CALGARY, June 23, 2014 /CNW/ - Solium Capital Inc. ("Solium" or the
"Company") (TSX: SUM) today announced that Marcos Lopez, Managing
Director of Solium, adopted an automatic securities disposition plan
("ASDP") in accordance with applicable Canadian provincial securities
legislation, including the guidance under Ontario Securities
Commission's Staff Notice 55-701 ("Canadian Legislation"). Generally,
Canadian Legislation permits an insider to adopt a written ASDP to sell
shares through an independent broker in accordance with a pre-arranged
set of instructions, regardless of any subsequent material non-public
information the insider may receive, as long as the ASDP satisfies
certain requirements. In accordance with Canadian Legislation, sales of
shares under the ASDP will be effected by an independent securities
broker in accordance with the trading parameters and other instructions
set out in the ASDP.
The objective of the ASDP is to sell 96,000 common shares of Solium.
Under Mr. Lopez's previous ASDP adopted in September 2013, the
objective had been to sell 300,000 common shares of which 187,555 had
been sold by the date of the automatic termination of that plan in
December 2013, followed by 16,445 shares sold in the open market. The
objective of the current plan is to sell the remaining 96,000 shares
contemplated by the original plan. These shares represent approximately
5.2% of Mr. Lopez's total current shareholdings in Solium. Mr Lopez
wishes to sell these shares in order to further diversify his portfolio
in accordance with standard financial planning practices.
Mr. Lopez will not exercise any further discretion or influence over how
dispositions will occur under his ASDP, and the broker administering
his ASDP is not permitted to consult with him regarding any such
dispositions. In addition, Mr. Lopez is subject to restrictions on his
ability to modify, suspend or terminate his participation in the ASDP.
In accordance with best practices, the ASDP includes a waiting period
of 30 days between the date of adoption of the ASDP and the date that
the first disposition can be made under the ASDP.
Transactions under the ASDPs will be reported on SEDI at www.sedi.ca in accordance with applicable Canadian securities laws. Each such
filing will bear annotation to advise readers that the dispositions
relate to an ASDP.
In entering into the ASDPs with Mr. Lopez, Solium recognizes that
insiders may have reasons unrelated to their assessment of the Company
or its prospects in deciding to sell shares of the Company. Solium also
recognizes that many of its officers have a substantial portion of
their personal net worth represented by shares of the Company and that
such individuals are subject to lengthy restrictions on their ability
to effect trades in Solium's shares because of trading blackouts
imposed under the Company's trading policy. The Company's Code of
Conduct permits the trading of securities pursuant to an automatic
securities disposition or purchase plan established in accordance with
applicable securities legislation and the Company's policies. Solium
also requires that all ASDPs be pre-cleared by the Governance and Human
Resources Committee of Solium's Board of Directors (the "Committee"),
which is comprised of independent directors. In addition to applicable
securities legislation and the Code of Conduct, the Committee will
consider the best practices which exist at the time an insider requests
to adopt an ASDP, and may impose such requirements as it determines are
appropriate or necessary. The Committee believes that such plans
provide an orderly method for insiders to diversify their portfolio.
Solium anticipates that other insiders of the Company may in the future
wish to adopt automatic securities disposition or purchase plans.
Insiders of the Company that adopt such a plan will disclose the
establishment of the plan in insider reports filed in accordance with
applicable securities laws and Solium may from time to time disclose
the adoption of such plans in the future.
About Solium Capital Inc.
Solium Capital Inc. (TSX: SUM) provides cloud-enabled services for
global equity-based incentive plans administration, financial reporting
and compliance. From operation centers in the United States, Canada,
the United Kingdom and Australia, our innovative software-as-a-service
(SaaS) technology powers share plan administration and equity
transactions for more than 3,000 corporate clients with employee
participants in more than 100 countries. Follow us @Solium and visit us at www.solium.com.
SOURCE: Solium Capital Inc.
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