The Nova Scotia Securities Commission has issued a permanent cease-trade order against The Sou’Wester Wind Field Inc. for failing to file continuous disclosure documents.
A representative of the community economic development corporation failed to show up at a securities commission hearing Thursday. It had planned wind power projects in Queens, Shelburne and Lunenburg counties.
“I’ve always been crossing my fingers, hoping that they would move forward under the larger umbrella of Scotian WindFields,” said Queens MLA Vicki Conrad, a former volunteer board member with The Sou’Wester and investor in the outfit.
“So this comes as a surprise. But I guess maybe not as a surprise that it’s been difficult over the years for them to get a full slate of directors. So perhaps some folks that are still volunteering as board members have a huge task in complying with all the paperwork.”
The Sou’Wester was formed in 2005 and within two years had raised more than $320,000 from more than 30 investors throughout Nova Scotia.
“We were always hopeful that the investments would turn over some time in the future,” Conrad said.
Dan Roscoe, Scotian WindField’s chief operating officer, said Thursday he doesn’t know what went wrong with Sou’Wester.
“They are a shareholder of ours,” Roscoe said.
“We have a significant number of shareholders – over 50.”
The Sou’Wester Wind Field failed to file annual financial statements for the year ended June 30, 2012, by the November deadline, and for the period ended Dec. 31 by the March deadline.
“The director of corporate finance ordered Sou’Wester to comply with Nova Scotia securities laws and ordered all people and companies to permanently cease trading in securities of Sou’Wester,” the commission said Thursday in a written statement.
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