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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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Sam Varghese has been writing for iTWire since 2006, a year after the sitecame into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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