21 Dec 2012

Xero director sells part of stake in firm

10:11 am on 21 December 2012

Xero director Sam Morgan has collected $7.4 million after selling part of his stake in the online accounting software provider to institutional investors.

Mr Morgan sold 1 million shares at $7.40 each, a discount of 4% to Thursday's closing price of $7.70 a share.

That reduces his holding to 4.4%.