Di Marco takes a $40m pay day after stepping aside from TechOne
Adrian Di Marco has had a $40 million pay day after selling down 3 million of his shares in Technology One, the company he founded with the McTaggart family in Brisbane in 1987.
Technology One chief executive Ed Chung and founder Adrian Di Marco
The sale leaves Di Marco with 14 million shares in the company worth about $195 million. The McTaggart family still owns 8.6 per cent of the company which is now led by Ed Chung and pat Sullivan as chair.
Di Marco continued a hands-on role with TechOne until earlier this year, but no reason was given for the sell down.
The sale puts Di Marco below the 5 per cent level the signifies a substantial shareholding.
In June, the ASX was notified that the relationship deed that was in place between Di Maro’s Masterbah and JL McTaggart Holdings was dissolved removing the escrow arrangement and Masterbah’s voting rights over 14 million shares within the McTaggart stake.
When he announced his retirement, Di Marco recounted how the company had been started at the front of a tannery and later became one of the first technology companies to list on the ASX in 1999 before the dotcom boom.
“It’s been an amazing journey as we have navigated successfully across four major technology paradigm shifts,” he said.
