Crane Co. CEO to File Form 144.STAMFORD, Conn. -- Crane Co. (NYSE NYSE See: New York Stock Exchange : CR) reports today that Eric C. Fast, president and chief executive officer, intends to file a Form 144 with the Securities and Exchange Commission on May 1 disclosing that he plans to exercise up to 200,000 options to purchase shares of Crane Co. common stock and to sell the acquired shares concurrently. The option exercises and sales of shares would take place during Crane Co.'s quarterly window period, which runs for ten trading days In Business, the trading day is the time span that a particular stock exchange is open. For example, the New York Stock Exchange is, as of 2006, open from 09:30AM to 4:00PM. Trading days never take place on weekends. from the third day after the company's quarterly earnings announcement earlier today. The transaction is planned to facilitate Mr. Fast's purchase of a new principal residence. Mr. Fast is not obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to consummate any or all of these transactions. The options to be exercised were granted in late 1999 and early 2000 when Mr. Fast joined Crane Co. as president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , and have exercise prices from $19.61 to $19.86. The closing price of Crane Co.'s common stock on the NYSE on April 24, 2006 was $43.02. The options to be exercised constitute approximately 11 percent of Mr. Fast's beneficial ownership of Crane Co. stock. A diversified manufacturer of engineered industrial products, Crane Co. is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (NYSE:CR). For more information, visit www.craneco.com. |
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