Amusement park operator Cedar Fair LP said its chairman has sold nearly 13 percent of the limited partner units he owned directly.
Dick Kinzel, who also is president and CEO, disclosed the sale Wednesday, after the company's shares came within pennies of a 52-week low during trading. Kinzel says the sale was to meet a margin loan call and didn't reflect lack of confidence in the company.
Kinzel reported selling 167,900 of the 1.3 million limited partner units he held.
Shares have traded between $6.04 and $25 in the past year, and dipped to $6.07 on Wednesday before closing at $6.77.
The company owns and operates 11 amusement parks, six outdoor water parks, one indoor water park and five hotels. The parks include Cedar Point and Kings Island in Ohio; Kings Dominion in Virginia; Worlds of Fun in Kansas City; and Knott's Berry Farm in California.
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Thursday, March 5, 2009
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