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KGN - KOGAN.COM LTD


blacksheep
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According to AFR, the company's founder has sold a block of shares @ $3.00/share - Canaccord acted on his behalf - and the trade, which is worth about $20mil, will be executed overnight.

KGN's SP rose sharply last week following release of full year results, which exceeded Prospectus forecast.

 

I always worry when founders sell down large chunks so soon after listing.

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http://www.abnnewswire.net/press/en/87155/...ease-87155.html

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Indeed - also their brokers, who give out lofty predictions.

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Nothing wrong with founders taking some profits. His shares were subject to escrow until release of FY 2017 and 2018 audited accounts, so some selling should have been expected. He pocketed $7.5m from the IPO just a year ago. SP down 3.54% @ $3.00 this morning.

The voluntary escrow arrangements will prevent the Existing Owners from disposing of:

ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ any of their Shares subject to voluntary escrow, until the first trading day after the

announcement to the ASX of KoganÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s audited financial results for FY2017; and

ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ 50% of their Shares subject to voluntary escrow, until the first trading day after

the announcement to the ASX of Kogan.comÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s audited financial results for

FY2018.

 

Online retailing pioneer Ruslan Kogan has just landed the big one.

 

He has pocketed $7.5 million cash from the ASX listing of the business he built over the last 10 years, Kogan.com.

 

The 33-year-old and his business partner David Shafer, the CFO, retain almost 70% of the company between them after raising $50 million with shares at $1.80 each.

 

Of that, $15 million will go to Kogan and Shafer, shared equally, for selling down a small part of their ownership.

 

The rest will be used on expanding the business.

 

The shares Kogan retains are worth around $85 million today and he still has just over half the company, about 50.5%. Before the IPO he owned 70% of the business.

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  • 6 months later...

Should one start to worry - the 3rd sell down in 6 months?

Kogan founders to reduce Kogan.com stake, again

Investor sources said the broker was seeking to buy at least a $15 million stake from the founders, on behalf of a handful of institutional investors. The stock would be cum-dividend, with Kogan.com to pay 6.9ÃÆâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ a share fully franked for the December half.

 

The trade is expected to print on Tuesday morning at $8.80 a share.

 

Read more: http://www.afr.com/street-talk#ixzz58CYBfgBI

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This might have something to do with their decision ...

 

https://www.reuters.com/article/us-australi...SKCN1GA2WK?il=0

 

So Amazon is relying on Australia Post for fast cheap delivery. Here's the thing I don't get about the cost of delivery for Amazon and its likes. For me to send even a smallish present by Australia Post's retail service cost me about $45 - the cost of posting the present was not much less than the present itself. So how can Amazon and Book Depository (which of course is Amazon) convince Australia Post to deliver stuff for free? Even Donny Two Scoops pointed out that US Mail must be losing a fortune by delivering stuff for Amazon at below cost. If Amazon squeezes a better deal out of Australia Post than what Kogan can get then it's game over for Kogan imo.

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If Amazon squeezes a better deal out of Australia Post than what Kogan can get then it's game over for Kogan imo.

 

You could be right there, triage.

 

Previously it was reported Canaccord was trying to shift $15 mil worth of shares - apparently Ruslan has offloaded $50 mil worth - 5.7mil @ $8.80/ share.

 

Ruslan Kogan in $50m payday

Read more: http://www.afr.com/street-talk#ixzz58GzdojS3

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As much as I hate to say it: It's the big corporations abusing their power. They come here, pay no tax, and here's the kicker, get the working class/tax payer to pay for the infrastructure to make their profits.

 

The NBN is the best example of this: Why is the taxpayer/consumer forced to pay for NBN when it's the FANGS making all the bloody money, while paying no tax. It's outrageous.

 

As for KGN.... Not something I'd touch.

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  • 3 months later...

Response to Media Speculation

Kogan.com Limited (ASX: KGN, the Company) notes the media speculation overnight regarding a sale of

shares by Mr Ruslan Kogan and Mr David Shafer. The Company wishes to advise that Mr Kogan and Mr

Shafer did not receive a bid that was acceptable to them and, as such, no transactions have occurred.

Mr Kogan and Mr. Shafer are not currently in discussions to sell any shares.

 

AFR article - Brokers seek buyers for Kogan shares

https://www.afr.com/street-talk/canaccord-s...20180604-h10y6s

 

So after telling the market about their whitegoods and kitchen appliances plans - that saw the SP rise 7.5% @ $9.80 - they tested the market's appetite for a circa 10% stake.

 

The stock was sold down 12.45% @ $8.58

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No surprises here that shorts are on the up since the director selling/no selling stories. Seems they shot themselves in the "wallet" - not to mention their shareholders wallets

 

Two notable short alerts this week - current short position @ 31/5/2018 was 2.81%, which no doubt will climb higher when these are added.

Wed 6th Jun, 2018 674,068 93,472,345 0.72% 1,625,488 41.47%

Tue 5th Jun, 2018 654,187 93,472,345 0.70% 1,848,936 35.38%

https://www.shortman.com.au/stock?q=KGN

 

Although the SP is currently up 2.67% @ $8.47. Maybe directors buying to stop the bleed :biggrin: Greg Ridder purchased 2,500 shares yesterday for a total consideration of $21,500.

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On the 5 June 2018 KGN advised they did not received a bid which was acceptable - at the time the SP was $9.80 - they also advised the directors are not in disucssions to sell any shares

Kogan.com Limited (ASX: KGN, the Company) notes the media speculation overnight regarding a sale of

shares by Mr Ruslan Kogan and Mr David Shafer. The Company wishes to advise that Mr Kogan and Mr

Shafer did not receive a bid that was acceptable to them and, as such, no transactions have occurred.

Mr Kogan and Mr. Shafer are not currently in discussions to sell any shares.

Today - a week later -

13 June 2018

Kogan.com Limited (ASX: KGN, the Company) advises that Mr Ruslan Kogan and Mr David Shafer

received an unsolicited bid for 6,000,000 shares this morning. They have reluctantly accepted the bid due

to personal financial commitments.

 

Other than the trade outlined above, Mr Kogan and Mr Shafer will not be dealing in securities prior to

September 2018.

 

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.

 

Assume the price ($7.00) they "reluctantly" achieved for this "unsolicited" bid was much lower than the previous one that was "unacceptable" Red flags anyone?

 

09:27am AEST 7.00 300,000 2,100,000.00 S3XT

09:27am AEST 7.00 5,700,000 39,900,000.00

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