Global Industries Chairman to Sell Shares
Global Industries, Ltd. (Nasdaq: GLBL) says that its founder and Chairman of the Board, William J. Dore, has entered into a trading plan with Raymond James Financial pursuant to Rule 10b5-1 of the Exchange Act under which he has authorized the sale of up to a maximum of six million of his 27.6 million common shares of Global Industries, Ltd. The Company's stock price must reach a minimum of $21.00 per share for any of Mr. Dore's shares to be sold.
Under this trading plan, Mr. Dore may sell up to two million shares at $21.00 per share, up to two million shares at $23.00 per share, and up to two million shares at $25.00 per share. Sales under the plan may begin on July 25, 2006. The plan is effective until the maximum number of shares are sold or July 25, 2008, whichever comes first. The plan also provides that the maximum number of shares sold in any calendar month may not exceed the number of shares allowed under Rule 144 of the Securities Act.
William J. Dore, Chairman and Chief Executive Officer, stated: "I am optimistic about Global's future. My decision to sell a small portion of my shares is a personal one. My commitment to and confidence in Global Industries has not changed."
The common stock sales will occur from time to time in accordance with the trading plan and will be conducted under the direction of Raymond James. Mr. Dore will report the sales as appropriate in filings with the Securities and Exchange Commission as required by law. Either Mr. Dore or the Dore family trusts currently own or control approximately 27.6 million shares of common stock, representing approximately 23.8% of the shares outstanding.
Global Industries provides pipeline construction, platform installation
and removal, diving services, and other marine support to the oil and gas
industry in the Gulf of Mexico, West Africa, Asia Pacific, the Mediterranean,
Middle East/India, South America, and Mexico's Bay of Campeche. The Company's
shares are traded on the Nasdaq National Market System under the symbol
- Global Industries Scores 'Who Dat' Project Development in GOM (Mar 23)
- Global Industries Secures Multiple McMoRan Decommissioning Projects in GOM (Mar 07)
- Pemex Awards $125MM for Pipeline Work in GOM (Jun 01)