Metris Companies announced that Ronald Zebeck, its chairman and chief executive officer, has exercised stock options to purchase 1.3 million shares of its common stock. In conjunction with this exercise, Mr. Zebeck has sold 750,000 shares at $38 per share through William Blair & Company, L.L.C. Approximately 90% of the $28.5 million proceeds will be required for tax payments related to the exercise of these options.
Mr. Zebeck is selling these shares pursuant to a selling shareholder prospectus included with an effective registration statement on form S-8 filed May 14, 1998.
After the exercise and sale, Mr. Zebeck will own 828,536 shares of Metris’ common and restricted stock, compared with 266,386 shares he owned as of April 30, 2000.
Metris Companies Inc. is an information-based direct marketer of consumer credit products and enhancement services. Based in St. Louis Park, Minn., Metris also has operations in Scottsdale, Ariz.; Jacksonville, Fla.; Champaign, Ill.; White Marsh, Md.; and Tulsa, Okla. Metris employs more than 3,700 people.Details