WiseTech shares gain as co-founder Maree Isaacs sells stake
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The news: Shares in WiseTech Global advanced on the ASX after co-founder and director Maree Isaacs sold her stake in the logistics software company to former CEO and fellow co-founder Richard White.
The numbers: WiseTech shares were up 1.5% to $130.01 by 1:30pm AEDT, having nearly doubled in value over the last 12 months. The IT sector was the best performing up 1.14% while the wider ASX 200 gained 0.18%.
Isaacs sold her 8.17% interest in RealWise Holdings, which controls 37.43% of WiseTech's total share capital.
She will receive an initial payment of $285 million for the sale of the 10.2 million indirect shares, as well as future quarterly payments based on the volume-weighted average price of WiseTech shares over a period of up to seven years.
The context: Isaacs indicated that the transaction allows her to access the value and liquidity of her shares, but she "remains committed to WiseTech and its future", according to an ASX filing on Friday.
Wisetech shares took a near 20% hit in a single session last month, after the troubled technology group revised down its full-year guidance following a raft of allegations against White.
What they said: "I am extremely grateful to Richard for his work and leadership in creating WiseTech," Isaacs said.
"After 30 years of helping to build WiseTech, I was keen to start to unlock and realise some of the value in the WiseTech shares I hold through RealWise Holdings.
"We are both excited about WiseTech's future growth opportunities and continue to be as driven as ever on achieving WiseTech's global growth ambitions."
The source: ASX announcement
