WiseTech Global’s founder and executive chairman, Richard White, has sold over $120 million worth of shares in the logistics software company during a two-week period. This activity follows a six-month pause in his pre-programmed share trading plan. WiseTech Global develops and delivers software solutions for the logistics industry globally. The company’s flagship platform, CargoWise, facilitates the movement of goods and information across borders.
White’s trading plan was temporarily halted until WiseTech released its full-year results on August 27. Subsequent to the announcement, RealWise Holdings, White’s holding company, divested 703,000 shares between August 28 and September 4. These shares were sold at an average price of $98.17 each, resulting in proceeds of approximately $69 million.
Between September 5 and September 11, White sold an additional 550,770 shares at an average price of $94.23. This second tranche of sales generated $51.9 million for the executive chairman. The two sales combined totalled $120.9 million.
As a result of these transactions, White’s ownership stake in WiseTech has decreased from 36.6 per cent to 35.6 per cent. The share sales represent a notable shift in the distribution of ownership within the company, though White remains the largest shareholder.
