James J. Cotter Living Trust Enters 10b5-1 Trading Plan in 2021
Reading International announced that the James J. Cotter Living Trust has initiated a 10b5-1 trading plan for the sale of up to 276,000 shares of Class A Non-Voting Common Stock from January 25, 2021, to June 4, 2021. This plan aims to provide liquidity for estate taxes and other Living Trust expenses. The Trading Plan complies with Rule 144 requirements. Ellen Cotter and Margaret Cotter are Co-Trustees of the Trust.
- None.
- Possible dilution of shares due to the sale of 276,000 shares which may affect stock price.
- Sales are driven by the need to cover estate taxes, indicating financial obligation.
Reading International, Inc., announced today that the James J. Cotter Living Trust (the “Living Trust”) has entered into a 10b5-1 trading plan (the “Trading Plan”) with the Company pertaining to the sale by the Living Trust of up to 276,000 shares of Class A Non-Voting Common Stock over a period from January 25, 2021 through and including June 4, 2021, or such earlier date as all such shares are sold, unless the Trading Plan is terminated earlier pursuant to its terms. The Company is advised that, like the 10b5-1 trading plan executed in 2020 by the Co-Trustees of the Living Trust, the purpose of these anticipated sales pursuant to the Trading Plan is to provide liquidity to pay certain estate taxes of the Estate of James J. Cotter (the “Estate”) pursuant to the terms of the Estate’s agreement with the Internal Revenue Service, as well as to pay other expenses of the Living Trust. The Trading Plan requires, among other things, that such sales comply with the requirements of Rule 144 of the Securities Act. Ellen Cotter, the President and Chief Executive Officer of the Company and Margaret Cotter, the Chair and Executive Vice President – Real Estate Management and Development NYC of the Company are the Co-Trustees of the Living Trust.
About Reading International, Inc.
Reading International Inc. (NASDAQ: RDI), an internationally diversified cinema and real estate company, is a leading entertainment and real estate company, engaged in the development, ownership and operation of cinemas and retail and commercial real estate in the United States, Australia, and New Zealand. The family of Reading brands includes cinema brands: Reading Cinemas, Angelika Film Centers, Consolidated Theatres, City Cinemas, and the State Cinema; live theatres operated by Liberty Theatres in the United States; and signature property developments, including Newmarket Village, Auburn Redyard, Cannon Park, and The Belmont Common in Australia, Courtenay Central in New Zealand, and 44 Union Square in New York City.
Additional information about Reading can be obtained from the Company's website: http://www.readingrdi.com.
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FAQ
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