Rod Drury cashes out A$300m of Xero shares

Rod Drury has become a keen advocate for his Queenstown home. (Image: QLDC)

Wed, 25 Aug 2021

Xero founder Rod Drury has cashed in another A$300 million of stock, leaving him with a 6.7% stake in the A$22.3 billion behemoth.Drury’s family trust sold 2 million shares at A$150 apiece in off market trading, continuing the tech billionaire’s selldown of his stake since he stepped back from the limelight chief executive role.That will leave his family trust as Xero’s third-largest shareholder behind HSBC Custody Nominees and JP Morgan Nominees, although because of its unusual nature in being New Zealand-domiciled and ASX-li...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market Close

NZX awaits Wednesday's Official Cash Rate call

The S&P/NZX 50 Index declined 24.85 points or 0.18% to 13,489.24.

Graham Skellern 6:00pm

Energy

Brookfield buys Clarus gas assets

Worth perhaps $2b, the deal follows the NZ Government's LNG import announcement.

Pattrick Smellie 5:00pm

Law & Regulation

IAG hit with record $19.5m fine for 'widespread failures'

IAG is New Zealand's largest insurer.

Gregor Thompson 3:00pm

IAG hit with record $19.5m fine for 'widespread failures'

Sponsored

Fiji’s exclusive side revealed

Private islands and 5-star luxury, closer than you think.

Tourism Fiji

Sponsored

The double edge of AI in cyber security

Artificial intelligence has the potential to become both a lifeline and a liability for modern organisations, as a revolutionary tool capable of spotting threats at lightning speed, but also the ultimate weapon in the hands of cybercriminals.

Spark