CALGARY, June 9, 2011 /CNW/ - The Alberta Securities Commission (ASC)
has found that Stephen Kapusta, the former president and chief
executive officer of Canext Energy Ltd., and Dino Zelantini, Michael
Doty and Indraneel Raychaudhuri, employees in the company's exploration
group, engaged in illegal insider trading in Canext Energy shares. The
ASC panel found that former company vice-presidents Neil Holmes and
Mark Birchard did not engage in illegal insider trading.
The ASC panel found that Kapusta, Zelantini, Doty and Raychaudhuri
breached Alberta securities laws and acted contrary to the public
interest when they purchased Canext Energy shares between February 27,
2008 and March 13, 2008, with undisclosed knowledge that Canext Energy
was producing oil from a new pool estimated to contain up to 40 million
barrels of oil in place.
In its decision, the ASC panel emphasized "the care that must be taken,
by everyone associated in any capacity with a reporting issuer, to
ensure that they do not, improperly and illegally, profit from material
information that they come to know through their connection to the
issuer, by buying or selling its securities before the material
information has been made public." The ASC panel cautioned that the
most advisable course of action for anyone in this position is to
refrain from buying or selling securities of that issuer until certain
the material information has been made public.
ASC staff and Kapusta, Zelantini, Doty and Raychaudhuri may now provide
submissions to the ASC panel regarding possible orders for sanctions
and costs. Once the ASC panel has received all such submissions, it
will decide what, if any, orders ought to be made.
A copy of the merits decision can be found on the ASC website at www.albertasecurities.com.
The ASC is the regulatory agency responsible for administering the
province's securities laws. It is entrusted to foster a fair and
efficient capital market in Alberta and to protect investors. As a
member of the Canadian Securities Administrators, the ASC works to
improve, coordinate and harmonize the regulation of Canada's capital
SOURCE Alberta Securities Commission
For further information:
| For Media Inquiries: || Mark Dickey |
Senior Communications Advisor
| || |
| For Investor Inquiries: || ASC Public Inquiries |
Toll Free 1.877.355.4488