The way I'm looking at it is - the news is out there, the market knows an MOU was announced, then definitive deal was signed with GH, and at this point they were just waiting on the closing, which is just a transfer of $$. So, they may have decided that now is as good a time to buy as any as bond pmt will be cleared and they now have a decent amount of time to put together a deal that addresses the CL issue in full. If need be they could get into a semantics, letter-of-the-law, spirit-of-the-law type of discussion if it came down to it...to quote Billy Clinton, "it depends on what your definition of the word 'is' is." For the most part, insiders spend a lot of time looking for opportunities to grow market share, capital base, and operations both organically and inorganically. Simply reaching out to someone to discuss a possible streaming deal I do not believe would constitute info that would breach insider trading rules as its part of the job description. Now if those discussions turned into discussions where contracts were getting drawn up then I assume that would constitute material, non-public info. Again, it's all semantics. For more info, look more into the SAC Capital insider trading goings-on and Steve Cohen's deposition. "The laws, as written, aren't really clear."
They could have also set up auto-trading program which provides a little leeway in terms of insider trading as you buy or sell stock at scheduled intervals know matter what is in the works. Being that both people bought the same amount at the same prices on the same days I'm thinking that could be a real possibility. Insider buying is almost always a positive and I highly doubt they would sacrifice $50k each to "share the burden" with shareholders consider they already have a good amount of stock each, coupled with a LOT of shares tied up in options. I believe the lowest strike on their options is in the $0.80 range, so these purchases are definitely an exercise of options.
Everything in this post is my opinion. I am long BAA.
Any of you hosers up north know any more about Canadian insider trading laws and regs?
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