On Tuesday, January 20, the Great Canadian Gaming Corporation announced 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.
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.
(With files from Great Canadian Gaming)