After the sale, Drury will retain 17.7 million shares in the cloud software company, which represents 12.8 percent of the ownership in Xero. Those are worth about $380 million, based on the same per-share price. "Personally, the transaction will provide an important foundation for my future plans to pursue a range of philanthropic and social endeavors," Drury said in a prepared statement. He said the sale stems from strong demand and support from existing and new shareholders. Drury said Xero "remains my absolute day to day focus as we have so much opportunity."
XERO CEO SELLING 3 MILLION SHARES Featured
Xero founder Rod Drury is preparing to sell 3 million shares at $31.50 (New Zealand). At current exchange rates, the deal is worth about $65 million. Xero announced the pending deal on the New Zealand Stock Exchange as a "likely successful purchase by institutional and professional investors".
