- Personal care company, MAV Beauty Brands (TSX:MAV) must rely on exemptions from securities regulators to postpone filing its periodic reports
- The company is late to file its 2020 March quarter interim financial report, and other related documents
- The Ontario Securities Commission has granted blanket relief exemptions, in light of COVID-19’s market-wide detrimental impact
- The company expects to file its first quarter results on or around June 8, 2020
- MAV Beauty Brands remains unchanged, and is currently trading for $2.30 per share
Personal care company, MAV Beauty Brands (TSX:MAV) must rely on exemptions from securities regulators to postpone filing its periodic reports.
The company, like many others, is late to file its interim financial report for the quarter, and other related documents. These are the interim financial report for the quarter ending March 31, 2020, the associated management’s discussion and analysis, and the executive compensation disclosure.
The executive compensation disclosure, contained in MAV’s management circular, is to be made at its shareholders annual general meeting. That AGM is currently set for September of this year.
According to National Instrument 51-102, ‘Continuous Disclosure Obligations’, listed companies must regularly file periodic reports on their finances. However, the unprecedented coronavirus pandemic has caused major delays for such reporting duties.
In light of COVID-19’s market-wide impacts, various securities regulators have granted companies extensions on filing deadlines.
In particular, the Ontario Securities Commission has granted blanket relief exemptions for filing continuous disclosure documents. The first is the Ontario Instrument 51-502, or ‘Temporary Exemption from Certain Corporate Finance Requirements’. The second is Ontario Instrument 51-504, or ‘Temporary Exemptions from Certain Requirements to File or Send Securityholder Materials.
Securities regulators in other Canadian provinces have also implemented similar measures.
Currently, the company expects to file its interim financial report and related documents on or about June 8, 2020. Until that time, MAV’s officers, directors, and other insiders will stay in a trading blackout period.
The company has restated that there have been no material business developments to report since December 31, 2019.
MAV Beauty Brands remains unchanged, and is trading for $2.30 per share, as of 10:25am EDT.
