RICHMOND, BC, Aug. 19, 2014 /CNW/ - Great Canadian Gaming Corporation [TSX: GC] ("Great Canadian" or "the Company") today announced that the following directors and a member of management, who are considered insiders of the Company, 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 February 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 ("DSU") program as a component of their compensation.
Insider Name | Title | Intended Transactions | % of Common Shares Intended to be Sold1,2 | % of the Value of Great Canadian Securities Intended to be Sold1,3 |
Thomas Gaffney | Member of the Board of Directors | Exercise 30,000 options4and
sell 30,000 common shares | 47% | 35% |
Peter Meredith | Member of the Board of Directors | Exercise 45,000 options4and
sell 20,000 common shares | 15% | 11% |
David Prupas | Member of the Board of Directors | Exercise 30,000 options4and
sell 30,000 common shares | 40% | 29% |
Walter Soo | Vice President, Player Development, Casino Player Development | Exercise 17,940 options4and
sell 260,000 common shares5 | 44%5 | 52%5 |
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1 | Great Canadian Securities for this calculation includes stock options, DSUs and common shares. |
2 | Calculated as the number of common shares intended for sale as a percentage of in-the-money Great Canadian Securities held by the insider. |
3 | 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 August 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 TSX. |
4 | Stock options have an expiry date of February 10, 2015. |
5 | 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% of Common Shares Intended to be Sold and % 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 www.SEDI.ca 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.
ABOUT GREAT CANADIAN GAMING CORPORATION
Great Canadian Gaming Corporation operates gaming, entertainment and hospitality facilities in British Columbia, Ontario, Nova Scotia, and Washington State. The Company's 17 gaming properties consist of three community gaming centres, four racetracks, and ten casinos, including one with a Four Diamond hotel resort. As of June 30, 2014, the Company had approximately 3,900 employees in Canada and 600 in Washington State. Further information is available on the Company's website, www.gcgaming.com.
DISCLAIMER
This press release contains certain "forward-looking information" or statements within the meaning of applicable securities legislation. Forward-looking information is based on the Company's current expectations, estimates, projections and assumptions that were made by the Company in light of its historical trends and other factors. All information or statements, other than statements of historical fact, are forward-looking information including statements that address expectations, estimates or projections about the future. Forward-looking information may be identified by words such as "anticipate", "believe", "expect", or similar expressions. Such forward-looking information is not a guarantee of future performance and may involve a number of risks and uncertainties.
Although forward-looking information is based on information and assumptions that the Company believes are current, reasonable and complete, they are subject to unknown risks, uncertainties, and a number of factors that could cause actual results to vary materially from those expressed or implied by such forward-looking information. Such factors may include, but are not limited to: terms of operational services agreements with lottery corporations; changes to gaming laws that may impact the operational services agreements, pending, proposed or unanticipated regulatory or policy changes; the outcome of restructuring of gaming in Ontario, the Company's ability to obtain and renew required business licenses, leases, and operational services agreements; the future of horse racing in Ontario, unanticipated fines, sanctions and suspensions imposed on the Company by its regulators; impact of global liquidity and credit availability; possible reassessments of the Company's prior tax filings by tax authorities; adverse tourism trends and further decreases in levels of travel, leisure and consumer spending; competition from established competitors and new entrants in the gaming business; dependence on key personnel; the Company's ability to manage its capital projects and its expanding operations; the risk that systems, procedures and controls may not be adequate to meet regulatory requirements or to support current and expanding operations; potential undisclosed liabilities and capital expenditures associated with acquisitions; negative connotations linked to the gaming industry; First Nations rights with respect to some land on which we conduct our operations; future or current legal proceedings; construction disruptions; financial covenants associated with credit facilities and long-term debt; credit, liquidity and market risks associated with our financial instruments; interest and exchange rate fluctuations; non-realization of cost reductions and synergies; demand for new products and services; fluctuations in operating results; economic uncertainty and financial market volatility; technology dependence; and privacy breaches or data theft. The Company cautions that this list of factors is not exhaustive. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. These factors and other risks and uncertainties are discussed in the Company's continuous disclosure documents filed with the Canadian securities regulatory authorities from time to time, including in the "Risk Factors" section of the Company's Annual Information Form for fiscal 2013, and as identified in the Company's disclosure record on SEDAR at www.sedar.com.
Readers are cautioned not to place undue reliance on the forward-looking information, as there can be no assurance that the plans, intentions, or expectations upon which they are based will occur. The forward-looking information contained herein is made as of the date hereof, is subject to change after such date, and is expressly qualified in its entirety by cautionary statements in this press release. Forward-looking information is provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of the Company's operating environment. The Company undertakes no obligation to publicly revise forward-looking information to reflect subsequent events or circumstances except as required by law.
ON BEHALF OF
GREAT CANADIAN GAMING CORPORATION
"Original Signed By Rod N. Baker"
_____________________
Rod N. Baker
President and Chief Executive Officer
GREAT CANADIAN GAMING CORPORATION [TSX:GC]
Suite #350 - 13775 Commerce Parkway
Richmond, BC
V6V 2V4
(604) 303-1000
Website: www.gcgaming.com
SOURCE Great Canadian Gaming Corporation
For enquiries: ir@gcgaming.com or Ms. Tanya Ruskowski, Executive Assistant to the President and Chief Executive Officer and the Chief Financial Officer, (604) 303-1000; For media enquiries: Mr. Chuck Keeling, Vice-President, Stakeholder Relations and Responsible Gaming, (778) 874-4942