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.