The founders just cashed in $40 million of their shares

Ruslan Kogan,. Supplied
  • Ruslan Kogan and David Shafer sell $40 million of their shares in
  • The 6.25 million shares went to 20 investors, both local and international.
  • They average sale price was at $6.41. They closed yesterday at $7.03. founders Ruslan Kogan and David Shafer just sold another $40 million of their shares.

The company today confirmed the sale of 6.25 million shares by entities associated with Kogan and Shafer.

The shares went to 20 investors, both local and international. Demand was high with more than $100 million chasing the $40 million on sale.

The company listed on the ASX in 2016 at $1.80. They closed yesterday at $7.03. The founders’ latest sales was at $6.41.

In June, the two founders sold $42 million of shares in what the company described as a reluctant move to “due to personal financial” commitments.

The founding directors now both say they have no intention to sell any shares before the release of the 2019 financial year results.

Greg Ridder, Chairman, noted the very substantial interest from new and existing share owners.

“It is great to see our work at continue to attract significant interest from both domestic and international shareholders who value our business strategy and execution,” he says.

“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.”

The company says Kogan and Shafer remain fully committed to the business and continue to have the majority of their personal wealth invested in the company.

Last month the pure play online sales machine posted full year after tax profit of $3.74 million, a 362.3% rise on last year, outperforming its prospectus forecast.

This month announced plans to offer home loans to its 1.3 million customers.

Kogan Money is the latest to be added to the company’s portfolio offering.

In June, signed a supply and logistics agreements which allow it to enter the Australian Whitegoods and Built-In Kitchen Appliance Market with its own range of exclusive brand price-competitive products.

The company has Kogan Retail, Kogan Marketplace, Kogan Mobile, Kogan Internet, Kogan Insurance, Kogan Health and Kogan Travel.