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2007 CEDIF Annual General Meeting10.31.2007
TO: Attendees as well as interested parties who were unable to attend
On Tuesday, September 25, 2007, the annual get-together for persons involved with CEDIF's took place at the Marigold Centre in Truro. This location was a departure from past events which took place at the Museum of Industry in Stellarton. The Marigold is a CEDIF, and, as such it was felt a more fitting location to meet. The meeting also featured Just Us Coffee, another CEDIF.
The meeting started with a meet and greet where people could discuss with other like-minded friends, progress which they have made over the past twelve months. The attendance was somewhat lower than the past two events, especially the number of persons who came from Cape Breton Funds. This may be a result of the longer transportation distance and/or the Celebrating Communities Conference later that same week.
Representatives from Economic Development, Finance and the Securities Commission provided updates on the requirements of their respective departments. There was also a presentation by Peter Hough of the Canadian Worker Co-operative Federation (CWCF) jointly with Darryl Evasuk of Concentra Financial on new options for CEDIF's to be held in a registered plan. Details and a handout provided are available as links to this news item. There was also some extensive debate over the amount of funds which are to be invested, whether this is 80% of the gross proceeds of offering or 80% of the net proceeds, after offering expenses, etc., or effectively 80% of 80%. Discussions continue on this subject and when a definitive response is available it will be posted to this website (as well as Finance and the Securities Commission). As we look ahead to another successful season of CEDIF offerings, we encourage everyone involved to get their paperwork in order and submitted ASAP. Every year we face significant bottlenecks in December and with early submissions the process should be smoother for all involved.
Also, as we look further ahead to next year's AGM, we hope to receive some suggestions as to the time needed for the meeting, the relevance of the sessions themselves, suggestions for new topics and/or speakers and comments on the choice of venue.
Thanks to all for their efforts to develop local capital pools and retain capital in communities to help them grow and prosper,
Chris Payne
Nova Scotia Economic Development
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