Mr. Rod Baker reports
GREAT CANADIAN GAMING INSIDERS INTEND TO TRADE IN THE COMPANY'S SECURITIES
The directors and a member of management shown in the table, who are considered insiders of Great Canadian Gaming Corp., have given notice that they intend to trade in the company's securities within the next 30 days. All of the intended trades include the exercise of stock options with an expiry date of Feb. 10, 2015. Subsequent to 2010, when these stock options were originally granted, the company's non-employee directors are no longer eligible to receive stock options related to their service on the board, but instead participate in a cash-settled deferred-share-unit program as a component of their compensation.
Per cent of
the value of
Per cent of Great Canadian
common shares securities
intended intended
Insider Intended to be sold to be sold
name Title transactions (1), (2) (1), (3)
Member Exercise 30,000
of the options (4)
board of and sell 30,000
Thomas Gaffney directors common shares
Member Exercise 45,000
of the options (4)
board of and sell 20,000 47 35
Peter Meredith directors common shares 15 11
Member Exercise 30,000
of the options (4)
board of and sell 30,000
David Prupas directors common shares 40 29
Vice-
president,
player Exercise 17,940
development, options (4) and
casino sell 260,000
player commong shares
Walter Soo development (5) 44 (5) 52 (5)
- Great Canadian securities for this calculation include stock options, deferred share units and common shares.
- Calculated as the number of common shares intended for sale as a percentage of in-the-money Great Canadian securities held by the insider.
- Calculated as the intrinsic value of Great Canadian securities in the intended transactions as a percentage of the total intrinsic value of Great Canadian securities held by the insider. The intrinsic values in these estimates were based on the company's common share closing price on Aug. 18, 2014, of $19.28. The intrinsic value of a stock option is the positive difference between the company's common share closing price and the stock option's exercise price. The intrinsic value of a common share and a DSU is the company's closing share price as traded on the Toronto Stock Exchange.
- Stock options have an expiry date of Feb. 10, 2015.
- Joint accounts were recently created by Mr. Soo and his spouse for estate planning purposes. Prior to this, Mr. Soo and his spouse held separate individual accounts, which held 188,690 and 125,000 common shares of the company, respectively. The 260,000 common shares intended for sale consist of 135,000 commons shares from Mr. Soo and 125,000 common shares from Mrs. Soo. In addition, Mrs. Soo holds 91,139 common shares of the company in a registered retirement account, which Mr. Soo does not have control over but is included in the calculation of the per cent of common shares intended to be sold and per cent of the value of Great Canadian securities intended to be sold.
Subsequent to the exercise of these options by the non-employee directors, no company stock options will be held by any member of the board of directors. Any transactions completed by these insiders will be reported on the SEDI website within five days of their transactions.
The company has in place policies that are designed to provide transparency to the public about an insider's intention to trade in the company's securities. A cornerstone of that policy is a requirement that insiders give the company prior notice of any intention to trade Great Canadian securities so that the market may be alerted to that intention if the company believes that an insider is intending to trade a material quantity of the company's securities and/or a material portion of the value of such securities that are under the insider's control. Other insiders of the company may from time to time disclose their intentions to trade securities of the company.
We seek Safe Harbor.
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