La Presse jumps on TMX share sales
TSX/LSE Merger Part 9
If you’re Ontario Finance Minister Dwight Duncan or PC Leader Tim Hudak, your list of tough questions for the TMX just got longer.
Thanks to the research of La Presse newspaper, Ontario’s pending all-Party TSX/LSE review committee will undoubtedly be asking TSX executives why, if they are so strongly recommending the LSE merger, were senior managers selling shares in the hours that followed the proposed deal’s announcement earlier this month.
It may well be that options were expiring, and the folks involved had no choice but to exercise their securities. But, some MPP will invariably ask, what does that have to do with selling the underlying stock? It wouldn’t be the first time a TSX-listed company has had to face that situation in the wake of a takeover bid; and no one would know that better than the exchange itself.
Although it is rarely fair to question the personal investment and diversification choices of public company executives, this may well be another twist in the TSX’s ongoing PR battle (see prior post “TSX’s PR recovery underway” Feb 22-11).
MRM
(hat tip MW)
Why does it take 42 clicks on SEDI to find the information you’re looking for?
It was so badly designed from the start (clearly by people who don’t understand what they are doing) and in need for a complete overhaul.
It should be possible for others to develop websites/API around it if only they could put the data in the public domain in accessible format (XML/RSS)