Home > Breaking News > BREAKING NEWS: Kogan Shares Dive After Founders’ $40M Sale

BREAKING NEWS: Kogan Shares Dive After Founders’ $40M Sale

Following much speculation, Kogan.com founders Ruslan Kogan and David Shafer, have confirmed they’ve offloaded $40 million worth of shares – news which has sent the company’s shares diving 8.68% to $6.42 shortly after market open.

Disclosed in an ASX statement, the founders sold a combined 6.25 million shares, asserting the “majority of their personal wealth” remains invested in the company.

The transaction – valued at “approximately” $40 million – completes the founding directors’ current intention to trade.

Both Shafer and Kogan claim they have no intention of selling any additional securities before Kogan.com’s 1HFY19 results release.

Kogan.com Chairman, Greg Ridder, notes the “significant interest ” from new and existing shareholders, adding it’s a sign of the company’s maturation:

“It is great to see our work at Kogan.com continue to attract significant interest from both domestic and international shareholders who value our business strategy and execution”

“All shareholders will have the benefit of added depth and liquidity afforded by this transaction while maintaining our founders, Ruslan Kogan and David Shafer, interests in the company at proportions among the highest on the ASX.”

The news marks the second major share sell-off for Kogan and Shafer this year, with the founders previously offloading 6 million shares for $42 million.

In June, Kogan and Shafer informed the market they’d “reluctantly” accepted an “unsolicited bid”, citing “personal financial commitments”. The deal saw the transfer of around 6.5% of their company.

The sale followed a rejected offer just days prior, which sought to acquire around $100 million worth of shares – news of the botched sale caused the e-commerce giant’s shares to dive 14%.

You may also like
Coronavirus: Kogan Exposed Rorting Hand Sanitiser
Harvey Norman Shares Thumped, Directors Salaries Cut, Dividends Revoked
australian notes
Major Distributors Drop Staff Stock Financing For Some A Problem
Amazon Workers Strike For COVID19 Protection
UPDATED: Retailers Face Close Down PM, QBE Tipped To Cut Insurance Risk