Megaport’s founder has extinguished part of a loan by selling the stock it was secured against.
At Megaport alone, where Slattery is founder and chairman, the serial entrepreneur has since 2018 sold shares worth $238 million, $74 million of which were jettisoned within the past 24 months.
Pushing up the total is a $12 million sale of 1 million shares the company disclosed on Friday, though he’s not its immediate beneficiary. That would be whoever lent him an undisclosed sum of money secured against 2 million shares in 2021.Slattery has extinguished part of said loan by selling the stock it was secured against. And will presumably sell 1 million more shares once the rest of it comes due in March 2024 .
Slattery still gains from these cap and collar manoeuvres but in a roundabout way, having pocketed a loan against said shares two years ago. This and other sales have reduced his stake in the company from over 20 per cent in 2018 to under 5 per cent today.Through this period, Megaport’s share price has gone as high as $21.46 and as low as $4.16 . But it is, of late, experiencing a revival – price rises and a redundancy round delivering its inaugural net cash gain in the fourth quarter.
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