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Wed 20 Jan 2010, 06:53 GMT

Stebbins sells 64,000 WFS shares


WFS CEO sells 64,000 shares in five days as part of pre-arranged stock trading plan.

World Fuel Services Corporation (WFS) has revealed that its Chairman and chief executive officer, Paul H. Stebbins [pictured], has sold 64,000 company shares between January 15th and January 19th 2010.

Stebbins sold 33,392 shares at a weighted average sale price of $26.5323 on January 15th and 30,608 shares at an average price of $26.1693 on January 19th.

The prices of the transactions on January 15th ranged from $26.45 to $27.10, whilst the prices on January 19th ranged from $26.00 to $26.38.

Following the sale, the World Fuel Services CEO now has 778,744 shares remaining, plus an additional 253,644 common stock shares.

Stebbins entered into a pre-arranged, non-discretionary stock trading plan towards the end of last year. Under the newly adopted plan, beginning on January 15, 2010 and ending on December 31, 2010, Stebbins may sell a maximum of 256,000 shares, which represents approximately 20% of his holdings.

The sales are being made for diversification and tax planning purposes and will be publicly disclosed with the Securities and Exchange Commission.

The stock trading plan was adopted in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, and World Fuel Services' policies regarding stock transactions.

Rule 10b5-1 permits individuals who are not in possession of material, non-public information at the time the plan is adopted to establish pre-arranged plans to buy or sell company stock. These plans allow individuals to achieve prudent and gradual asset diversification over time.

Stebbins entered into a similar stock trading plan towards the end of 2008. He sold 50,000 company shares in August 2009 after selling a similar amount of shares towards the end of July.

Between August 4-5, Stebbins sold 2,880 shares at a weighted average sale price of $44.9113 and 47,120 shares at an average price of $44.9597.

The previous week, the WFS CEO also sold a total of 50,000 shares between July 28-30 with 20,500 shares selling at a weighted average sale price of $42.9204 and 29,500 shares at $43.4855.

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