The Ontario Superior Court of Justice today granted a motion brought by the Ontario Securities Commission for the continuation of the appointment of RSM Richter Inc. as receiver for Norshield Asset Management (Canada) Ltd. and several related companies, including Olympus United Funds Corp.

The receivership is continued until such time as Richter has completed its administration of the estate and applied to
the Court for its discharge.

On May 16, the Autorité des marchés financiers, the Ontario Securities Commission and the Mutual Fund Dealers Association began a coordinated review of the operations of Norshield and Olympus United Group Inc. in Quebec and Ontario. During that review, Norshield and Olympus United Group Inc. were unable or unwilling to adequately explain the investment structure offered to clients and the flow and the location of client funds.

On May 20, the OSC suspended Norshield’s registration and it was made a term and condition of Norshield’s registration that a monitor be appointed to oversee Norshield’s business and financial affairs in Ontario.

On June 2, at the request of the AMF, the Bureau de décision et de révision en valeurs mobilières imposed a similar restriction on the registration of Norshield in Quebec. Norshield retained Richter as monitor.

Following receipt of the monitor’s first report, the OSC and AMF acted jointly to seek the appointment of Richter as receiver.