Mr. Rod Baker reports
GREAT CANADIAN GAMING NAMED EXECUTIVES ADOPT AUTOMATIC SECURITIES DISPOSITION AND/OR PURCHASE PLANS
Great Canadian Gaming Corp. has provided an update. The following named executives have each adopted automatic securities disposition and/or purchase plans in accordance with guidance under Ontario Securities Commission staff notice 55-701, and the company's insider trading policies.
Canadian securities legislation permits the named executives to adopt written automatic plans to sell, purchase or otherwise transfer shares in the future (including upon exercise of stock options) according to the automatic plan on an automatic basis regardless of any subsequent material non-public information they receive. Once an automatic plan is established, the named executive is not permitted to exercise any further discretion or influence over how dispositions or purchases will occur under the automatic plan.
In addition to meeting the requirements of the guidance, the company has in place additional measures that are designed to follow best practices related to such automatic plans. These measures include: (i) automatic plans may only be adopted by named executives during a trading window; (ii) a waiting period of 30 calendar days is required between the adoption of the automatic plan and the first disposition or purchase under the automatic plan; (iii) the automatic plan must contain meaningful restrictions on the ability of the named executive to modify or terminate the automatic plan; and (iv) all named executives must use an independent broker to administer their automatic plans, meaning that the brokerage accounts established for that insider's automatic plans must be administered by a broker with no prior relationship with that insider.
Details of the named executives' automatic plans are set out in the associated table. The intended trades include the exercise of stock options which were granted on Jan. 21, 2013, with an exercise price of $9.11 per common share. The automatic plans have a maximum term of one year and, therefore, the automatic plans have been entered into to coincide with the stock option's expiry date of Jan. 21, 2018.
Named executive Title Intended transactions
exercise 400,000 options (1)
Rod Baker president and CEO and sell 400,000 common shares
exercise 45,000 options (1)
Terrance Doyle COO and sell 45,000 common shares
executive vice-president, exercise 65,000 options (1)
Victor Poleschuk Ontario, operations and development and sell 65,000 common shares
executive vice-president, exercise 45,000 options (1)
Walter Soo player and gaming development and sell 45,000 common shares
Note
(1) Stock options have an expiry date of Jan. 21, 2018, with an exercise price of
$9.11.
Trades under these automatic plans are subject to the price of Great Canadian's common shares meeting or exceeding predetermined prices and other conditions or restrictions being satisfied.
Other named executives of the company may from time to time adopt automatic plans during trading windows. The company will issue a press release to announce the adoption of any other automatic plans by its named executives.
About Great Canadian Gaming
Great Canadian Gaming operates gaming, entertainment and hospitality facilities in British Columbia, Ontario, New Brunswick, Nova Scotia and Washington State. The company has 20 gaming properties, which consist of 12 casinos, including a four-diamond resort hotel in Richmond, B.C., and a four-star hotel in Moncton, N.B., four horse racetrack casinos, three community gaming centres and one commercial bingo hall.
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