HORSHAM, Pa., July 29, 2008 (PRIME NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) (www.tollbrothers.com), the nation's leading builder of luxury homes, announced today that Robert I. Toll, the Company's Chairman and CEO, adopted a prearranged trading plan in accordance with the guidelines specified in Rule 10b5-1 under the Securities Exchange Act of 1934.
Rule 10b5-1 allows corporate officers and directors to adopt written, pre-arranged stock trading plans when they do not have material, non-public information about their company. Using these plans, insiders can achieve prudent and gradual asset diversification, address personal planning needs and spread stock trades over an extended period of time to reduce market impact.
Mr. Toll has informed the Company that he is adopting the plan to diversify his personal financial portfolio, manage estate planning issues, handle charitable donation obligations and address other personal needs. The plan provides for the sale of up to three million shares over a twelve month period beginning July 28, 2008, subject to minimum price and volume limits. The sales will be disclosed publicly as they occur through Form 144 and Form 4 filings with the Securities and Exchange Commission. If all of the shares proposed to be sold under the plan are sold within the plan terms, based on his current holdings and on the number of shares currently outstanding, Mr. Toll would continue to own beneficially, directly and indirectly, over 15% of the Company's outstanding shares, and would be the largest individual holder of the Company's stock, based on current stock ownership information.
Toll Brothers, Inc. is the nation's leading builder of luxury homes. The Company began business in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol "TOL". The Company serves move-up, empty-nester, active-adult and second-home home buyers and operates in 21 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Texas, Virginia and West Virginia.
Toll Brothers builds luxury single-family detached and attached home communities, master planned luxury residential resort-style golf communities and urban low-, mid- and high-rise communities, principally on land it develops and improves. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management and landscape subsidiaries.
