RE:RE:RE:RE:RE:RE:RE:RE:Insiders sold the pump!
SpankedOnPaper wrote: Corrections are issued by tmx for bundling errors and as you can see by the reports, and another poster I think said it hear as well, cxr does not appear for any of the days in question.
TMX have been correct in idenitifying all the trading, and was accurate with the numbers, that was disclosed on SEDI by the company on August 12, 15, 16 and Sept 16, and 21st. Those all turned out to be Thompson's selling due to a margin call.
On all reporting so far in 2016, Concordia was late (over 5 days between the transaction date and filing date on the report). Craigbad pointed out that it doesn't appear they have respect for rules/regulations. I agree based on past filing and even disclosure to shareholders (no disclosure that an officer leveraged his shares as collateral). He didn't have to diclose that under CAD law, but did under SEC rules.
The main concern in my opinion is WHY THERE HAS BEEN NO BUYING since the end of strategic review over two weeks ago.
Bloodinstreets wrote: Could any of the following reasons answer the non reporting issue?
- The trade was mistakenly marked; this can happen in a basket trade of stocks by one large player ( not likely for this amount of days)
- The trade was made by a former insider but has been mistakenly marked as a current insider
- The trade was made by an institution that reports on SEDAR using the Alternative Monthly Reporting system under National Instrument 62-103 (Part 4) and marked as an insider
I really don't know and am just asking. Here are the penalties according to OSC.GOV.ON.CA
- the imposition of a late filing fee;
- the reporting insider being identified as a late filer on a public database of late filers maintained by certain securities regulators;
- the issue of a cease trade order that prohibits the reporting insider from trading in securities and related financial instruments of the applicable reporting issuer, whether direct or indirect, until the failure to file is corrected; or
- in appropriate circumstances, enforcement proceeding.
I'm not arguing either way just trying to understand because with all the eyes on Concordia I have trouble believing they would do anything to warrant more legal issues.
The end of the strategic review was October 13th upon closing of the notes. The Company would have been well into normal course quarterly reporting blackout by then, if not before. See the notes below from TMX, which is why there has been no buying. As for the reported selling, I suspect this is erroneous reporting or potentially involuntary liquidation (margin cover by brokerages) but we'll find out soon enough. It sure would be ballsy to sell during blackout period so if that happened someone is likely to get strung up for it.
"
Quarterly trading blackout periods will apply to all insiders and employees during periods when financial statements are being prepared but results have not yet been publicly disclosed. Quarterly trading blackouts will commence the earlier of the first day following the end of a quarter or when preliminary financial statements for the quarter are available, and will end on the second day following the disclosing of quarterly financial results." (https://www.equicomgroup.com/docs/10-EQ-Regulatory_Pulse-december-V6.pdf)