COQUITLAM, BC, July 6, 2016 /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 Commission Staff Notice 55-701 (the "Guidance"), 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 following table. The intended trades include the exercise of stock options which were granted on March 19, 2012 with an exercise price of $7.67 per common share. With less than one year remaining on these five-year term stock options, the following Name Executives intend to exercise these stock options under Automatic Plans by their expiry date of March 19, 2017.
Named Executive | Title | Intended Transactions |
|
|
|
Rod Baker | President & CEO | Exercise 400,000 options1and sell 400,000 common shares |
Terrance Doyle | COO | Exercise 45,000 options1and sell 45,000 common shares |
Victor Poleschuk | Executive Vice President, Ontario
Operations and Development | Exercise 60,000 options1and sell 60,000 common shares |
Walter Soo | Executive Vice President, Player &
Gaming Development | Exercise 38,000 options1and sell 38,000 common shares |
1 Stock options have an expiry date of March 19, 2017 with an exercise price of $7.67.
Trades under these Automatic Plans are subject to the price of Great Canadian's common shares meeting or exceeding pre‐determined 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 is a Canadian based company that operates gaming, entertainment and hospitality facilities in British Columbia, Ontario, New Brunswick, Nova Scotia, and Washington State. The Company has 19 gaming properties, which consists of twelve casinos, including a four Diamond resort hotel in Richmond, British Columbia and a four star hotel in Moncton, New Brunswick, four horse racetrack casinos and three community gaming centres. A key element of Great Canadian's business model is its commitment to social responsibility. "PROUD of our people, our business, our community" is Great Canadian's brand that unifies the company's community, volunteering and social responsibility efforts. Under the PROUD program, Great Canadian annually invests over $2 million in our communities, and in 2015, over 2,000 charitable organizations were supported by Great Canadian. In each Canadian gaming jurisdiction, a significant portion of gross gaming revenue from gaming facilities is retained by our crown partners on behalf of their provincial government for the purpose of supporting programs like healthcare, education and social services.
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]
95 Schooner Street
Coquitlam, BC
V3K 7A8
(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, (604) 247-4197