Richard White sells $450 million of WiseTech stock
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The news: WiseTech Global co-founder Richard White has sold $450 million worth of stock in the leadup to Christmas, new disclosures show.
The numbers: White offloaded more than 3.5 million shares in on-market sales from his holding company RealWise Holdings and other controlled entities during the December quarter. The disclosures show he sold on 43 days out of the three month period, usually offloading between 60,000 and 100,000 shares at a time, and sometimes as many as 458,000.
Selling at between $117 and $135 a share, White would have pocketed around $450 million. He retains control of 36.63% of the company.
The context: White recently stepped down as CEO after personal scandal and accusations of inappropriate conduct. He and was retained on a 10-year consultancy contract.
Despite the change of role, he has only increased his control of the company, buying out co-founder and director Maree Isaac. White bought out her 10.2 million shareholding, valued at the time at more than $1 billion, earlier this month. He paid $285 million upfront and will pay the remainder in quarterly instalments over the next seven years.
The source: ASX
