Spyglass Resources Corp SGLRF

Tom Buchanan

[KathyPookey]

I"ve noticed a pattern with him. He gets ahold of small weak companies...gets paid to fix them...but actually get's their share prices knocked down further and then get's a much bigger company to buy them out at a premium...then gets a board seat on the bigger company for which he gets paid more...notice HE was the only one to dump ALL his free SGL shares as soon as he was allowed to...notice he has a board seat on Pembina Pipeline who bought Provident out at a 25% premium after Tom who was CEO of it got it's share price wacked plus he kept cutting its div from 20 cents down to 4.5 cents...now he's chairman of SGL and CEO of Athabasca...look at its share price since he became CEO

[hollyberries]

I just checked SEDI and don't see where Tom Buchanan sold any Spyglass shares.  The shares are shown as being held in a number of accounts including with his wife and I see they acquired some after the amalgamation.  Am I missing something?  Thanks. 

[KathyPookey]

https://canadianinsider.com/node/7?menu_tickersearch=SGL+%7C+Spyglass+Resources Sep 17/14 Sep 17/14 Buchanan, Thomas William Direct Ownership Rights Restricted Share Units 38 - Redemption, retraction, cancellation, repurchase -45,949 he got these in aug for price $0 see the minus sign

[hollyberries]

I have sent IR a note to explain the discrepancy.  There are legal not to mention stock exchange sanctions for not reporting on SEDI in a timely manner, so I think it worth clarifying and will report what IR says.

[KathyPookey]

I looked on sedi and the info I posted from CI is in their records

[sanityseeker]

The discrepancy is that the dispositions shown on CI are not insider buys or sells but rather RSU's, being cash bonuses to employees that are computed based on share price.  After the merger when most shareholder value had already been destroyed, this lousy management opted out of stock options which reward strong performance but don't pay management when share prices go down and

[sanityseeker]

It is worth noting, companies like Suncor grant RSU's to more junior employees to avoid the dilutive ness of options, but senior officers are limited to options to ensure their interests are aligned properly. Not something of interest to the crooks at SGL.  Tom B. is very proficient at ensuring he can get rich by destroying shareholder value to create opportunities for him to get payouts

[hollyberries]

Thanks for the explanation.  I confess I couldn't read Kathy's link to CI and wrongly assumed that the reference was to an equity disposition.  Good for you doing the Movember thing btw.

[hollyberries]

I have heard back from IR who explain that when Buchanan left Spyglass employment as CEO, he forfeited the rights to a portion of his compensation and this was recorded on SEDI.  

[ronniejames]

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