Kogan.com Share Price Slips after Founders Offload Shares

Kogan.com Ltd’s [ASX:KGN] share price has fallen by 5%, following the news that founders, Ruslan Kogan and David Shafer, have sold a further portion of their shares.

Their shares are currently valued at $7.34 apiece, down from yesterday’s closing price of $7.85.

As you may recall, last week the online retailer’s share price slipped following a market update addressing the media speculation that Kogan and Shafer were secretly looking to sell their shares.

Why have Kogan’s founders decided to sell their shares?

An update this morning confirmed that Mr Kogan and Mr Shafer have reluctantly accepted an unsolicited bid, received this morning for 6,000,000 shares, due to personal financial commitments.

Details of the transaction are limited at this point in time, however Kogan has stated that no further offloading of shares by Kogan or Shafer will occur prior to September 2018.

The update stated that both founders remain fully committed to Kogan and have majority of their personal wealth invested in the business.

What can we expect for Kogan in 2018?

Kogan.com has had incredible growth since listing on the ASX, and continues to grow with its offerings. In the last two months alone, the online retailer has introduced pet and life insurance, internet and NBN services, white goods and built-in kitchen appliances.

Despite the poor publicity that the Founders of Kogan.com are receiving, the business itself seems to be performing well while continuing to expand.

Regards,


Dannielle Rawlings,
For Markets & Money

PS: Our Analyst Vern Gowdie believes that we’re about to see a catastrophic market crash. That’s why Vern has written this free report ‘Sell These Five ‘Fatal’ Stocks Now’, in which he reveals which five stocks are the most dangerous to your wealth.

 


Markets & Money is unlike any other finance newsletter. Our mission is to look at the world of investments and finance in a sceptical and contrarian way. Our editorial team looks beyond the headlines and obvious explanations to bring you what we think is really moving the market. More importantly, we’re trying to show you where the next big opportunities and where the big risks are that you might not be aware of. In Markets & Money you’ll read about the state of the Australian housing market, the future of the commodity boom, China’s rise to an economic superpower, the fate of the US dollar, and of course a whole lot more.


Leave a Reply

Your email address will not be published. Required fields are marked *

Markets & Money