BCSC panel gives reasons for decision in Severstal case

VANCOUVER, April 12 /CNW/ - A British Columbia Securities Commission panel has released reasons for its dismissal on March 30 of an appeal by Severstal Gold NV of the executive director's refusal to make temporary enforcement orders against Endeavour Financial Corporation and an Endeavour subsidiary.

Severstal and Endeavour are both seeking to acquire control of Crew Gold Corporation, a Yukon company and British Columbia reporting issuer whose shares trade on the Toronto Stock Exchange and the Oslo Børs. Severstal was seeking orders to restrict Endeavour from buying or selling Crew shares.

In its reasons, the panel said the executive director's refusal to make temporary orders is not a decision subject to review under the Act.

The panel also said that because neither Severstal nor Endeavour had made a take-over bid for Crew, Severstal did not have the standing to apply for orders.

The panel found that there was no evidence of abusive conduct by Endeavour and therefore no reason in the public interest for the Commission to make orders on its own motion.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You can view the decision on our website www.bcsc.bc.ca by typing Severstal or 2010 BCSECCOM 181 into the search box.

Learn how to avoid investment fraud at the BCSC's investor education website: www.investright.org.

For further information: Brenda-Lea Brown at [phone]