92 C.R. - Q.51

The requirements of s. 15(1)(c) will, in most instances, be complied with where under a poison pill arrangement shareholders are granted the right to acquire additional shares of the company at some fraction of market value.

Warrants issued in connection with a "poison pill" arrangement are a form of option and, therefore, are subject to the usual option rules.

A "poison pill" warrant that cannot be severed from the share to which it relates and that, therefore, cannot itself be listed, will not be a qualified investment. However, this will only be of significance in cases where the poison pill warrant has a value, which is not usually the case.