Summary
Ares Management Corp (ARES) announced on May 28, 2019, that certain executive officers and directors have entered into Rule 10b5-1 trading plans to sell shares of the company's Class A common stock. These plans are primarily for estate planning purposes and were established during authorized trading periods when the participants were not in possession of material non-public information. Specifically, Michael J. Arougheti may sell up to 1,000,000 shares, with sales beginning as early as June 21, 2019, and terminating by July 1, 2020. R. Kipp deVeer may sell up to 500,000 shares, with sales commencing as early as June 20, 2019, and ending by June 20, 2020. All transactions under these plans will be publicly disclosed via Form 144 and Form 4 filings. While these are significant potential sales from key insiders, the company emphasizes that the plans were set up in compliance with regulations and are for personal financial planning.
Key Highlights
- 1Key executives, including CEO Michael J. Arougheti and President R. Kipp deVeer, have established Rule 10b5-1 trading plans to sell ARES stock.
- 2Michael J. Arougheti plans to sell up to 1,000,000 shares, with sales beginning around June 21, 2019, and concluding by July 1, 2020.
- 3R. Kipp deVeer plans to sell up to 500,000 shares, with sales commencing around June 20, 2019, and ending by June 20, 2020.
- 4The primary stated purpose for these sales is estate planning.
- 5The trading plans were implemented during authorized trading windows and when participants were not in possession of material non-public information.
- 6All transactions under these plans will be publicly disclosed on Form 144 and Form 4 filings.
- 7The company notes that other insiders and employees may also establish similar plans, but ARES will not report on those individually.