American Axle & Manufacturing Holdings Inc. (AXL: Quote) announced that Richard Dauch, Co-Founder, Chairman and Chief Executive Officer, has established a Rule 10b5-1 stock trading plan to sell a portion of his holdings of AXL common stock, as part of a personal financial planning strategy related to asset diversification and estate planning.
Under the plan, Dauch intends to sell up to 2.5 million shares of AXL common stock beginning no earlier than April 1, 2010 and continuing from time to time through March 31, 2011, subject to the market price of AXL common stock.
The average selling price specified in the plan is about 11% higher than current trading levels, based upon the market closing price as of March 18, 2010.
The maximum number of shares available for sale under the trading plan represents about 25% of Dauch's beneficial ownership of AXL common stock as of March 18, 2010.
After giving full effect to the plan, Dauch's beneficial ownership would be in excess of 10% of American Axle & Manufacturing's outstanding common stock.
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by RTT Staff Writer
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