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: