The two founders have just sold 6 million shares in the pure play online retailer.

The company (ASX:KGN) confirmed that CEO Ruslan Kogan and chief financial officer David Shafer received an unsolicited bid for 6 million shares this morning.

Neither gave a price for the shares they sold. At the current $7.625 price, the holding was worth $45.75 million.

“They have reluctantly accepted the bid due to personal financial commitments,” the company said.

“Other than the trade outlined above, Mr Kogan and Mr Shafer will not be dealing in securities prior to September 2018.

“Mr Kogan and Mr Shafer remain fully committed to the business and continue to have the vast majority of their personal wealth invested in” listed on the ASX in 2016 at $1.80 a share. Ruslan Kogan, 35, owns about half of the company.

In October last year Kogan sold 3% for almost $13 million. According to filings with the ASX, Kogan moved 3 million shares at $4.25 each. Since then the share price has almost doubled.

In February posted a 45.7% jump in revenue to $209.62 million for the six months to December. Profit was $8.33 million, up 470%.


This article first appeared on Business Insider Australia, Australia’s most popular business news website. Follow Business Insider on Facebook or Twitter.