Xero founder Rod Drury and directors Craig Winkler and Sam Morgan sold shares on market in a multi-million dollar payday, taking advantage of a 35 per cent rally in the stock this year.
Drury and Winkler each sold 1 million shares at $20.01, reaping some $20 million apiece, while Morgan sold 500,000 shares at the same price for about $10 million, according to notices lodged with the NZX. Drury and Winkler are still Xero's two biggest shareholders at 15.2 percent and 12.8 percent respectively, while Morgan's stake, held via Jasmine Investment Holdings, reduced to 3.4 percent from 3.8 percent.
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The price was a 4.2 percent discount to yesterday's closing price and the shares fell 0.9 percent to $20.70 today. The notices show Drury and Winkler both appointed First NZ Capital to manage and underwrite the sales for settlement on December 1.
Drury's payday dwarfs his three previous share sales between 2010 and 2012, which collectively netted him about $9.47 million at prices ranging between $6 and $1.45.