The two top executives at Australian software developer Sausage Software have each pocketed A$10m ($6.4m) after selling a 3.8% stake in the company from their own personal holdings to Japanese institutional investors. Chief executive Wayne Bos and Sausage founder Steve Outtrim sold a total of 5 million A$4 shares diluting their own stakes in the company from 19.2% to 17.3%. Other Sausage shareholders include Telstra, with 10%, and St George Bank and Intel Corp with 5% stakes.
Bos, who only joined the company in January this year, said: Sausage is entering the next phase now and this is a good indication of how mature the business is. Since January 1 Sausage shares have soared from just A$0.26 to A$4.58 at close of business on Thursday. I think they’re profit taking, one analyst said, these guys have made a killing and are now just taking some money off the table.
