Fashionable women's clothing & accessories producer bebe stores Inc announced that its Chairman, Manny Mashouf, has decided to renew his pre-arranged stock trading plan to sell a portion of his company stock over time as part of his individual long-term strategy for asset diversification and liquidity.
The stock-trading plan is adopted in accordance with guidelines specified under Rule 10b5-1 of the Securities and Exchange Act of 1934 and bebe's policies regarding stock transactions.
Rule 10b5-1 allows corporate officers and directors to adopt written, pre-arranged stock trading plans when they do not have material, non-public information. Using these plans, insiders can gradually diversify their investment portfolios, can spread stock trades out over an extended period of time to reduce any market impact and can avoid concerns about whether they had material, non-public information when they sold their stock.
Under his Rule 10b5-1 Plan, Mashouf may sell up to 2,700,000 shares over a period of approximately ten months. If Mashouf completes all the planned sales of shares under his Rule 10b5-1 Plan, he would beneficially own approximately 65,000,000 shares (approximately 71 percent) of bebe's outstanding stock.
The transactions under the plan will commence no earlier than February 6, 2006 and will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission. The Form 4 filings will also be posted on bebe's investor relations website.
marketing@alchempro.com
