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Money Kogan.com founders 'reluctantly' sell shares worth $42 million

01:56  14 june  2018
01:56  14 june  2018 Source:   smh.com.au

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Ruslan Kogan, founder and CEO of Kogan.com.© Louie Douvis Ruslan Kogan, founder and CEO of Kogan.com. Kogan.com's founders Ruslan Kogan and David Shafer have "reluctantly" sold $42 million worth of their shares in the company, a week after an even bigger attempted sell-off saw its shares tank.

The company said on Wednesday morning that Mr Kogan and Mr Shafer had received an unsolicited bid for 6 million shares and had "reluctantly accepted the bid due to personal financial commitments".

UBS offloaded the shares on the founders' behalf at a price of $7 each, according to The Australian Financial Review, valuing the sale at about $42 million.

Last week the pair tested the market for a sale of up to $100 million worth of shares, but no deal went ahead because they did not receive any acceptable offers.

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But news of the founders' looking to sell sent Kogan.com's shares plunging as much as 12 per cent last Tuesday to lows of $8.56.

The stock took another hit after revealing the successful transaction on Wednesday, falling 3.4 per cent to $7.58 by midday.

The buyer or buyers of the 6 million shares remain a mystery for now. The parcel will constitute a significant holding if it is single owner, which must be disclosed to the ASX within two days.

The transaction is Mr Kogan's fourth major sell-down in the past year. He controlled 36 per cent of the company's stock at its last disclosure while Mr Shafer held 14 per cent.

"Mr Kogan and Mr Shafer remain fully committed to the business and continue to have the vast majority of their personal wealth invested in Kogan.com," the company said in a statement.

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

Kogan.com was contacted for comment.

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