Posted November 01, 2018 06:02:07 An amatuer who owns a company that trades on an Australian stock exchange is preparing to sell his entire portfolio of shares for a lower price in an IPO, as the Australian Securities Exchange prepares to close the market for the next several months.
Matt Smith, the founder of the Australian company Apl Tech, has sold almost $2 million worth of stock on the Aussie Stock Exchange, with shares trading on the Exchange at a discount of just $4.7 million.
Mr Smith has also received shares in other companies that are in the process of being privatised, including an airline and pharmaceutical company, which he has sold for $1.4 million.
The Aussie Exchange has a backlog of more than $10 billion worth of shares, and is expected to close trading on November 12.
In the past, Apl has held a minority interest in the Australian Capital Territory Government, which is now owned by the Government. AAP