The WiseTech Global Ltd (ASX: WTC) share price could be one to watch this morning.
This follows news that its CEO is planning to sell shares.
Why is the WiseTech share price on watch?
Investors may want to keep an eye on the WiseTech share price after its Founder and CEO, Richard White, revealed that he is resuming his share sell down.
According to the release, last week Mr White sold a total of 107,971 shares for an average of $47.79 per share. This equates to a total consideration of $5,159,934.
However, this is unlikely to be the final sale that the CEO makes. The release explains that these share sales are part of a trading program which commenced on 30 August and will continue until 31 December. This is subject to no material, non-public information arising during this period.
It is also worth noting that this sale has barely made a dent in Mr White’s overall holding. Following the sale, he has a direct interest of 6,057,904 shares and an indirect interest of 125,825,861 shares.
In fact, the release notes that upon completion of the trading program, Mr White is expected to retain voting control of approximately 43.3% of WiseTech shares. This compares to 44% prior to its commencement.
What did the CEO say?
Mr White highlights that he remains WiseTech’s largest shareholder and is committed to WiseTech as its Founder and CEO. He also intends to remain a substantial, long-term shareholder.
Mr White said: “WiseTech has an exciting future ahead of it and I remain as committed and as driven as ever. The vision I have for the company remains clear. To that end we are gaining momentum in our market penetration and in positioning CargoWise as the leading execution software and moving closer to our goal of being the operating system for global logistics. It is pleasing to see interest from a range of investors wanting to be part of the WiseTech growth journey, which is why enhancing liquidity in our stock in a way that benefits all investors, big and small, is important.”
The WiseTech share price is up 61% in 2021.
The post Why the WiseTech (ASX:WTC) share price is on watch today appeared first on The Motley Fool Australia.
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More reading
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended WiseTech Global. The Motley Fool Australia owns shares of and has recommended WiseTech Global. 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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