IOT Group boss sells all of his stock in the troubled tech wannabe
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The boss of struggling drone-cum-blockchain play IOT Group has sold all of his shares in the company.
Managing director Sean Neylon sold 32.8m share for $32,738.
He still has 110m options held in a variety of different companies.
The company listed in 2016 and shares hit a high of 10.5c and it’s all been downhill from there: IOT shares now trade at 0.1c.
The company (ASX:IOT) started out trying to sell smart watches, a television service and selfie drones.
It’s since ditched those three, along with the founder and CEO Simon Kantor — and despite at one point hiring celebrity spinner Max Markson.
IOT admitted in May that the drone business proved too hard — and moved instead into the booming new market for “blockchain-based” secure transaction technology.
IOT has since been working on setting up a cryptocurrency mining centre around a long-defunct coal power plant in the Hunter Valley in NSW.
At a meeting in early October, motions to give board members options were passed as well as issue shares to Quid Capital, a Victorian company that appears on top 20 registers of resources companies.
They also gave 30m shares to Tim Sommers, for services “in relation to the Bitfury transaction”, a blockchain deal.