InQueensland

NEWS •⁠ POLITICS •⁠ BUSINESS •⁠ CULTURE

Get InQueensland in your inbox Subscribe

Bevan goes hunting after a $40 million Megaport pay day

Business

Tech entrepreneur Bevan Slattery is hunting new investment opportunities armed with $40 million he earned through the sell down of his stake in the Brisbane tech company he founded, Megaport.

 

Print article

Slattery informed the ASX today of the 3 million share sell down at $13.05, a significant discount to yesterday’s closing price of $14.14.

The sale netted Slattery $39 million and followed a move in September to top up his stake with 33,000 shares, but he also has funding agreements secured by 2 million Megaport shares.

Following the sell down Slattery has 8 million remaining shares in Megaport, worth about 5.1 per cent of the total company.

Megaport said Slattery intended to use the proceeds for “ongoing investment opportunities”.

Slattery also provided some comfort for other shareholders by stating he was excited for Megaport’s continued growth and was committed to supporting the company, which he also chairs and founded in 2013.

“I have no intention of selling shares within the next six months and am committed to ensuring the company’s success as it continues to scale up and scale out,” he said.

Slattery has a strong following among investors who have previously jumped at his moves into various stocks. Today’s announcement led to a 7 per cent fall in Megaport’s share price.

 

 

 

More Business stories

Loading next article