MYOB shares are getting crushed

Photo: Hai Do/AFP/Getty Images

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.