Kogan founders sell $40 million of shares

Kogan founders Ruslan Kogan and David Shafer have sold 6.25 million shares overnight, valued at approximately $40 million.

This transaction completes the current intention to trade by the founding directors, who have advised they have no intention to sell any securities prior to the release of the company’s financial results for the first half of 2019.

“It is great to see our work at Kogan.com continue to attract significant interest from both domestic and international shareholders who value our business strategy and execution,” Kogan chairman Gregg Ridder said.

“All shareholders will have the benefit of added depth and liquidity afforded by this transaction while maintaining our founders, Ruslan Kogan and David Shafer, interests in the Company at proportions amongst the highest on the ASX.”

This isn’t the first time the founders have sold a large amount of shares, with around $48.8 million of shares sold in June despite investor backlash due to an unsolicited bid for 6 million of their shares.

The founders “reluctantly” accepted the bid due to “personal financial commitments.”

At the time, the business noted that both founders remained fully committed and continue to have the majority of their personal wealth invested in the company – a statement that was repeated this morning.

Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.

Comments

Comment Manually

Twitter

It's more important than ever to understand your customer right now, argues consumer insights expert Anastasia Lloy… https://t.co/k9YmUO0RxT

2 hours ago

Kogan says it won't stand down any workers, and has even given team members a $500 bonus to help them through the c… https://t.co/NOR8v4lXnP

3 hours ago

Matt Blatt founder Adam Drexler is in talks to sell his furniture business and says hibernating is not a realistic… https://t.co/3xgJ688s0N

4 hours ago