US: Up to 1m Brown-Forman shares go up for sale

By just-drinks.com editorial team | 26 November 2009

A member of the Brown family has confirmed her intention to sell a portion of her stock in the company.

Ina Brown Bond, a former company director, told Brown-Forman earlier this week that she plans to direct the sale of up to 1m shares of the company's non-voting class B common stock during the remainder of this calendar year, depending on market and other conditions.

Bond has told the company that she and entities that she controls plan to sell the shares for tax planning purposes and general investment diversification.

Bond remains "as supportive as ever of the company and management", Brown-Forman added.

The stake represents less than 1% of the company's total outstanding stock. The proposed sales would not affect Brown-Forman's status as a family-controlled company, as Brown family members would continue to own a substantial majority of the company's voting stock.

Earlier this month, Brown-Forman declared a quarterly cash dividend of $0.30 per share on its Class A and Class B common stock.

Sectors: Spirits, Wine

Companies: Brown-Forman