Securities regulations in Canada generally require corporate insiders of publicly listed companies to report the details of all their buys and sells of company securities within 5 days of a transaction.
For my own sake, I'll try to recap what happened with MOAG/HBK Deal re : Highland Valley Property Project.
Initially (2009-2010-2011), Moag received 20 Million Shares of HBK. 4M were sold for the amount of 271,059$; 16M were held in escrow.
In July 2012, HBK agreed to transfer its 100% interest in Highland Valley Project to Moag
In December 2012, HBK terminated its option in the Highland Valley Project
In January 2012, HBK Cancelled 14M shares that were held in escrow. Leaving 2M Shares to Moag.
Now. Regarding the insiders selling. Isn't Mr. Bladley Jones (Moag) member of HBK board of director? Unless HBK didn't update their web site, I believe he his.
Therefore, The 2M Shares own by Moag (which we all believe are the ones being sold latelly) are subject to the Insiders Rules.
As per Canadian Securities Law
Determining who is a “reporting insider”
Generally, the scope of persons required to file insider reports will be reduced by requiring only insiders who are “reporting insiders” to be subject to a reporting requirement. A “reporting insider” includes:
- a 10% voting shareholder; being a significant shareholder of the reporting issuer or a significant shareholder based on post-conversion beneficial ownership of the reporting issuer’s securities (based on ownership or control or direction over securities carrying more than 10% of the voting rights);
- a member of senior management or the board; being the Chief Executive Officer (CEO), Chief Financial Officer (CFO), Chief Operating Officer (COO) and every director of a reporting issuer, a significant shareholder, a significant shareholder based on post-conversion beneficial ownership or a major subsidiary (based on the threshold of 30% or more of the consolidated assets);
- key personnel; being a person or company responsible for a principal business unit, division or function of a reporting issuer;
- external managers: being a person or company established or contracted to provide significant management or administrative services to an issuer or a subsidiary of the issuer (a “management company”) and that provides significant management or administrative services to a reporting issuer or a major subsidiary of the reporting issuer, and every CEO, CFO, COO, director and significant shareholder of the management company;
- those performing similar functions; being an individual performing functions similar to the functions performed by any of the positions described above; or
- individuals with information and influence; being any other insider that (i) in the ordinary course receives or has access to undisclosed material information; and (ii) directly or indirectly, exercises, or has the ability to exercise, significant power or influence over the business, operations, capital or development of a reporting issuer (referred to as the “basket criteria”).