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Source Energy Services Announces James McMahon has Entered into an Automatic Securities Disposition Plan
Source Energy Services Announces James McMahon has Entered into an Automatic Securities Di...
About this update from Source Energy Services Ltd.
[{"type":"text","content":"\n\n\n\nSource Energy Services Announces James McMahon has Entered into an Automatic Securities Disposition Plan\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Nov. 23, 2017\n\n\n\n\n\nTSX: SHLE\n\n\n\nCALGARY, Nov. 23, 2017 /CNW/ - Source Energy Services Ltd. (\"Source\" or the \"Company\") announces that James McMahon has entered into an automatic securities disposition plan.\n\n\n \n \n\n \nSource announced today that James McMahon, a director of the Company has entered into an automatic securities disposition plan (\"ASDP\") in accordance with applicable Canadian provincial securities legislation, including the guidance under the Ontario Securities Commission's Staff Notice 55-701. The objective of the ASDP is to facilitate the sale of up to 170,000 common shares of Source held by James McMahon during the term of the ASDP from November 17, 2017 to February 17, 2018. These shares represent approximately 2% of the total common shares under Mr. McMahon's control. Among other things, the ASDP provides that no trades will start until after December 17, 2017 and that trades are subject to the minimum price threshold as specified in the ASDP.\n\nGenerally, Canadian securities 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 securities 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. Mr. McMahon will not exercise any further discretion or influence over how dispositions will occur under the ASDP and the broker administering the ASDP is not permitted to consult with Mr. McMahon regarding any such dispositions. In addition, Mr. McMahon is subject to restrictions on his ability to modify, suspend or terminate his participation in the ASDP. In accordan...