NEULION, INC. T.NLN

iiroc rule pertainng NCIB buy backs

[gibbonsj]

6. Do purchases under a normal course issuer bid need to be marked “insider”?
Yes. Under Part 7 of NI 55-104, an issuer is subject to an alternative reporting
requirement when acquiring securities of its own issue under a normal course issuer bid (“NCIB”). The issuer must file an insider report disclosing each acquisition of the securities under the NCIB within 10 days following the month end in which the acquisition occurred. As such, orders entered onto a marketplace for the account of the issuer under a NCIB bid must be marked with the Regulation ID Order Marker for an “insider”.

Daily insider purchases for NLN can be found at. https://www.tmxmoney.com/TMX/HttpController?GetPage=SearchInsiderTrade&Language=en Because no insider activity has been recorded with SEDI I assume the TMX numbers are shares being purchased for cancellation under NCIB. I estimate roughly 2.25M shares have be pulled from circulation thus far. At this rate it will take more than  the allotted year to cull the full 14M but to accomplish that with $10M sp will have to be around .65/share. The trajectory we are on is $10M gets 8.5M shares approximately unless the broker is pressuring the board down which a skilled trader will do.