SECURITIES AND EXCHANGE COMMISSION
Issuer Delisting; Order Granting the Application of Canada Southern Petroleum Ltd. to Withdraw its Common Stock, no par value, from Listing and Registration on the Boston Stock Exchange, Inc. File No. 1-03793
July 21, 2005
On June 14, 2005, Canada Southern Petroleum Ltd., a company continued under the Alberta Business Corporations Act ("Issuer"), filed an application with the Securities and Exchange Commission ("Commission"), pursuant to Section 12(d) of the Securities Exchange Act of 1934 ("Act")1 and Rule 12d2-2(d) thereunder,2 to withdraw its common stock, no par value ("Security"), from listing and registration on the Boston Stock Exchange, Inc. ("BSE"). Notice of such application was published in the Federal Register on June 30, 2005.3 No comments were received. The Commission is granting the application as stated below.
On March 14, 2005, the Board of Directors ("Board") of the Issuer approved preambles and resolutions to withdraw the Security from listing and registration on BSE and the Pacific Exchange, Inc. ("PCX"). In making the decision to withdraw the Security from BSE, the Issuer stated that the following reasons factored into the Board's decision: (1) the Security (formerly known as "Limited Voting Shares" when the Issuer was domiciled in Nova Scotia, Canada) was originally listed for trading on the BSE and PCX to facilitate the secondary market trading of the Security in the U.S. until the Security was authorized for quotation on the Nasdaq SmallCap ("Nasdaq") marketplace in the 1990s; (2) the overwhelming majority of the U.S. trading volume in the Security occurs on Nasdaq, with very little (if any) trading volume occurring on BSE and PCX; (3) the Security will continue to trade in the U.S. on Nasdaq and in Canada on the Toronto Stock Exchange, so that the Issuer's U.S. and Canadian shareholders will not suffer a material decrease in market liquidity because of the planned withdrawal; and (4) the Issuer intends to enjoy cost savings of at least $3,000 per year because it will no longer be required to pay annual listing maintenance fees to BSE and PCX.
The Issuer stated in its application that it has complied with BSE rules by complying with all applicable laws in effect in the province of Alberta, Canada, the jurisdiction in which the Issuer was continued effective March 2, 2005, and by filing with BSE the required documents governing the withdrawal of securities from listing and registration on BSE. The Issuer's application relates solely to withdrawal of the Security from listing on BSE and from registration under Section 12(b) of the Act,4 and shall not affect its obligation to be registered under Section 12(g) of the Act.5
The Commission, having considered the facts stated in the application and having due regard for the public interest and protection of investors, orders that the application be, and it hereby is, granted, effective at the opening of business on July 22, 2005.
For the Commission, by the Division of Market Regulation, pursuant to delegated authority.6
Jonathan G. Katz
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