Sam Morgan trims holding in Xero to below 5 percent as stock charts record highs

Sam Morgan trims holding in Xero to below 5 percent  as stock charts record highs
Dec. 20 (BusinessDesk) – Sam Morgan, who made his fortune when Trade Me was sold to Fairfax Media, has trimmed his holding in Xero, taking advantage of a share price that has soared by 179 percent this year. Morgan, a director of Xero, sold 1 million shares at $7.40 apiece in an off-market transaction to New Zealand institutions. The sale reduces his stake to 4.37 percent of the company and means he is no longer classed as a substantial security holder. “Xero is my largest individual investment and trimming my shareholding is something I've...