American Axle & Manufacturing Holdings, Inc. (AXL) said Friday that its co-founder, chairman and chief executive officer Richard Dauch has established a Rule 10b5-1 stock trading plan to sell a portion of his holdings of AXL common stock.
As per 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.
Rule 10b5-1 of the Securities Exchange Act of 1934 permits corporate insiders to adopt prearranged written plans for selling specified amounts of stock. The Detroit, Michigan-based company noted that the sale is in connection with a personal financial planning strategy related to asset diversification and estate planning. According to the company, the maximum number of shares available for sale under the trading plan is about 25% of Dauch's beneficial ownership of the American Axle stock as of March 18, 2010 and his beneficial ownership would be in excess of 10% of the company's outstanding common stock after giving full effect to the plan.
The average selling price will be nearly 11% higher than current trading levels, based upon the market closing price as of March 18, 2010. The company said the related securities filings with Securities and Exchange Commission will be made when due. American Axle is a world leader in the design, engineering, testing, validation and manufacturing of driveline, drivetrain and chassis systems, related components, and metal formed products for light trucks and buses, sport utility vehicles, crossover vehicles, and passenger cars.
AXL is currently trading at $10.63, down $0.19 or 1.76% on a volume of 626 thousand shares.
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