Louis Berkman Trust Adopts 10b5-1 Stock Trading Plan
01 August 2013 - 10:30PM
Business Wire
Ampco-Pittsburgh Corporation (NYSE: AP) today announced that it
has been advised that The Louis Berkman Declaration of Trust dated
July 28, 1970, as amended (the “Trust”), of which Mr. Robert A.
Paul, the Corporation's Chairman and Chief Executive Officer, and
his wife are co-trustees, has established a new stock trading plan
in accordance with Rule 10b5-1 under the Securities Exchange Act of
1934 (the "Plan"). The Corporation has been advised that the Plan
was adopted to allow the family of Mr. Berkman to satisfy liquidity
and diversification objectives.
Under the Plan, the Trust may sell up to 215,000 shares of the
Corporation's common stock. That number of shares represents
approximately 13% of the shares of the Corporation’s common stock
shown for Mr. Paul in the Corporation’s most recently filed Proxy
Statement in the Security Ownership of Certain Beneficial Owners
and Management section and approximately 2% of the Corporation’s
outstanding common stock as of June 30, 2013. The Plan has set
certain price and daily volume limitations relating to the sale of
shares by the Trust. The Plan does not cover sales of any shares of
the Corporation’s common stock directly owned by Mr. Paul or Mr.
Paul’s wife.
The transactions under this plan will commence no earlier than
September 3, 2013 and will be disclosed publicly through Form 4 and
Form 144 filings with the Securities and Exchange Commission. The
Plan will terminate on or before September 3, 2014.
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 covered by the
Plan will actually be sold in the contemplated amounts or timing
specified in the Rule 10b5-1 plan, as the sales of the shares
pursuant to the Plan are outside the control of Ampco-Pittsburgh
Corporation, Mr. Paul and Mr. Paul’s wife.
Ampco-Pittsburgh CorporationRose Hoover, 412-456-4418Executive
Vice President and Chief Administrative Officer
Ampco Pittsburgh (NYSE:AP)
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