Oracle today announced that its chairman, Jeff Henley, is planning to sell approximately $25m worth of Oracle stock during the next six months.
Henley is due to sell 1.9 million shares over the period "as part of his individual long-term strategy for asset diversification and liquidity".
The database firm's chairman stated that his stock trading plan was adopted in accordance with guidelines specified under Rule 10b5-1 of the Securities and Exchange Act of 1934 and Oracle's own policies regarding stock transactions.
Rule 10b5-1 allows corporate officers and directors to adopt written, pre-arranged stock trading plans when they do not have material, non-public information.
Under these circumstances, Henley may sell up to 1.9 million shares over a period of approximately six months.
"The transactions under this plan will commence no earlier than March 2005 and will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission.
The Form 4 filings will also be posted on Oracle's investor relations website.
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