Home Strategy Kogan.com founders 'reluctantly' unload $42m worth of shares

Kogan.com founders 'reluctantly' unload $42m worth of shares

The founders of online retailer, Kogan.com, have "reluctantly" unloaded $42 million worth of the company's shares just a week after they tried to sell an even bigger tranche, an event that led to the share price falling.

The shares were sold by investment bank UBS at $7 apiece, The Australian  reported.

The company confirmed the sale on Wednesday, saying that company founder Ruslan Kogan and his business partner, David Shafer, had "reluctantly accepted the bid due to personal financial commitments”.

The buyer was not mentioned but under ASX rules, the identity of the individual or organisation would have to be revealed in two days.

The sale took place a week after Kogan and Shafer tried to sell $100 million worth of shares. This led to the shares falling from $9.80 to $8.10.

In a statement to the ASX, the retailer said: "Mr Kogan and Mr Shafer remain fully committed to the business and continue to have the vast majority of their personal wealth invested in Kogan.com.

“Other than the trade outlined above, Mr Kogan and Mr Shafer will not be dealing in securities prior to September 2018.”

At close on Wednesday, the share price was down to $7.31, a fall of about seven per cent.

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Sam Varghese

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A professional journalist with decades of experience, Sam for nine years used DOS and then Windows, which led him to start experimenting with GNU/Linux in 1998. Since then he has written widely about the use of both free and open source software, and the people behind the code. His personal blog is titled Irregular Expression.

 

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