Cosmetic company Elizabeth Arden implements 10b5-1 plans
25 Feb '06
2 min read
Global prestige beauty products company, Elizabeth Arden Inc announced that certain executives are implementing 10b5-1 plans under the Securities Exchange Act of 1934.
In accordance with the Company's policy on the use of 10b5-1 plans for executive officers and directors, Paul West, President and Chief Operating Officer, Joel B Ronkin, Executive Vice President and Chief Administrative Officer, Ronald Rolleston, Executive Vice President, Global Marketing and Nevil Thomas, a member of the Board of Directors, are establishing such plans for tax planning purposes.
The number of shares that may be sold during the terms of the above plans represents less than one percent of the fully diluted common stock of the Company.
Rule 10b5-1 allows corporate insiders to establish prearranged plans to sell a specified number of shares of company stock over a predetermined period of time.
Insiders may adopt such plans when they are not in possession of material, non-public information in order to minimize the market effect of stock sales by spreading them out over a greater period of time than would be available using the Company's established "non-blackout periods," to avoid concerns about initiating stock transactions while in possession of material non-public information and to gradually diversify their investment portfolios.
In addition, on February 8, 2006, Beattie purchased 125,000 shares of the Company's common stock at $4.75 per share pursuant to a private 10-year option granted him on June 28, 1996, by Rafael Kravec, a former executive of the Company.
The Company's portfolio of brands includes the fragrance brands of Elizabeth Arden: Red Door, Red Door Revealed, Elizabeth Arden 5th Avenue, Elizabeth Arden after five, Elizabeth Arden green tea, and Elizabeth Arden Provocative Woman; the fragrance brands of Elizabeth Taylor: White Diamonds, Passion and Forever Elizabeth.