Pro Medicus Limited (ASX: PME) shares are climbing in morning trade despite the company announcing its co-founders have offloaded a parcel of their shares. At the time of writing, the Pro Medicus share price is up 2.5% to $46.40.
Co-founders sell shares
The Pro Medicus share price is on the rise regardless of the fact the health imaging company reported its co-founders have sold off a portion of their stake in the business.
According to this morning’s release, Pro Medicus co-founders Dr Sam Hupert and Mr Anthony Hall have each sold 1 million shares. The sale transacted at market close yesterday (18 February) at the price of $45.97 per share.
Pro Medius noted that the offload of shares by the co-founders represents less than 4% of their entire individual holdings. Dr Sam Hupert and Mr Anthony Hall now have 27,137,660 and 27,109,000 ordinary shares respectively after the change.
The company stated that both co-founders do not intend to sell further shares in the foreseeable future.
Words from the chair
Pro Medicus chair Peter Kempen commented on the sale of the shares:
We announced in February 2018 that the Board had encouraged the founders to consider selling up to 3 million shares each, in order to improve the liquidity in the company’s shares. This latest transaction completes that process. The sale, to a number of local institutions, was done “at market” which reflects the very strong underlying demand for the company’s shares.
Mr Kempen added:
Dr Hupert and Mr Hall remain actively engaged in the company and are committed to its future. This is evidenced by the fact that they remain the two key stake holders, with their combined holding post this recent sale being in excess of 52% of the shares on issue.
Pro Medicus share price snapshot
The Pro Medicus share price has been a stellar performer over the past 12 months, jumping by more than 100%. Pro Medicus shares hit a 52-week low of $14.50 in March before accelerating to an all-time high of $47.62 this week.
At the current share price of $46.60, Pro Medicus is a whisker away from breaking that feat again.
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Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Pro Medicus Ltd. The Motley Fool Australia has recommended Pro Medicus Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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