BENSALEM, Pa., March 14 /PRNewswire-FirstCall/ -- Orleans Homebuilders, Inc. announced today that Michael T. Vesey, President and Chief Operating Officer, adopted a personal stock trading plan in February 2008, pursuant to, and intended to comply with, Rule 10b5-1 under the Securities Exchange Act of 1934.
Under the stock trading plan, Mr. Vesey plans to sell up to 21,000 shares of Orleans Homebuilders, Inc. common stock at certain specified prices commencing March 17, 2008. The plan is scheduled to end when all of the shares have been sold or on March 20, 2009, whichever occurs earlier. Mr. Vesey intends to use any proceeds from the sale of stock under the plan to offset the payment of the exercise price of options to acquire Orleans Homebuilders, Inc. common stock. The 21,000 shares subject to the plan represent less than 5% of the approximately 432,000 shares Mr. Vesey directly owns at this time.
Rule 10b5-1 allows corporate officers and directors to adopt written, pre- arranged stock trading plans when they are not in possession of material, non- public information to sell shares pursuant to pre-arranged terms. The rule allows individuals adopting such plans to sell shares over a specified period of time, even if they become aware of material and non-public information after the adoption of the plan. Transactions under this plan are required to be disclosed publicly through Form 144 and Form 4 filings pursuant to United States Security and Exchange Commission rules.
About Orleans Homebuilders, Inc.
Orleans Homebuilders, Inc. develops, builds and markets high-quality single-family homes, townhouses and condominiums. The Company serves a broad customer base including luxury, move-up, empty nester, active adult and first- time homebuyers. The Company currently operates in the following eleven distinct markets: Southeastern Pennsylvania; Central and Southern New Jersey; Orange County, New York; Charlotte, Raleigh and Greensboro, North Carolina; Richmond and Tidewater, Virginia; Chicago, Illinois; and Orlando, Florida. The Company's Charlotte, North Carolina operations also include adjacent counties in South Carolina. To learn more about Orleans Homebuilders, please visit http://www.orleanshomes.com/.
