Under Armour Founder, Chair & CEO KEVIN PLANK plans to “shed a big chunk of shares” in the company that are currently valued at more than $100M, according to Ryan Sharrow of the BALTIMORE BUSINESS JOURNAL. The move is the latest “in a string of stock selloffs” by Plank over the last several years. UA in a federal filing yesterday said that the stock sale is being done for "asset diversification, tax and estate planning and charitable giving purposes." The company said that Plank plans to sell up to 1.125 million shares of the company’s Class B Common Stock "he personally owns" and up to 125,000 shares of the Class B stock "held by his charitable foundation." Both sales “are set to take place prior” to the end of '15 (BIZJOURNALS.com, 11/3). In Baltimore, Lorraine Mirabella notes UA also plans to create a new C class of stock without voting rights, “giving owners of each existing share of common stock one share of the new class.” The structure is "designed to preserve Plank’s control" over UA "as he sells off some shares." If Plank "completes the sales," he would own 16% of the total shares and about 65.5% of the voting power (BALTIMORESUN.com, 11/3).
