After finding that s. 194(4.2) had retroactive effect to the date that the restriction was first announced on October 10, 1984 by the Minister of Finance, Joyal J. went on to find that the issuer ("Dell") had entered into arrangements that were "substantially advanced" by that date:
"By that date, Dell had already established the general but concrete framework within which it would proceed with the S.R.TC financing for its research projects. All that remained to work out were the finer details of exactly how much money would go where, who the S.R.TC investor would actually be and which aspects of its reseach program would be emphasized" (p. 5371).