(CNN) — The Alberta Utilities Commission is investigating ATCO Gas Services and the Alberta Petroleum Marketing Commission, who handled TransCanada’s initial negotiations with TMX.
After TransCanada’s files were reviewed, the AUC wrote: “The AUC has further determined that the disclosure of information related to the TCAs’ discussions with TransCanada was acceptable under the rules of the AUC.”
TransCanada didn’t return CNN’s calls or emails seeking comment.
In June, TMX said in a public statement it received a letter from the AUC alleging TransCanada didn’t get its approval before paying TMX $9.27 million.
TMX said it “is aware that regulatory authorities are conducting a joint investigation into possible improper payments relating to the TMX purchase by TransCanada from Sept. 20, 2013 through Dec. 31, 2014. TMX plans to fully co-operate with these authorities and is providing them with additional information.”
It was during the 2014 acquisition period that the AUC wrote that it “received a claim alleging that TransCanada paid directly to third parties for the provision of particular services and for the provision of or services in connection with TMX’s consideration of $9.27 million.”
“These changes take us to the issue that triggered the agreement at FMR,” David Provost, president of TMX Group, told staff in an e-mail message.
The FMR, or fund of funds, means TMX shareholders voted on June 30, 2014 to approve a deal between TMX and its first owner, the London Stock Exchange Group, or LSEG. After TMX began operation as a public corporation, LSEG continued to fund TMX’s expenses from January through May of this year.
The TMX sale to the LSEG and a management change prompted the board of TMX to request funds from members of the public. The board said $40 million should come from individual shareholders. A total of 33,055 shareholders approved the sale at a May meeting.
The other $250 million were promised to investors in a public securities offering as part of the original TMX deal. Many TMX shareholders put money in an initial public offering of TMX in 2009 to exchange their Toronto Stock Exchange, TSX Venture Exchange, and TSX Small Cap Exchange holdings for a new TMX-listed stock, TMX Equity Units.
TMX’s shareholders voted to approve this transfer.
Any person who feels that he or she lost money on the TMX stock from May 2015 to the current time can file a claim to the Alberta Securities Commission, which is conducting its own investigation.