WiseTech shares slide as director makes block trade
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More news: Shares in WiseTech Global reversed early gains on the ASX as longstanding director and shareholder Charles Gibbon sold 1.5 million shares in the company, following a selldown by co-founder and fellow director Maree Isaacs on Monday.
WiseTech shares were down 1.4% to $130.19 by 12:20pm AEDT, having risen above 1% earlier in the session.
WiseTech director Charles Gibbon sells 1.5m shares
The news: WiseTech Global director Charles Gibbon has sold 1.5 million shares in the troubled software solutions company in a block trade.
The numbers: The shares represented 8.8% of Gibbon's total holding in WiseTech. He made the sale at $130.50 per share, netting almost $200 million. WiseTech shares were last up 1% at $133.27 per share.
The context: Gibbon joined WiseTech's board in 2006. He served as chair from 2006 to 2018 and has been a shareholder since 2005.
Gibbon said the transaction allows him to undertake "necessary personal estate planning measures."
The move comes after WiseTech co-founder and Gibbon's fellow director Maree Isaacs sold her stake in the company to former CEO and co-founder Richard White on Monday.
Wisetech shares took a near 20% hit in a single session last month, after the technology group revised down its full-year guidance following a raft of allegations against White.
What they said: "I remain committed to WiseTech Global and am excited about the enormous opportunities being pursued by the company, and into the future," said Gibbon.
The source: ASX announcement
