Reconnaissance Energy (Africa) Ltd V.RECO

Insider acitivity

[Nofret]

Does anyone have any reasonable explanations on the recent insider activity?

[grenouille]

the recent insider sales appear to arise out of the merger between renaussance and reconnaissance.  several of the recon insiders held positions in renaissance which converted to recon  options and/or warrants, generating a taxable event under canadian law.  the sales appear to be for raising $ to pay this tax. i don't have exact details, i'm not privvy to the personal

[Nofret]

Thank you, that is the impression I was under as well. over $500,000 though at the end of last week still seems like a lot for that reason, but I do not know the technicals either.

[grenouille]

"...seems like a lot for that reason," some of the renaissance positions were quite large, and the taxman's appetite has always seemed "like a lot" to me.