A partnership headed by Ronald Moyes, brother of Swift Transportation Co. Inc. chairman and CEO Jerry Moyes, announced today that it has sold about 1.3-million shares of Swift stock in order to pay down debt and diversify its investment portfolio.
The Moyes Children's Limited Partnership, an enterprise owned for the benefit of six children of Jerry Moyes, owns about 8.9-million shares, and the Jerry Moyes family owns approximately an additional 19.2-million shares.
The partnership used a variable pre-paid forward contract that will enable it to share in future price appreciation in the stock for a period of up to three years.
“I believe Swift is the premier TL carrier in North America, and am confident in its ability to continue to grow,” said Ronald Moyes. “Because the partnership's assets consist of more than 97% of Swift stock, I thought it prudent to allocate some of the assets into additional categories of investment."