07:48:34 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Great Canadian Gaming Corp
Symbol GC
Shares Issued 60,697,735
Close 2016-12-20 C$ 24.40
Market Cap C$ 1,481,024,734
Recent Sedar Documents

Great Cdn executives adopt auto disposition plans

2016-12-21 07:17 ET - News Release

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.

© 2024 Canjex Publishing Ltd. All rights reserved.