RE:I wonder if any of the impatient people here have looked at
A British Columbia Securities Commission panel has found that Weiqing Jane Jin, a Beijing lawyer working in Vancouver, engaged in illegal insider trading. The panel found that Jin was working as a consultant at a Vancouver law firm when she purchased 3,000 shares of Hathor Exploration Ltd., a uranium exploration company that was focused on Saskatchewan’s Athabasca Basin, and which was acquired by Rio Tinto Plc (NYSE: RIO, Stock Forum) in January, 2012, after outbidding Cameco Corp. (TSX: T.CCO, Stock Forum). Background as outlined in the Commission findings During the first week of August, 2011, three Hathor executives, accompanied by Jin, travelled to Beijing to meet representatives of CGNPC Uranium Resources Co. Ltd., an affiliate of the China Guandong Nuclear Power Group, a Chinese state-owned enterprise. According to the Commission, that was after Hathor entered into negotiations with CGNPC, which also entered into a confidentiality agreement that gave the Chinese company access to Hathor’s business and properties. The purpose was to negotiate an amendment to the confidentiality agreement that required Hathor to notify CGNPC of “its acceptance of any binding third party offer.” CGNPC would then have 30 days from receipt of the notification to make a competing offer. However, there was a dispute over who would pay the cost CGNPC’s due diligence visit to Saskatchewan, one that was later resolved. On August 15, 2011, the day the dispute over due diligence costs was resolved, Jin transferred $50,622 into her self-directed cash trading account. On August 17, she purchased 4,400 Hathor shares at prices between $2.76 and $2.88. On August 18, she purchased an additional 2,500 Hathor shares at $2.79 per share and 500 Hathor shares at $2.80 per share. The following day (August 19), Cameco Corp. President Tim Gitzel wrote a letter to Hathor President and CEO Michael Gunning to inform him about a proposal to acquire all of the outstanding shares of Hathor at $3.75 a share. The offer was sent to Jin’s law firm for review and comment. In her August 19 email response, Jin’s law firm emailed a response, summarizing some of the key terms of the Cameco offer. Jin was copied on that email. She replied the same day: “I agree with your assessment that Cameco could be ready to go for hostile.” Jin knew that Cameco, a Saskatchewan company, had made an offer to acquire Hathor, which was rejected on September 13, 2011. The offer, which the panel found was a material fact, had not been publicly disclosed when she purchased the Hathor shares. Jin purchased another 3,000 Hathor shares at $2.76 each on August 22, 2011. On September 7, 2011, she sold 12,000 Hathor shares at $4.19. In the notice of hearing, BCSC staff had also alleged that Jin engaged in illegal insider trading and acted against the public interest in relation to an earlier purchase of Hathor securities. The panel dismissed these allegations. The sanctions that Jin will face have yet to be determined. Read more at https://www.stockhouse.com/news/newswire/2014/07/29/beijing-lawyer-to-face-sanctions-hathor-exploration-insider-trading-case#SvO3zvfeWH3EYKcg.99