Australian Investment Blog
Uncategorized 13/06/2018
Kogan (KGN) – Insiders selling stock – again!
Stock
Kogan.com(KGN) $7.31 as at 13/6/2018
Event
Whacked today on (funnily enough) news that both Ruslan Kogan and David Shafer – the founders of the company have sold 6m shares a $7.00 a pop totalling $42m. We talked about this topic last week saying that clearly, these guys are in sell mode but what has a bigger smell about it is the announcement yesterday the company was going into the whitegoods segment. A positive announcement with ‘more financial detail to come’ just before the founders try to offload stock – about 10m shares if reports are correct – their biggest line yet.
Read last week’s missive here
Today the statement said they had an unsolicited bid and they were disappointed to sell at such a low price…An unsolicited bid post last weeks solicitation that failed to yield any result. The go onto say… 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.
Kogan.com (KGN) Chart
Market Matters Take/Outlook
After doing $42m today, but trying to do $100m last week, it certainly implies that they are still a likely seller of $58m worth a stock post September. What large buyer will step up, in the screen and buy KGN here? Not many in our view!
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