TORONTO (miningweekly.com) – Certain directors and former officers of Grande Cache Coal, which on October 31 became the subject of a $1-billion bid, are due to appear in an insider trading hearing, the Alberta Securities Commission (ASC) said on Thursday.
The watchdog alleges that CEO Robert Stan, former CFO Anita Roncin, marketing and transportation VP Eugene Nagai, former GM Timothy Riordon, controller Kevin Wade and Stan’s wife Kathryn Stan broke Alberta’s securities laws by engaging in illegal insider trading in 2008.
None of the allegations have been proven.
TSX-listed Grande Cache said “each of the named persons denies the allegations and intends to dispute and defend himself against the allegations”.
The ASC said each of the respondents allegedly knew of certain “material facts” by May 2008 relating to production issues at Grande Cache, and did not generally disclose them until August that year.
In the time between, the regulator said that the respondents either sold shares in the company or exercised options.
The ASC said an appearance to set a date for hearing in Calgary will be held on December 14.
Shares in Grande Cache slipped 1.4% by late afternoon to trade at $9.75.
Hong Kong-listed Winsway Coking Coal and Japanese trading house Marubeni Corporation on October 31 made a $10-a-share bid for the company, which produces coal used in the steelmaking process in Alberta.