BLACKOUT PERIODI just voted for the items on the table for the annual shareholders meeting.
I found that this change which is PROPOSED speaks volumes as to how bullish the company is on its drilling and how insiders want to own the companies shares.
RECO wants to amend the stock option plan by which options which expire during a blackout period are automatically extended for 10 days after the blackout period is lifted.
It is something that insiders want.
Therefore common logic tells me that you only make this change in the stock option plan if you forsee that the stock will be rallying. If this was not the case, then extending stock options after the blackout period would be done in vain.
Here is the proposed change:
2.7 Blackout Periods
An Option will be automatically extended past the expiry date of an Option governed by the Plan if such expiry date falls within a period (a “blackout period”) during which the Company prohibits Participants from exercising their Options provided that the following requirements are satisfied: (a) The blackout period must be formally imposed by the Company pursuant to its internal trading policies. For greater certainty, in the absence of the Company - 8 - LEGAL*52895283.1 formally imposing a blackout period, the expiry date of any Options will not be automatically extended. (b) The blackout period must expire upon the general disclosure of the undisclosed Material Information. The expiry date of the affected Options can be extended to no later than ten (10) business days after the expiry of the blackout period. (c) The automatic extension of a Participant’s Options will not be permitted where the Participant or the Company is subject to a cease trade order (or similar order under securities laws) in respect of the Company’s securities.
mpo