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Corporate Watchdog Calls For Delay On Kogan’s ASX Float

Corporate Watchdog Calls For Delay On Kogan’s ASX Float

Online electronics retailer Kogan.com has been forced to delay its Australian sharemarket float by one week, after corporate regulator ASIC forced it to make changes to its prospectus.

The revised prospectus, lodged on Friday, features a revised letter from Kogan.com chairman Greg Ridder and further information about logistic company EStore Logistics, of which Kogan.com CEO Ruslan Kogan is a minority shareholder. EStore is said to provide warehousing and logistics services for Kogan.com.

The revised document also features more information about risks related to the Australian retail market, travel, bookings and telecommunications industries, according to an Australian IT report.

Kogan is now scheduled to list on July 7 under the ASX code KGN. Current shareholders are Ruslan Kogan with 70 percent of the action and partner David Shafer with 30pc; after the float Kogan will have around 50pc and Shafer just under 20pc; the remaining 30pc will be held by the new shareholders.

The prospectus notes that Ruslan Kogan’s remuneration will include a base salary of $350,000 while Shafer will be paid $300,000.

At the flotation price of $1.80 a share. Kogan.com will have a market cap of around $168 million.

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