By
Rebecca Gibson |
Micky Arison, chairman of the board of Carnival Corporation & plc, plans to sell up to ten million shares of Carnival Corporation common stock in market sales.
Representing up to around 1% of the total combined voting rights of Carnival. Arison indicated that the shares – which are all held directly or indirectly in various trusts – will be sold for tax planning, estate planning and diversification purposes.
On 28 February, 5,000,000 of these shares were sold at a price of US$39.50 per share, while the remaining shares will be sold pursuant to sales plans over the next 15 months in compliance with Rule 10b5-1. This permits the creation of written plans for buying or selling stock at a time when insiders are not in possession of material non-public information.
If all of the shares are sold, the Arison family and related entities will remain as the beneficial owners of around 188 million shares, which constitutes about 24% of the total combined voting rights of Carnival.