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US: Brown-Forman Trusts to sell shares

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Brown-Forman Corporation said it has been advised that two trusts that own stock in the company would be up to 1.2m shares in the company.

Trustees for the W.L. Lyons Brown, Jr. Trust and the Ina Brown Bond Trust have each entered into a Rule 10b5-1 trading plan to sell shares of the non-voting Class B Common Stock of the Company.

The trading plan for the W.L. Lyons Brown, Jr. Trust provides for the sale of up to 800,000 Class B Common shares, and the trading plan for the Ina Brown Bond Trust provides for the sale of up to 400,000 Class B Common shares.

Ina Brown Bond, a director of Brown-Forman, and W.L. Lyons Brown, Jr., the CEO until his retirement in 1993, are two of the contingent beneficiaries of the trusts.

The company was informed that sales under the trading plans will be made by the trustees for liquidity and investment diversification purposes.

Brown informed the company that he expects the W.L. Lyons Brown, Jr. Trust further to diversify its holdings by selling up to another 1.2m Class B shares over the next two years, to the extent economic and political conditions warrant. Bond also advised the Company that she sold 94,000 Class B Common shares on October 4, 2004. She advised the company that this sale also was for liquidity and investment diversification purposes.


Sectors: Spirits, Wine

Companies: Brown-Forman

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