|Stebbins sells WFS shares|
|World Fuel Services CEO sells company shares as part of pre-arranged stock trading plan.
|Updated on 26 Oct 2011 06:06 GMT
|World Fuel Services Corporation (WFS) has revealed that its chairman and chief executive officer, Paul H. Stebbins [pictured], sold 100 company shares last week.
Stebbins sold 100 shares at a weighted average sale price of $39.90 on October 21st. He previously sold 50,000 company shares on October 14th at an average price of $38.54 a share.
Following the sale, the World Fuel Services CEO now has 448,719 shares remaining, plus an additional 279,384 common stock shares.
Stebbins entered into a pre-arranged, non-discretionary stock trading plan earlier this month. Under the newly adopted plan, beginning on October 14th 2011 and ending on October 14th 2012, Stebbins may sell a maximum of 150,000 shares, which represents approximately 20 percent of his holdings.
The company said the sales were being made for diversification and tax planning purposes and will be publicly disclosed through Form 4 filings with the Securities and Exchange Commission. The 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, who is due to step down as CEO in January 2012 and continue as executive chairman, also entered into a stock trading plan in 2009. He sold 50,000 company shares in August 2009 after selling a similar amount of shares towards the end of July 2009.
Last year Stebbins entered into a stock trading plan for the sale of a maximum of 256,000 shares between January 15th 2010 and December 31st 2010.
Directors and Officers Recent Trades - World Fuel Services Corp. (NYSE: INT):
* Director Joachim Heel bought 2,750 shares of INT stock on 05/12/2011 at the average price of 35. Joachim Heel owns at least 16,429 shares after this. The price of the stock has increased by 12.43% since.
* Director J Thomas Presby sold 2,627 shares of INT stock on 09/07/2011 at the average price of 36.16. J Thomas Presby owns at least 39,376 shares after this. The price of the stock has increased by 8.82% since.
* Director Myles Klein sold 13,463 shares of INT stock on 05/25/2011 at the average price of 35.4. Myles Klein owns at least 35,135 shares after this. The price of the stock has increased by 11.16% since.
* Director Ken Bakshi sold 6,000 shares of INT stock on 05/16/2011 at the average price of 34.9. Ken Bakshi owns at least 39,374 shares after this. The price of the stock has increased by 12.75% since.
* Director J Thomas Presby sold 17,379 shares of INT stock on 05/06/2011 at the average price of 34.98. J Thomas Presby owns at least 35,467 shares after this. The price of the stock has increased by 12.49% since.
World Fuel Services has a market capitalization of $2.71 billion; its shares are being traded at around $38.04 with a P/E ratio of 15.68 and a 52-week trading range of $26.91 - $42.15. The dividend yield of World Fuel Services stocks is 0.4%.