MOSCOW WOOS REICHMANNS

The Soviet Union has endorsed a major project by Olympia & York Developments Ltd., owned by Toronto's Reichmann family. Support for the project follow, ; Soviet

leader f .Albert

Reichmann. The project includes a $25 ing in

Moscow.