RICHMOND, BC, Dec. 2, 2015 /CNW/ - Great Canadian Gaming Corporation [TSX:GC] ("Great Canadian" or the "Company") announced today that the Named Executives who entered into automatic securities disposition and/or purchase plans previously announced on November 6, 2015 ("Automatic Plans") intend to cancel certain Automatic Plans. These Automatic Plans were entered into in accordance with guidance under Ontario Securities Commission Staff Notice 55701 (the "Guidance"), and the Company's Insider trading policies.
The Named Executives original decision to adopt the Automatic Plans on November 6, 2015, was predicated on possible changes to the tax treatment of stock options. On November 20, 2015, the Government of Canada indicated that the potential measure on stock options will only take effect once the changes are announced, and that stock options issued before that time would be grandfathered. As a result, the Named Executives believe the planning reasons to exercise the stock options early are no longer applicable. Consequently the Named Executives have issued their broker notices of cancellation of the November 6, 2015 Automatic Plans except for those related to 36,000 options held by Walter Soo, Executive Vice President, Player & Gaming Development, that will otherwise expire in January 2016.
Other Named Executives of the Company may from time to time adopt Automatic Plans during trading windows. The Company will issue a press release to announce the adoption of any other Automatic Plans by its Named Executives.
ABOUT GREAT CANADIAN GAMING CORPORATION
Great Canadian Gaming Corporation operates gaming, entertainment and hospitality facilities in British Columbia, Ontario, Nova Scotia, New Brunswick, and Washington State. The Company's 17 gaming properties consist of three community gaming centres, four racetracks (two with casinos operated by the Company), and ten casinos, including two with Four Diamond resort hotels. A key element of Great Canadian's business model is its commitment to social responsibility. PROUD of our people, our business, our community is Great Canadian's brand that unifies the company's community, volunteering and social responsibility efforts. Under the PROUD program, Great Canadian annually invests over $2 million in our communities, and in 2014, over 1,200 charitable organizations were supported by Great Canadian. In each Canadian gaming jurisdiction, the majority of gross gaming revenue from gaming facilities goes back directly to provincial governments for the purpose of supporting programs like healthcare, education and social services. Further information is available on the Company's website, www.gcgaming.com.
ON BEHALF OF GREAT CANADIAN GAMING CORPORATION
"Original Signed by Rod N. Baker"
Rod N. Baker
President and Chief Executive Officer
SOURCE Great Canadian Gaming Corporation
For further information: For investor enquiries: Email: [email protected] or Ms. Tanya Ruskowski, Executive Assistant to the President & CEO and the CFO, (604) 303-1000; For media enquiries: Mr. Chuck Keeling, Vice-President, Stakeholder Relations and Responsible Gaming, (604) 247-4197