Investor Jan Haudemann-Andersen has sold 12 million shares in Kahoot and received NOK 670 million in the bank account. The selling price was NOK 55.55. Haudemann-Andersen still owns 40.1 million shares (8.5 per cent of outstanding shares), which at the same price have a value of NOK 2.2 billion, and, and this is the important thing here, these shares were worth 5 in January. billion.
What one can learn from this is that Jan Haudemann-Andersen sold too late, and in retrospect it is easy to say that he should have sold everything. Everyone we know in the investor community has been waiting for a sale of all or part of the Kahoot record.
An incredible success for a stock trader
That he now secures NOK 670 million is a matter of course. Slow but correct.
Or as Haudemann-Andersen’s investment director Harald Arnet says: “For us, this is about being able to adjust the balance sheet and free up liquidity for other investments.”
When the Kahoot share reached an all-time high of NOK 132 in January, Haudemann-Andersen’s Kahoot item was worth almost NOK 7 billion. An incredible success for a stock trader.
He has also been long-term. He has owned the shares for more than four years.
At some point during the price increase, Haudemann-Andersen must have started the process of assessing sales, and the first move came when his husband Arnet resigned as chairman of Kahoot in May. It’s easier to sell then.
And then they have thought about adjusting the balance, as it is so nicely called.
The problem Haudemann-Andersen has had is that when the share price skyrocketed and his shareholding approached seven billion kroner, then there were several brokers and analysts who said that the share price in Kahoot could double tenfold. Haudemann-Andersen’s shareholding could thus go to NOK 70 billion. An insane number, and we are absolutely certain that Haudemann-Andersen did not believe in these fantasies. But here was another bait: Store owner Softbank bought more and more shares and so did CEO Eilert Hanoa and his wife (strong signal). Hanoa is so sure of success that he has bought parts of the shares Haudemann-Andersen has now sold. Softbank also bought something.
One can easily imagine what Hanoa’s balance looks like.
On Friday, the Kahoot price was slightly up, and this may give the other shareholders hope that the bottom has now been reached with a price just under NOK 60.
Up to an all-time high of 132 kroner, it is a long and difficult road to go.
Jan Haudemann-Andersen is sitting there with his billions, and he has entered into an agreement with the buyers of the shares (lockup agreement) not to sell more for a while.
Had he been more conservative, he would of course have sold when the first billions in profits were secured, but it was not unnatural to remain seated. Most of it was profit anyway.
Lesson: There are many stone-rich billionaires who sold prematurely.