RICHMOND, BC, Jan. 20, 2015 /CNW/ - 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 55701 (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 nonpublic 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. The intended trades include the exercise of stock options with expiry dates of January 11, 2016 and July 15, 2016.
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 300,000 options4 and sell 300,000 common shares | 14% | 21% |
|
|
|
|
|
Kiran Rao | CFO | Exercise 50,000 options4 and sell 50,000 common shares | 17% | 24% |
|
|
|
|
|
Terrance Doyle | Executive Vice President, BC Operations & Development | Exercise 40,000 options4 and sell 40,000 common shares | 13% | 23% |
|
|
|
|
|
Peter Goudron | Executive Vice President, Strategic Resources | Exercise 45,000 options4 and sell 45,000 common shares | 14% | 21% |
|
|
|
|
|
Victor Poleschuk | Executive Vice President, East Operations | Exercise 45,000 options4 and sell 45,000 common shares | 15% | 21% |
|
|
|
|
|
James McGrogan | Vice President, Business Development | Exercise 25,000 options4 and sell 25,000 common shares | 14% | 21% |
1 | Great Canadian Securities for this calculation includes stock options 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 January 20, 2015 of $20.18. 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. |
4 | All stock options have an expiry date of January 11, 2016, except for Mr. Baker's 150,000 options and Mr. Rao's 25,000 options which expire on July 15, 2016. |
Trades under these Automatic Plans are expected to occur between February 19, 2015 and February 19, 2016, 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 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 September 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.
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 investor enquiries: Email: ir@gcgaming.com or Ms. Tanya Ruskowski, Executive Assistant to the President & CEO and the CFO, (604) 303-1000; For media enquiries: Mr. Chuck Keeling, Vice-President, Stakeholder Relations and Responsible Gaming, (778) 874-4942