Courtesy of Benzinga.
Gildan Activewear (NYSE: GIL) today announced that Glenn J. Chamandy, President and CEO, has entered into a pre-arranged share disposition plan, under which he has authorized and directed a U.S. financial institution to sell up to 2.75 million of his total of 9.8 million common shares of Gildan, over a maximum 24-month period beginning on December 17, 2012. Accordingly, no disposition of shares will take place before the Company has reported its fiscal 2012 fourth quarter and full year results and initiated its sales and earnings guidance for fiscal 2013.
This share disposition plan was adopted in accordance with the guidelines under Rule 10b5-1 of the Securities Exchange Act of 1934 and guidelines for Automatic Securities Disposition Plans under applicable Canadian securities laws. Plans established pursuant to Rule 10b5-1 permit insiders of a corporation to sell shares over a predetermined period of time, subject to predetermined volume and price parameters. A plan can only be established when the insider participating in the plan is not in possession of material non-public information. Once a plan is established, the insider retains no discretion over sales under the plan. Mr. Chamandy will disclose publicly the sales under this plan through Form 144 filings as required by the U.S. Securities and Exchange Commission and through insider reports filed on SEDI as required under Canadian securities laws.
