Krueger now owns about 5% of the company.
Minds + Machines co-founder Frederick Krueger, who was pushed out of the company at the end of May, has sold another 30 million shares in the company.
He now owns about 41 million ordinary shares of the new top level domain name company, or about 5%.
When he left the company, he said he planned to keep the “vast majority” of his shares in the company. Since then he’s sold 87 million shares, or about 70% of his holdings of ordinary shares.
This means he has actually sold the majority of shares he owned in the company instead of keeping the majority. It would seem Krueger changed his mind.
Minds + Machines is currently considering using some of its cash holdings for share repurchases or making a dividend to shareholders.
Pete says
He had no choice really as soon as MMX stopped contributing to Mozart.
I expect the remainder to be sold off fairly quick. The positive thing is that it has had little impact on the share price with Institutional investors snapping them up.
With $50m in the bank and a P/E of 4-5 there is no shortage of investors in MMX.
George says
He’s not changing his mind. He knows what he’s doing. He has insider knowledge so if he’s selling off his shares in these numbers, then all I can say is, investor beware!
Snoopy says
With $50m in the bank and a P/E of 4-5 there is no shortage of investors in MMX.
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The P/E means nothing because the “E” part is not sustainable, i.e. proceeds from auctions they have lost. The stock is still trading not that far from its lows so it is no accurate to say “there is no shortage of investors in MMX”. There has been far more people wanting to get out of this stock, than those wanting to get in. That imbalance is reflected in a falling share price.