Fashion Industry Ghost Writer ... Freelance writer for the Apparel Search Company. A contributor as well as inspiration to Apparel Search. My goal is to make the Fashion Newspaper a leading resource for locating fashion news on the internet.
If you have a fashion press release, please submit your news at the Apparel Search site or you can post news directly at the Fashion Newspaper site by becoming an author.
If you also work in the fashion industry, please join us for discussions about the fashion newspaper and other clothing and textile relevant topics at the Fashion Industry Network.
Tandy Leather Factory, Inc. (AMEX: TLF) (“the Company”) announced today that Ronald C. Morgan, one of the Company’s founders and former Company director and officer, has adopted a pre-arranged stock sales plan in accordance with Rule 10b5-1 of the Securities and Exchange Act of 1934, as amended. The plan allows for the sale of up to 400,000 shares of the Company’s common stock over a one year time period subject to price restrictions, quarterly sales volume limits and other contingencies. The plan commences on December 14, 2009 and expires on December 30, 2010.
Mr. Morgan adopted the plan as part of his individual long-term strategy for asset diversification and liquidity. In accordance with the trading plan, the sales will occur from time to time, and will be under the direction of Wells Fargo Advisors, LLC. The shares to be sold under the plan represent approximately 30% of the total shares currently owned by Mr. Morgan and his wife. If Mr. Morgan completes all the planned sales of shares under his Rule 10b5-1 plan, he would beneficially own approximately 893,000 shares (approximately 8.8%) of the Company’s outstanding stock.
SEC 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. Using these plans, insiders can gradually diversify their investment portfolios, can spread stock trades out over an extended period of time to reduce any market impact and can avoid concerns about whether they had material, non-public information when they sold their stock.
Tandy Leather Factory, Inc., headquartered in Fort Worth, Texas, is a specialty retailer and wholesale distributor of a broad product line including leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits. The Company distributes its products through its 29 Leather Factory stores, located in 19 states and 3 Canadian provinces, 75 Tandy Leather retail stores, located in 36 states and 5 Canadian provinces, one combination wholesale/retail store located in the United Kingdom, and Mid-Continent Leather Sales, one store located in Oklahoma. Its common stock trades on the NYSE Amex with the symbol "TLF".
Thank you for reading this leather news on the Fashion Newspaper.