Universal Stainless President Adopts 10b5-1 Trading Plan
08/17/2004 - Universal Stainless & Alloy Products, Inc. announced that Clarence M. McAninch, President and CEO, has established a pre-arranged trading plan to sell shares of the company's common stock subject to certain minimum sales price restrictions.
Universal Stainless & Alloy Products, Inc. announced that Clarence M. McAninch, President and CEO, has established a pre-arranged trading plan to sell shares of the company's common stock subject to certain minimum sales price restrictions.
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Rule 10b5-1 of the Securities Exchange Act of 1934 permits the adoption of written, pre-arranged trading plans by insiders at times when they do not have material, non-public information. The 10b5-1 plan is intended to minimize the market effects of stock sales by spreading sales out over an extended period of time rather than selling larger blocks of stock during the limited trading windows following the release of financial information. |
Under the plan, which is pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, Mr. McAninch could sell up to 54,426 shares of the company's common stock—18% of the combined shares and options he currently owns—through January 31, 2005. Sales of stock pursuant to the plan are contemplated to amount to 2,500 shares per calendar week and any unsold shares may be carried over to the next weekly period. In no event will more than 5,000 shares be sold pursuant to the plan in any calendar week.
Trades carried out under the plan will be publicly reported on Forms 4 filed with the Securities and Exchange Commission.
Headquartered in Bridgeville, Pa., Universal Stainless & Alloy Products, Inc. manufactures and markets a broad line of semi-finished and finished specialty steels, including stainless steel, tool steel and certain other alloyed steels. The company's products are sold to original equipment manufacturers, service centers, forgers, rerollers and wire redrawers.
