The 1-Page Ltd (ASX: 1PG) share price flew 20% today after the company made a key announcement to shareholders.
In a statement to the ASX, 1-Page announced that its co-Founder, Patrick Riley, sold 9,000,000 shares in the talent acquisition business for a total of $2.25 million, or $0.25 each.
Mr Riley’s daughter, 1-Page’s CEO and Managing Director, Joanna Riley, said the deal was part of a block trade to Hong-Kong based Peterson Group. She said the deal will see her father step back from the day-to-day running of 1-Page “for estate planning purposes”.
“It has been great getting to know Peterson Group over the last few months, and how they align with our vision, growth plans and current management,” Ms Riley added. “To have them as an investor and partner as we go after this tremendous opportunity in the $456B global recruitment space is invaluable.”
1-Page shares, along with those of a number of other speculative small-cap technology businesses, have been rocked by a swing in investor sentiment over the past 12 months. For 1-Page that has meant a fall in share price from around $4.94 in late 2015 to just 20 cents currently.
It serves as a timely reminder that when you consider an investment in this type of company, it may be wise to ‘be there for a good time, not a long time’.
However, there are other - rare - instances when a small investment pays off -- big time. For example, here's a story of how 1 Man Turned $10K Into Over $8 Million
Discover how one man turned a modest $10,600 investment into an $8,016,867 fortune. Learn more about this man and how you can start down the path toward financial independence. Simply click here to learn more.
Motley Fool Contributor Owen Raszkiewicz does not have a financial interest in any company mentioned. Owen welcomes -- and encourages -- your feedback on Google+, LinkedIn or you can follow him on Twitter @ASXinvest.
The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.