Lawson Software Inc. (LWSN) revealed the sale of a total of seven million shares of Lawson Software stock by Richard Lawson and Symphony Technology Group and its affiliates on July 31, 2007, representing minority positions in their respective Lawson Software holdings.
Richard Lawson is Lawson Software's co-chairman. Romesh Wadhwani, Lawson Software's other co-chairman, is the founder and managing partner of Symphony Technology Group.
Of these shares sold, a combined three million shares were sold in separate SEC Rule 144 transactions to Lehman Brothers at $9.20 per share, which represents a 3.5% discount to the closing price of $9.53 per share on July 31, 2007.
Lawson Software purchased the remaining four million shares at the same discounted price as part of the company's share repurchase program.
Richard Lawson sold 857,143 shares in the SEC Rule 144 transaction and sold 1,142,857 shares to Lawson Software as part of its share repurchase program. Symphony Technology Group sold 2,142,857 shares under a separate Rule 144 transaction and also sold 2,857,143 shares to Lawson Software as part of its share repurchase program.
Lawson Software noted that the transactions announced today would have a neutral to minimally accretive impact to the company's previous EPS guidance.
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