On Monday, November 17, the Great Canadian Gaming Corporation (Great Canadian) announced that an executive (Named Executive) has adopted automatic securities disposition and/or purchase plans (Automatic Plans) in accordance with guidance under Ontario Securities Commissions' Staff Notice 55-701 (the Guidance) and Great Canadian’s insider trading policies.
Canadian Securities Legislation permit the Named Executive 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 Plans on an automatic basis regardless of any subsequent material non-public information he receives. Once the Automatic Plans are established, the Named Executive is not permitted to exercise any further discretion or influence over how dispositions or purchases will occur under the Automatic Plans.
In addition to meeting the requirements of the Guidance, Great Canadian 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 Plans and the first disposition or purchase under the Automatic Plans; (iii) Automatic Plans should generally have a duration of at least 12 months; (iv) the Automatic Plans must contain meaningful restrictions on the ability of the Named Executive to modify or terminate the Automatic Plans; 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 Executive's new Automatic Plans are set out in the following table. Trades under these Automatic Plans are expected to occur between December 17, 2014 and December 17, 2015, 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 Great Canadian may from time to time adopt Automatic Plans during trading windows. Great Canadian will issue a press release to announce the adoption of any other Automatic Plans by its Named Executives.
(With files from the Great Canadian Gaming Corporation)
Related Stories
• Great Canadian Executives Plan To Sell Shares
• Gaming Executives To Sell Shares