TSX:BTE - Post Discussion
Post by
HeavyBanana on Jul 02, 2024 9:43am
Lol, so much cynicism that logic is hard to come by.
"Globe's Heinzl sorts out Baytex insider trading mystery
2024-07-02 07:57 ET - In the News
The Globe and Mail reports in its Saturday edition that a reader looking at the newspaper's insider trading data found that on May 14 Baytex chair Mark Bly acquired 15,000 shares at $3.42 each and chief executive officer Eric Greager purchased 370 shares at virtually the same price -- yet the stock price on the Toronto Stock Exchange ranged from a low of $4.62 to a high of $4.75 that day. The Globe's John Heinzl responded by saying the reason for the discrepancy can be found on SEDI (System for Electronic Disclosure by Insiders), which is Canada's official source for insider trading transactions. When Mr. Heinzl found the two transactions mentioned, he noticed that both purchases were priced in U.S. dollars. This was not specified in The Globe's insider trading data. Adjusted for the Canada-U.S. exchange rate on May 14, the price of $3.42 (U.S.) that Mr. Bly and Mr. Greager paid for their Baytex shares worked out to $4.65 in Canadian currency, which is within the stock's trading range on the TSX that day. So this was simply a case of the transaction not being reported in the proper currency on The Globe's website. (Patience is needed if you are new to the SEDI website, which Mr. Heinzl calls "not a model of user-friendliness.")"
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