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Kogan Co-Founders Sell Off 5% Of Shares

Kogan co-founders Ruslan Kogan and David Shafer have sold off another $30 million worth of shares in the company, reducing their ownership by around 5 per cent.

The 5.2 million shares were sold to other existing Kogan shareholders.

Kogan chairman Greg Ridder said shareholders requested the executive directors sell some shares so they could increase their own holdings in the company.

“Existing shareowners, who are impressed by the performance of key initiatives in the business, asked Ruslan and David to provide them an opportunity to increase their ownership levels in the company,” Mr Ridder said in announcing the sale to the ASX this morning.

Mr Kogan and Mr Shafer already “reluctantly” sold off $42 million in shares last June.

Mr Ridder said Mr Kogan and Mr Shafer were just taking the opportunity to diversify their investments and retained high ownership in the business.

“They continue to love the work they do every day in building the business, and in working with some of the brightest minds in Australian e-commerce.”

The pair advised they don’t plan to sell any more stock at least before the announcement of the current financial year results, not expected until around this time next year.

Mr Kogan is CEO of the company and Mr Shafer is CFO.

Non-executive director Harry Debney has also sold a parcel of shares for the purpose of “providing funds to assist in meeting tax obligations,” Mr Debney said.

Mr Debney added he is “increasingly excited” for Kogan’s future prospects.

Kogan stocks were on a tear this weak after the company reported a 22 per cent profit increase, but after the announcement this morning shares have slipped, and were down a little over 3 per cent in early trade.

They remain well down from a $9.47 high in May last year.

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