Shares in cloud accountancy software MYOB have fallen sharply.
A short time ago, they were down 9.5% to $3.34.
The shares hit a high of $3.85 yesterday on the back of full year results showing a net profit after tax of $56.6 million, up 25%, and revenue 13% higher at $370.4 million.
However, MYOB today confirmed that US-based investment firm Bain Capital had sold off 100 million shares, representing about 16.4% of the company.
Goldman Sachs was reported to be the buyer at $3.55 a share.
Bain still has 237.15 million shares, representing about 39.1% of the issued share capital.
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