Kogan.com had a bad “mourning” today!

  • Sep 04, 2018 AEST
  • Team Kalkine
Kogan.com had a bad “mourning” today!
Information technology company Kogan. Com’s stock was dragged down on ASX today after the company confirmed the sale of equity interest by directors. In the release published today morning, the company confirmed that founder Ruslan Kogan and chief financial officer David Shafer have sold their 6.25 million of shares for $40 million worth, which makes it to the value of $6.4 per share, almost near to the current trading price, i.e. $6.490. As per the update, both the interested parties have committed not to sell any securities before the release of first half year results of financial year ended 30 June 2018.      The change in insiders’ substantial interest has build up fear among the investors as Kogan’s shares took a deep dive of 7.681% to market trade at $6.490 on 4 September 2018 (2:21 PM AEST). However, the stock records remarkable change of +118.32% in performance over the past 12-months. Kogan.com Chairman, Greg Ridder noted the substantial interest of shareholders and commented: “It is great to see our (KGN) work at Kogan.com continue to attract significant interest from both domestic and international shareholders who value our business strategy and execution.” He also added that with this transaction shareholders can potentially have an advantage of liquidity and added depth while the founders interest remains there in the company. The company also stated Mr Kogan and Mr Shafer stay committed to the company in which they continue to invest their majority of their personal wealth.

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