Kogan.com co-founders Ruslan Kogan and CFO David Shafer a selling a 6.9% stake in the business as the company’s share price soars to record highs following its FY20 results this week.
In a note to the ASX this morning, the company (ASX: KGN) said the duo are selling 7.3 million shares.
Kogan shares hit $22.99 at Tuesday’s close, but in opening trade on Wednesday morning, the share price plummeted 4.95% to $21.95. The shares were sold between $21.60 and $22.25, a discount between 3.2% and 6% on Tuesday’s close price, netting the duo more than $160 million.
Kogan and Shafer remain Kogan.com’s largest shareholders , with 15% (15.3 million shares) and 5.8% (6.1m shares) stakes in the company respectively
Kogan.com Chairman, Greg Ridder said that Kogan and Shafer “continue to love building the business and are excited about the opportunities ahead”.
“Following the significant increase in shareholder value, Ruslan and David have taken the opportunity to balance a portion of their investments while continuing to remain Kogan.com’s largest shareholders,” he said.
“I take this opportunity to welcome some new shareholders to the Company, and also to recognise the ongoing interest of many existing shareholders to increase their ownership levels.”
On Monday, the online retailer released its FY20 results, which saw sales jump nearly 40%, with net profit after tax up 55.9% to $26.8 million. The share price fell nearly 6% on the news after missing market expectations, but recovered yesterday to hit a new record high.