Kogan & Shafer Confirm $42 Million Pay Day
Disclosed in an ASX statement today, Kogan.com directors, Ruslan Kogan and David Shafer, have confirmed the sale of 6 million shares for $42 million. The deal pockets Kogan $31.2 million and Shafer $10.71 million, representing $7 a share.
On Wednesday, Kogan and Shafer informed the market they’d “reluctantly” accepted an “unsolicited bid” due to “personal financial commitments”. The deal saw the transfer of around 6.5% of the company.
The sale will see Ruslan Kogan’s stake drop from 45.76% to 40.98%.
Despite offloading 4.467 million shares, Mr Kogan still retains 61.85 million shares in the company.
Shafer sold 1.53 million shares, however, keeps 11.29 million. His stake slips from 13.72% to 12.08%.
Announcing the offer’s acceptance, Kogan and Shafer informed the market they remain “fully committed to the business”, with the “vast majority of their personal wealth” invested in Kogan.com.
The news follows last week’s rejection of a $100 million offer for 11 million shares – news which caused Kogan.com shares to dive over 12%.
Since the debacle, shares in Kogan.com have slipped from $9.80 to under $7.50 – representing nearly a 25% decline.
It’s still a notable increase from the IPO listing price of $1.80 a share nearly two years ago.
Shares in Kogan.com Limited are currently trading 3.17% higher to $7.49.