MONTRÉAL, Jan. 11, 2021 /CNW Telbec/ - Le Château Inc. (NEX: CTU.H) ("Le Château" or the "Company") announced today that the Company has received a failure-to-file cease trade order (the "Order") issued by the Autorité des marchés financiers, the Québec securities regulatory authority, as a result of the Company's delay in the filing of its unaudited interim financial statements, management's discussion and analysis and related CEO and CFO certifications for the three and nine month periods ended October 24, 2020 (the "Interim Financial Materials").
The Order ceases all trading in the securities of the Company in the Province of Québec and in all provinces where the Company is a reporting issuer and in which Multilateral Instrument 11-103 – Failure-to-File Cease Trade Orders in Multiple Jurisdictions applies. However, holders of securities who are not participating in the control of the Company or who are not insiders of the Company may trade in the securities provided the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation and through an "foreign organized regulated market", as defined in Section 1.1 of the Universal Market Integrity Rules of the Investment Industry Regulatory Organization of Canada (IIROC). The Order will remain in effect until the Company files the Interim Financial Materials.
As previously announced, in connection with its creditor protection proceedings under the Companies' Creditors Arrangement Act (Canada), the Québec Superior Court (Commercial List) granted Le Château a liquidation order, allowing the Company to proceed with the sale of its assets and wind down of its operations. Accordingly, Le Château does not plan on filing its Interim Financial Materials in the foreseeable future, in order to dedicate its limited time and capital resources to the liquidation process.
Profile
Le Château is a Canadian specialty retailer and manufacturer of exclusively designed apparel, footwear and accessories for contemporary and style-conscious women and men, with an extensive network of 121 prime locations across Canada and an e-com platform servicing Canada and the U.S.
Forward-Looking Statements
This news release may contain forward-looking statements relating to the Company and/or the environment in which it operates that are based on the Company's reasonable expectations, estimates and forecasts. Forward-looking statements in this press release include, but are not limited to, statements with respect to the filing of the Interim Financial Materials and the liquidation process. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and/or are beyond the Company's control. A number of factors may cause actual outcomes and results to differ materially from those expressed. These factors also include those set forth in other public filings of the Company. Therefore, readers should not place undue reliance on these forward-looking statements. In addition, these forward-looking statements speak only as of the date made and the Company disavows any intention or obligation to update or revise any such statements as a result of any event, circumstance or otherwise except to the extent required under applicable securities law.
Factors which could cause actual results or events to differ materially from current expectations include, among other things: the risks and uncertainties related to the ongoing proceedings under the CCAA, the liquidation process, health crises & economic downturn, liquidity risks, general economic conditions and normal business uncertainty. The foregoing list of risk factors is not exhaustive. The risks and uncertainties faced by the Company are substantially the same as those outlined in the annual management's discussion and analysis for the year ended January 25, 2020.
SOURCE LE CHATEAU INC.
Emilia Di Raddo, CPA, CA, President, (514) 738-7000; Johnny Del Ciancio, CPA, CA, Vice-President, Finance, (514) 738-7000; MaisonBrison: Pierre Boucher, (514) 731-0000
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