Bakers CEO announces securities trading under SEC Rule 10b5-1
30 Jun '05
2 min read
Leading fashion footwear specialty retailer Bakers Footwear Group Inc announced that its Chairman and Chief Executive Officer, Peter Edison has entered into a plan under Rule 10b5-1 of the Securities and Exchange Act of 1934 to provide for pre-determined sales of a portion of his Bakers Footwear Group common stock commencing on August 25, 2005, subject to certain price restrictions and other contingencies established under the plan.
The plan, effective for a term of 15 months, will allow Mr. Edison to sell up to 80,000 shares of common stock during the term. The shares, to be sold on a quarterly basis during the term, represent approximately ten percent (10%) of Mr. Edison's current holdings of Bakers Footwear Group common stock and less than two percent (2%) of the issued and outstanding common stock of the Company. In addition, Mr. Edison plans to donate approximately 15,000 shares of common stock to fulfill charitable donation pledges he has made.
Rule 10b5-1 permits the implementation of a written plan for selling company stock at times when insiders are not in possession of material, non-public information and allows insiders adopting such plans to sell shares on a regular basis, regardless of any subsequent material, non-public information they receive or the price of the stock at the time of the sale.
"This sale will permit me to pay off debt incurred in the purchase of the business 6 years ago while maintaining my position as the largest beneficial shareholder of the Company," said Peter Edison. Mr. Edison adopted the plan in order to minimize any market impact of these sales by spreading such sales over an extended period of time, rather than during the Company's traditional "window periods".
20240830145952.gif)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
