After reporting an amazing first half FY18, Ruslan Kogan has just off-loaded over $50 million worth of shares in his company.
Before the market opened on Tuesday, a line of 5.7 million Kogan.com shares had been sold at $8.80 per share. The shares reportedly belonged to founder and CEO Rusland Kogan and were sold via Canaccord Genuity to institutional investors.
This trade means that Kogan now has less than a 50 percent stake in the company (retaining an investment worth approximately $400 million).
In August 2017, Kogan and Executive Director David Shafer sold a $20 million stake (at $3 a share) and in October 2017 the pair sold $23 million at $4.25 a share (with stocks plunging more than 15 percent as a result after investors were spooked by the second trade in less than three months). It’s understood that Shafer did not sell any of his shares in this latest trade.
It’s been less than a week since Kogan released its first half FY18 results. The company’s revenue exceeded the first half of FY17 by 45 percent or $67.7 million driven by growth across all product divisions, a significant rise in its active customer base and new verticles, including Kogan Mobile which experienced 340.9 percent year-on-year-growth.
The retailer says that the successful implementation of its “exclusive brands” strategy paid off, leading to revenue growth of 47.3 percent within that product division. Expansion into further vertical markets is expected in H2FY18.
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