Canada NewsWire
OAKVILLE, ON, Aug. 22, 2016
OAKVILLE, ON, Aug. 22, 2016 /CNW/ - Concordia International Corp. ("Concordia" or the "Company") (NASDAQ: CXRX) (TSX: CXR), an international pharmaceutical company focused on legacy pharmaceutical products and orphan drugs, stated that Concordia's Chairman and Chief Executive Officer Mark Thompson was notified earlier today of the sale of 505,000 of his shares as part of a margin call.
These shares were not granted to Mr. Thompson as compensation. The shares were pledged to secure loans made to Mr. Thompson, and the sales terms were agreed upon, prior to the Company's April 21, 2016announcement that it had formed a Special Committee to evaluate strategic alternatives. The financial institution executed the share sale after Concordia's common shares declined below a certain market price. Mr. Thompson continues to hold 1,620,251 shares of Concordia.
"It is with great regret that I have been forced to sell shares in Concordia," said Mark Thompson, Chairman and Chief Executive Office of Concordia. "Since founding Concordia three years ago, I participated in the initial equity offering and two subsequent financings and invested further last fall. This sale in no way diminishes my confidence in Concordia's business and prospects."
Concordia's senior management team is currently in a blackout period until the conclusion of the review of strategic alternatives and cannot proactively sell or buy shares at this time.
So, you are saying they were lying in the above press release? Again, I only like to look at the facts and not add any subjective bias into those facts. Yes, he would have been way better off selling in the $30's as opposed to $12, but he probably thought that $30 could be possibly triggered, but there was no way $12 could ever be triggered.