Lotteries boss hits his own jackpot by selling $13m stake in Jumbo
The founder of Brisbane lotteries company Jumbo Interactive has sold a $13 million stake in the company.
Jumbo founder Mike Veverka
Mike Veverka, who founded the company in 1995 as Squirrel Software Technologies, sold off 688,455 shares, or about 1.1 per cent of the company.
He said he did so as part of his ”investment portfolio diversification”.
He told the ASX that he had no plans for further share sales within the next 12 months.
After the sale, Veverka’s stake in the company fell to 14.1 per cent.
“I remain fully committed to leading Jumbo through the exciting future ahead,” Veverka said.
“The global lotter industry continues to grow, underpinned by the ongoing structural shift to digital; and Jumbo is uniquely placed to help our lottery partners and clients through this change by providing our best-in-class lottery software and our continuously improving player experience.”
Based on the closing price on Friday’s Veverka’s remaining stake in Jumbo is worth $167 million.
Jumbo’s shares were trading slightly lower at the market open but trade was thin.
Jumbo reported a significant lift in net profit during the first half to $16.5 million.
The company listed on the Australian Stock Exchange in 1999 as Jumbomall.com changed to Jumbo Interactive in 2009.
