SiteMinder's first angel Les Szekely cuts stake, retires from board
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The news: SiteMinder's first angel investor and non-executive director Les Szekely will sell most of his 5.5% shareholding in the hotel booking company and retire from its board in December.
The numbers: Szekely disposed of 14 million of his 15.5 million shares for $6.10 per share, at a total value of $85.4 million, according to an ASX filing. SiteMinder shares were flat at $6.39 by 12:40pm AEST.
The context: SiteMinder said Szekely's decided to retire from the board to "refocus his time and resources towards his passion for technology startup opportunities".
Szekely said he will continue to participate as a "supportive shareholder" in the company.
What they said: "My 17-year journey as SiteMinder's angel investor and a board member has brought me much satisfaction," Szekely said.
"I have witnessed the company transform from a two-person startup with great aspirations, to become an undisputed and irreplaceable global technology leader in the accommodation and travel industry."
SiteMinder's chair Pat O'Sullivan said: "Since the company's earliest days, Les has played an instrumental role in SiteMinder's success.
"His early vision as the company's first angel investor provided both the capital and guidance that continue to be the bedrock on which SiteMinder built its industry leadership."
The sources: ASX announcement, ASX announcement
