I would tend to agree with you that Listwin did not or has not sold his shares but I also think that this assumption may be a little premature.

Transactions by insiders must be filed on SEDI within 10 business days (I believe the 10 days is accurate). Consequently and given the transaction date of March 11th, it is conceivable that shares acquired via the option exercise may have been sold and not yet reported on SEDI within the required reporting timeline.

Having said that, I still believe that the shares in question will be held by Listwin for a longer period of time.

respectfully

Hogan