Great Canadian Named Executives adopt automatic securities disposition and/or purchase plans
RICHMOND, BC, Sept. 30, 2014 /CNW/ -Â Great Canadian Gaming Corporation [TSX: GC] ("Great Canadian" or "the Company") announced today that the following Named Executives, have each adopted automatic securities disposition and/or purchase plans ("Automatic Plans") in accordance with guidance under Ontario Securities Commissions' Staff Notice 55â701 (the "Guidance"), and the Company's Insider trading policies.
Canadian Securities Legislation permit 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 nonâpublic 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) an Automatic Plan should generally have a duration of at least 12 months; (iv) the Automatic Plan must contain meaningful restrictions on the ability of the Named Executive to modify or terminate the Automatic Plan; and (v) 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' new Automatic Plans are set out in the following table. All of the intended trades include the exercise of stock options with an expiry date of February 10, 2015.
Named Executive Title Intended Transactions % of Common Shares Intended to be Sold1,2% of the Value of Great Canadian Securities Intended to be Sold1,3
Rod Baker President & CEO Exercise 500,000 options4 and sell 500,000 common shares23% 26%
Kiran Rao CFO Exercise 20,440 options4 and sell 20,440 common shares 8% 9%
Terrance Doyle Executive Vice President, BC Operations & DevelopmentExercise 25,440 options4 and sell 25,440 common shares 11% 13%
Peter Goudron Executive Vice President, Strategic Resources Exercise 25,440 options4 and sell 25,440 common shares 9% 10%
Victor PoleschukExecutive Vice President, East Operations Exercise 50,000 options4 and sell 50,000 common shares 16% 19%
James McGrogan Vice President, Business Development Exercise 19,440 options4 and sell 19,440 common shares  12%  14%
1Great Canadian Securities for this calculation includes stock options and common shares.
2Calculated as the number of common shares intended for sale as a percentage of in-the-money Great Canadian Securities held by the insider.
3Calculated 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 September 30, 2014 of $18.44. 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 is the Company's closing share price as traded on the TSX. Â
4Stock options have an expiry date of February 10, 2015.
Trades under these Automatic Plans are expected to occur between October 30, 2014 and October 30, 2015, subject to the price of Great Canadian's common shares meeting or exceeding preâdetermined prices and other conditions or restrictions being satisfied.Â
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.Â
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 further information: 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