Xero chief Drury boosts stock liquidity with $94.5 mln share sale as exchange switch beckons

Thu, 16 Nov 2017

By Paul McBeth Nov. 17 (BusinessDesk) - Xero chief executive and founder Rod Drury sold $94.5 million of shares, boosting the accounting software firm's liquidity as it prepares to shift to a sole ASX listing. Drury sold 3 million shares in a placement to institutional and professional investors at $31.50 apiece in his biggest transaction since taking the company public in 2007. Drury remains Xero's largest shareholder with 17.7 million shares, or about 13 percent. The transaction comes hot on the heels of Xero's first-half earnings...

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