Ontario Securities Commission to review TSX approval in HBC land deal

TORONTO — The Ontario Securities Commission is holding a hearing Wednesday at the request of a Hudson’s Bay Co. activist investor to review a Toronto Stock Exchange decision concerning shares involved in the sale of a New York City property.Land & Buildings Investment Management LLC applied on Monday for the regulator to review the TSX’s Nov. 7 decision to provide conditional support to Rhone Capital’s $632-million equity investment in the form of eight-year mandatory convertible preferred shares.The funding was part of a deal that included the sale of HBC’s Lord & Talyor Fifth Avenue building to WeWork Property Advisors for nearly $1.1 billion and to pursue a strategic alliance with WeWork to pursue future real estate transactions.Hudson’s Bay investors want debt reduction, payouts from real estate proceedsHBC accuses Land & Buildings of misleading shareholders about Rhone investmentThe owner of Hudson’s Bay, Saks Fifth Avenue and Lord & Taylor said it expects Rhone will initially hold a 21.8 per cent voting and equity interest in the company on a partially diluted basis and that could grow to 30 per cent if the preferred shares are held to their eight-year maturity.Land & Buildings has urged the retailer to consider a bid for its German operations by Signa Holding and criticized HBC for selling a controlling interest in the company without seeking the approval of minority shareholders.The retailer and its investor have been in a war of words, accusing one another of misleading shareholders regarding the building’s sale and the related Rhone Capital investment. read more

Rise of consent apps as millennials sign digital contracts before they have

Lawyers have previously warned that consent apps cannot provide proof of consent, as feelings can change throughout an evening, and even in the moments before an act.There are also some privacy issues.  Many of these apps don’t require users to log in with their own identifiable information. Data is also stored in a cloud rather than on a phone, and other apps have access to billing information and the user’s contacts. He said: “This is not a legally binding contract.”This is like a digital handshake agreement. You talk about what you are agreeing to, and then you shake on it.”He is also reformulating the app, and wants to implement a panic button to be pressed at any time, which immediately withdraws any consent given.Another idea to improve the app is to add a state-of-mind test, like a maths question, to determine whether the person is drunk. Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings. However, it is unlikely these would carry much weight in court. In the world of romance post #MeToo, some young people are cautiously navigating their way through sexual relationships by using consent apps.These devices ask the user to confirm they consent to sexual activity with another user by tapping or writing on the screen of their smartphone.The number of such apps is growing, as they promise to provide a record about any agreement given for sexual activity, which goes into detail about which acts were and were not approved. This is supposedly set to be useful for disputes.Cody Swann, CEO of Gunner Technology, which owns consent app uConsent, told the Wall Street Journal that the app is meant for communication about sex, and two people must be in the same room for it to work. read more