RE:RE:RE:Oversold?Hmmm, always find these notices confusing. I interpreted the Sunnybrook pledge as separate from the ADSP. Are actual shares the donation, or funds from the sale of shares are going to Sunnybrook.
Clarify please.
Tx.
@businesswire on 2 Jun 2020, 08:08
Real Matters CEO Establishes Automatic Securities Disposition Plan and Announces Intention to Complete Donation Pledges to Holland Bloorview and Sunnybrook Hospital
Real Matters Inc. (“Real Matters” or the “Company”) (TSX: REAL), today announced that Chief Executive Officer Jason Smith has established an Automatic Securities Disposition Plan (“ASDP”) in accordance with applicable Canadian securities legislation, including guidance under Ontario Securities Commission Staff Notice 55-701 and the Company’s Disclosure Policy. The ASDP will allow for an orderly disposition of a portion of Mr. Smith’s securities in Real Matters at prevailing market prices.
Mr. Smith plans to sell 750,000 common shares under the ASDP, which represent approximately 15% of his outstanding security holdings in Real Matters. The shares will be sold over the course of 12 months commencing August 4, 2020, concurrent with the expiry of the Company’s trading blackout period following the release of its Q3 2020 financial results. Mr. Smith will continue to hold a significant equity interest in Real Matters following the sale of such shares.
Additionally, Mr. Smith intends to complete his previously announced pledge to Holland Bloorview Kids Rehabilitation Hospital Foundation and Sunnybrook Hospital Foundation, by donating the remaining C$2.9 million of his pledge in the form of shares in the Company. These shares will be in addition to the shares being sold under the ASDP.
Canadian securities laws permit insiders to adopt ASDPs to sell, donate or otherwise transfer shares in the future in accordance with the pre-arranged terms of their ASDP, on an automatic basis, regardless of any subsequent material non-public information they receive. Once an ASDP is established, the insider is not permitted to exercise any further discretion or influence over how dispositions will occur under the ASDP.
Sales of securities under the ASDP will be effected by an independent securities broker in accordance with the trading parameters, price and volume limits and other instructions set out by Mr. Smith in the ASDP. Mr. Smith will not exercise any further discretion or influence over how dispositions will occur and is subject to meaningful restrictions on his ability to modify, suspend or terminate his participation in the ASDP.
Dispositions pursuant to the ASDP will be reported by Mr. Smith on SEDI in accordance with applicable Canadian securities legislation. Each such filing will bear a notation to advise readers that the dispositions relate to an ASDP.
Forward-Looking Information