The Kogan.com Ltd (ASX:KGN) share price has fallen 60 cents or 8.5 per cent to $6.43 after the company confirmed the sale of 6.25 million shares by entities associated with founding directors Mr Ruslan Kogan and Mr David Shafer.
The transaction, valued at approximately $40 million, implies a sale price of $6.40 per share.
Kogan.com says the sale completes the current intention to trade by the founding directors, and both have advised they have no intention to sell any securities prior to the release of the 1HFY19 financial results.
Kogan.com Chairman, Greg Ridder, focused on the positive, saying he noted the very substantial interest from new and existing shareowners, saying this was a further step in the maturity of the company.
“All shareholders will have the benefit of added depth and liquidity afforded by this transaction while maintaining our founders, Ruslan Kogan and David Shafer, interests in the company at proportions amongst the highest on the ASX.”
Kogan.com Ltd said Mr Kogan and Mr Shafer remain fully committed to the business and continue to have the majority of their personal wealth invested in the company.
Last month Kogan.com reported a more than doubling in full year profits to $14.1 million.
The Kogan.com share price has gained 100.6 per cent in the last 12 months, while the S&P/ASX 200 Index has gained 10.5 per cent over the same period.