powertechexposed.com home

 

 

Chairman Wallace Mays unloads 1.76 million shares of Powertech stock

August 18 insider transaction are done privately, not on stock exchange

Posted October 1, 2007

 

 

According to CanadianInsider.com, a website that tracks insider sales and purchases of stock listed on the Toronto TSX and TSX Venture Exchanges, Powertech Chairman of the Board Wallace M. Mays disposed of 1.76 million shares of Powertech common stock in two transactions on August 18, 2007. 

 

The two transactions were conducted privately rather than on the public stock exchange.  The closing share price on Friday, August 17 was $1.49 CAD.  Mr. Mays reported the disposition of his stock at $10.00 CAD per share, a $8.51 CAD premium over the publicly-quoted price.  The volume of Powertech stock traded on the Toronto exchange on August 17 was only 104,600 shares, with 356,900 shares traded on the Frankfurt exchange

 

It is not known why Mr. Mays decided to dispose of such a significant amount of stock prior to any mining permits being obtained by Powertech.  And it is unclear why the reported share price is $10.00 CAD when retail investors could only sell shares for $1.49 CAD.

 

Bio of Wallace M. Mays from the company's website:

    

Wallace Mays, P.Eng., BSc., MSc. Position: Chairman   Mr. Mays is a chemical engineer who spent the early part of his career with Atlantic Richfield Co. where he was responsible for the design, construction, and operation of the first ISR uranium mine in the United States. From 1977 to present, Mr. Mays has been involved as a principal and/or senior executive in many uranium mining ventures in the United States and abroad, including Everest Minerals Corporation and Uranium Resources, Inc., a public company listed on the Exchange, and he has permitted, designed, constructed, and operated numerous ISR uranium mines across the south western United States. In 1996, he was awarded membership in the Uranium Hall of Fame.

Powertech Uranium Corp. (PWE) As of September 30th, 2007 Filing Date Transaction Date Insider Name Ownership Type Securities Nature of transaction # or value acquired or disposed of Unit Price Sep 12/07 Sep 04/07 Eacrett, Douglas Edwin Direct Ownership Options 50 - Grant of options 50,000   Sep 07/07 Aug 30/07 Bonner, James Direct Ownership Options 50 - Grant of options 200,000 $1.500 Sep 07/07 Aug 30/07 Blubaugh, Richard Direct Ownership Options 50 - Grant of options 200,000 $1.500 Sep 07/07 Aug 30/07 Carter, James Direct Ownership Options 50 - Grant of options 100,000 $1.500 Sep 07/07 Jun 16/07 Carter, James Direct Ownership Options 00 - Opening Balance-Initial SEDI Report     Aug 28/07 Aug 18/07 Mays, Wallace M. Direct Ownership Common Shares 11 - Disposition carried out privately -1,540,000 $10.000 Aug 28/07 Aug 18/07 Mays, Wallace M. Direct Ownership Common Shares 11 - Disposition carried out privately -220,000 $10.000 Aug 28/07 Aug 18/07 Clement Jr., Richard F. Control or Direction Common Shares 11 - Acquisition carried out privately 1,368,000 $10.000 Aug 28/07 May 11/06 Clement Jr., Richard F. Control or Direction Common Shares 00 - Opening Balance-Initial SEDI Report     Aug 28/07 Aug 18/07 Clement Jr., Richard F. Direct Ownership Common Shares 11 - Disposition carried out privately -1,368,000 $10.000   Visit us every day for on-line updates of the latest 10 Canadian insider trading reports for all stocks and income trusts listed on the Toronto Stock Exchange (TSX) and TSX Venture Exchange.

http://www.canadianinsider.com/coReport/allTransactions.php?ticker=PWE.V