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(REUTERS) Michael Dell selling Dell shares to diversify
Michael Dell selling Dell shares to diversify
WASHINGTON, June 30 (Reuters) - Michael Dell, the chief
executive of Dell Computer Corp. <DELL.O>, is selling 4 million
common shares of the No. 2 personal computer maker to diversify
his portfolio, Dell said on Wednesday.
Dell's sale is "part of his multi-year pattern of selling
relatively small portions on a quarterly basis, mostly for
diversification," said Dell spokesman T.R. Reid.
The sale barely caused a ripple in Michael Dell's holdings
in the company, which stand at about 14.2 percent of Dell's
more than 2.5 billion shares outstanding.
"The change in his ownership of the company is negligible"
after the sale, Reid said.
Dell Computer has a narrow trading window that permits
company insiders to sell shares. That window is closed for more
than half of the year, the company said.
Dell, who founded the computer maker in 1984 while
attending the University of Texas-Austin, made a recent filing
with the Securities and Exchange Commission announcing his plan
to sell the 4 million shares, valued at the time of the filing
at about $156 million.
Other Dell executives who recently filed with the SEC to
sell shares included Chief Information Officer Jerome Gregoire,
who wanted to dispose of 200,000 shares, and Director Thomas
Luce, with 40,000 shares.
Dell's stock price is down 5/16 to 36.375 on afternoon
Nasdaq trading.
((Peter Ramjug, 202-898-8399))
REUTERS
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