US: Brown-Forman acknowledges share trading
Heavy trading volume in Brown-Forman shares last week led the company to issue a statement on Friday (10 September). The company said that it was informed that the unusual trading volume in its Class "B" shares was related to sales of stock by a non-affiliate Brown family trust for diversification and estate planning purposes.
The beneficial owners of the stock held by the trust are not members of management of the company, Brown-Forman said.
The company said that it has since learned that the high volume resulted from subsequent trading following the trust's sale of approximately 3.6m shares. The transaction was consummated by a private sale to institutional investors, and is now complete.
The company was also informed that the sale was a one-time event, that the selling trust has no plans to make further sales of Brown-Forman stock, and that the principal beneficiaries of the trust remain large Brown-Forman shareholders and are committed to the company and its future.
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