Kogan founder’s selloff

KOGAN founder Ruslan Kogan and his lieutenant, David Shafer, have sold 6 million shares in the group at what is believed to be a steep discount to the market price.

In a statement to the Australian Securities Exchange yesterday, the online retailer said Mr Kogan and Mr Shafer had received “an unsolicited bid” for the shares.

“They have reluctantly accepted the bid due to personal financial commitments,” the statement said.

Shares in the group fell heavily in the wake of the revelation, closing 54¢, or 6.7 per cent, lower at $7.31.

It is believed Mr Kogan, the group’s chief executive officer, and Mr Shafer, the chief operating officer and chief financial officer, sold the stock at $7 a share, valuing the parcel at $42 million.