Citadel Equity Fund Terminates 10b5-1 Stock Trading Plan Related to E*TRADE (ETFC) Investment
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Citadel Investment Group, L.L.C., a leading global financial institution, announced today that its affiliate, Citadel Equity Fund, Ltd., has terminated the Rule 10b5-1 trading plan it entered into on August 11, 2009 in connection with its holdings of E*TRADE Financial Corporation (NASDAQ: ETFC) common stock.
No sale of E*TRADE common stock had been made under the Plan, which was to commence on August 31, 2009.
The Plan provided for the sale of up to 120,000,000 shares of E*TRADE common stock, representing slightly over 10% of Citadel's holdings of E*TRADE common stock on an "if and as converted" basis. Citadel owns in excess of 1.1 billion shares of E*TRADE Common Stock on such basis*, in addition to its existing debt holdings.
Citadel believes that the termination of the Plan at this time is in the best interests of E*TRADE and all of its stakeholders. Ken Griffin, Citadel Founder and CEO, has consulted with E*TRADE's Board of Directors and they have been fully apprised of Citadel's decision.
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