The Kogan founders just ‘reluctantly’ sold 6 million shares in the company

Ruslan Kogan. Image: Supplied
  • Ruslan Kogan and David Shafer just sold down their stakes in the company they founded.
  • In a statement, says the two accepted an offer for 6 million shares.
  • They didn’t reveal how much they were paid but at the current $7.625 price, the holding was worth $45.75 million.

The two founders have just sold 6 million shares in the pure play online retailer.

The company confirmed that CEO Ruslan Kogan and chief financial officer David Shafer received an unsolicited bid for 6 million shares this morning.

Neither gave a price for the shares they sold. At the current $7.625 price, the holding was worth $45.75 million.

At the close shares were down 6.8% to $7.31.

“They have reluctantly accepted the bid due to personal financial commitments,” the company said.

“Other than the trade outlined above, Mr Kogan and Mr Shafer will not be dealing in securities prior to September 2018.

“Mr Kogan and Mr Shafer remain fully committed to the business and continue to have the vast majority of their personal wealth invested in” listed on the ASX in 2016 at $1.80 a share. Ruslan Kogan, 35, owns about half of the company.

In October last year Kogan sold 3% for almost $13 million. According to filings with the ASX, Kogan moved 3 million shares at $4.25 each. Since then the share price has almost doubled.

In February posted a 45.7% jump in revenue to $209.62 million for the six months to December. Profit was $8.33 million, up 470%.