Kogan enters trading halt after $100m share offload stalls

Ruslan Kogan. Picture: Britta Campion

Kogan.com shares are in a trading halt today after a deal for the founders to sell a $100 million stake in the company could not be completed.

The stock (KGN) traded for a short while on the ASX today and dropped by 12 per cent, but has now been halted.

Kogan founders Ruslan Koglan and David Shafer have revealed the offers received for a major stake in the company were not enough to prompt them to sell.

In an ASX statement, the company said the ‘media speculation’ over the trade was not warranted because a transaction did not occur.

“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,’ it said.

The company said the pair were not in discussions to sell any shares.

The two executives tried to offload a large chunk of the company in a deal on Monday night through Macquarie and Canaccord who were offering a chunk of 11 million shares in the online retail company.

The latest notices show that Mr Kogan holds about 45 per cent of the company while his colleague has just 13 over per cent.

Shares in Kogan jumped by 7.5 per cent on Monday to close at $9.80, following the retailer’s announcement it would enter the white goods and kitchen appliance market.