Street Talk
Listed enterprise software business TechnologyOne’s founder Adrian Di Marco has sold about 3 million shares in the business, in an after-market trade handled by stockbroker Wilsons.
TechnologyOne founder and former CEO and chairman Adrian Di Marco (left) and CEO Edward Chung.
The trade was done $13.50 a share on Tuesday evening, bringing Di Marco’s pre-Christmas haul to $40.5 million. It was a small 3.4 per cent discount to TechnologyOne’s $13.98 last trade price.
Di Marco founded the business in 1987. He stepped down as the CEO in 2018 and as the chair at end of the 2022 financial year.
He has faced bullying and unfair dismissal allegations from a former employee, who lodged a fresh $53 million claim in November.
Di Marco owned 17.4 million TechnologyOne shares, representing 5.4 per cent of the company, before Tuesday’s trade. His remaining stake is worth about $200 million of the $4.5 billion market capitalisation.
Anthony Macdonald co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years’ experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at [email protected]
Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at [email protected]
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