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+--- Thread: New gun in town? Lawrence J Brown buys shares in open market (/showthread.php?tid=7329)
RE: New gun in town? Lawrence J Brown buys shares in open market - WhiskeyDelta - 08-30-2014
Not a person who would invest in "dry holes"!!
RE: New gun in town? Lawrence J Brown buys shares in open market - Palm - 08-30-2014
SEDI is Canada and on the website they define insiders as "insiders (directors, senior officers and significant shareholders)". Significant shareholders are those who hit certain thresholds (5%, 10% ets.)
A quick review of the SEDI definition shows you might be right Katy, so possibly he has just seen so much and been involved in details to the point that he could be seen as an Officer. Regardless, his endorsement is a good one and if he's not been hired, it's even more impressive. Makes those in senior management who have not bought shares in the open market look a bit bad. Especially since this clause is still in the Insider Trading Policy for IOC:
"Additional Rules for Directors, Executive Officers, Vice Presidents and Managers
The Company believes that, in order to align the interests of Company management with shareholders,
directors, executive officers, vice presidents and managers (“Covered Persons”) should maintain a significant
equity interest in the Company. In light of this position, and because trading in the Company’s securities by
Covered Persons may send inappropriate or potentially misleading signals to the market, it is the Company’s
policy that any increase or decrease in a Covered Person’s position in the Company’s securities, other than
increases that occur as a result of a grant of Company securities pursuant to Company stock incentive plans,
must receive prior approval by the Compensation Committee."
RE: New gun in town? Lawrence J Brown buys shares in open market - Li'loilady - 08-30-2014
Definition of 'Insider' from Investopedia:
"A director or senior officer of a company, as well as any person or entity that beneficially owns more than 10% of a company's voting shares. For the purposes of insider trading, the definition is expanded to include anyone who trades a company shares based on material nonpublic knowledge. Insiders have to comply with strict disclosure requirements with regard to the sale or purchase of the shares of their company."
Why did they classify him as a "Senior Officer of Issuer'? Is that simply how a consultant with material nonpublic knowledge is commonly classified for trade reporting purposes?
RE: New gun in town? Lawrence J Brown buys shares in open market - calaban48 - 08-30-2014
I, for one, am smiling and applauding the recent actions of Lawrence J. Brown, Esq.
You, sir, have made wise investment decisions. It is my wish that you will be rewarded handsomely.
RE: New gun in town? Lawrence J Brown buys shares in open market - Thylacine-2 - 08-30-2014
IMO Brown's purchase of shares on the 28th implies that, as of that date, neither Raptor or Bobcat has drilled into the target formation. If they were in the targeted formation, he would have inside non-public information.
RE: New gun in town? Lawrence J Brown buys shares in open market - Spartina - 08-30-2014
`Good thread, thanks Gator. Yes Thy that makes sense. I thought Laurie Brown's comments on the cc were by far the most interesting and compelling. "In short we think E/A is not alone"
RE: New gun in town? Lawrence J Brown buys shares in open market - Dr. Wu - 08-31-2014
'Palm' pid='49030' dateline='<a href="tel:1409337 Wrote:Yes, thanks Gator. But the as interesting thing about this filing is that he is listed as an insider "Senior Officer", which to me says he's joined the company. Maybe he's filled that position we saw advertised a while back. On the CC transcript he's listed as "Laurie Brown – Independent Upstream Consultant". If he is still "independent" I don't think he would have had to file a report with SEDI would he? http://www.interoil.com/iocfiles/documents/investorrelations/conferencecallarchives/2014/docs/InterOil%20Q2%202014%20Transcript%20FINAL.pdf
i agree with Palm - this filing suggests they have formally transitioned LB from consultant to employee. He is very highly regarded by MH and as we heard on the earnings call, will work closely with Dave Holland. I do know MH has wanted to bring him on fulltime but LB had his consultant business and interest in western Australian E&P were keeping him busy. So this would be a nice affirmation and very significant share purchase by a guy who's "bought in" and presumably close to seismic info. Finlayson btw clearly would never LEAD this board with all it's responsibilities, time and effort if he didn't subscribe to the value creation ahead. We should presume that as seasoned gas exec he has seen all the seismics as well.
The number of highly qualified people joining IOC is remarkable and telling.
RE: New gun in town? Lawrence J Brown buys shares in open market - Palm - 08-31-2014
It's a bit confusing good Doc Wu as the CC was on Aug 13 and in his initial SEDI filing he states he became an insider with the Senior Officer label on Aug 22nd; the date of his first share purchase. In IOC's Insider Trading policy they use the following definition for an insider Senior Officer:
"The Board of Directors of InterOil Corporation (the “Company”) has adopted this Insider Trading Policy (the “Policy”) and it applies to;
• members of the Company’s Board of Directors, and
• the Company’s officers, employees, consultants, contractors and any other party retained by the Company in any capacity"
SEDI rules state that an insider does not have to file an initial report until they own or have ownership over securities of the Issuer. So my gut is telling me that he likely is still not an employee hired gun, but still a "consultant, contractor" hired gun.
Either way having him buy shares on the open market is nothing but good.
RE: New gun in town? Lawrence J Brown buys shares in open market - jft310 - 08-31-2014
To state the obvious a advisor even with his credentials is a nice positive.
RE: New gun in town? Lawrence J Brown buys shares in open market - jft310 - 09-02-2014
Announced today L Brown joins Interoil.Per Hession on call