Universal Insurance Holdings Inc. (UVE: Quote) announced that its President and Chief Executive Officer, Bradley Meier, informed the Company that he intends to offer for resale in an underwritten public offering up to 2 million shares of the Company's common stock previously registered for resale with the U.S. Securities and Exchange Commission (SEC) on a Form S-8 registration statement. Meier acquired the shares in connection with his employment with the Company.
Meier informed the Company that, through the offering, he seeks to diversify his financial holdings and assist in tax planning. Based on Meier's current beneficial ownership, if all of the 2 million shares are sold, Meier will beneficially own 10.84 million shares of common stock, or approximately 27 percent of the Company's outstanding common stock. The company said it will not receive any proceeds from the sale of the shares.
Meier has agreed to a 90-day lock up with respect to the Company's securities beneficially owned by him and not part of this offering, subject to certain exceptions.
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by RTT Staff Writer
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