Affiliate of Ampco-Pittsburgh Corporation Chief Executive Officer Adopts 10b5-1 Stock Trading Plan
02 Oktober 2009 - 10:20PM
Business Wire
Ampco-Pittsburgh Corporation (NYSE: AP) today announced that it
has been advised that The Louis Berkman Investment Company, an
investment vehicle that is indirectly wholly-owned by Mr. Louis
Berkman, the Corporation's Chairman Emeritus, and his daughter, who
is the wife of Mr. Robert A. Paul, the Corporation's Chairman and
Chief Executive Officer, has established a new stock trading plan
in accordance with Rule 10b5-1 under the Securities Exchange Act of
1934 (the "Plan"). The Plan was adopted to allow the Berkman family
to satisfy liquidity and diversification objectives in connection
with Mr. Berkman's estate planning.
Under the Plan, The Louis Berkman Investment Company may sell up
to 575,000 shares of the Corporation's common stock. That number of
shares represents approximately 36% of the Louis Berkman family's
holdings of Ampco-Pittsburgh Corporation common stock. The Plan has
set certain price and volume limitations relating to the sale of
shares.
The transactions under this plan will commence no earlier than
November 2, 2009 and will be disclosed publicly through Form 144
and Form 4 filings with the Securities and Exchange Commission. The
Plan will terminate on or before November 2, 2010.
Rule 10b5-1 allows insiders to enter into a written, prearranged
stock trading plan at a time when the insider is not in possession
of material, non-public information. Under these plans, insiders
can gradually diversify their investment portfolios, reduce any
significant market impact by spreading stock trades out over an
extended period of time, and avoid concerns as to whether the
insiders were in possession of material, non-public information
when the stock was sold.
Ampco-Pittsburgh Corporation is a leading producer of forged and
cast rolling mill rolls for the worldwide steel and aluminum
industries. It is also a producer of air and liquid processing
equipment.
Certain statements contained in this Press Release of beliefs,
expectations or predictions of future sales constitute
"forward-looking statements". It is important to note that the
Corporation can give no assurances that the shares will actually be
sold in the contemplated amounts or timing specified in the Rule
10b5-1 plan, as the sales of the shares are outside the control of
Ampco-Pittsburgh Corporation.
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