SAN FRANCISCO, May 05, 2016 (GLOBE NEWSWIRE) -- Atlassian Corporation Plc (NASDAQ:TEAM), a leading provider of team collaboration and productivity software, today announced that in February 2016, Scott Farquhar and Mike Cannon-Brookes each adopted stock trading plans in accordance with guidelines specified under Rule 10b5-1 of the Securities and Exchange Act of 1934, as amended, and the policies of Atlassian regarding stock transactions.
Both Scott and Mike are Co-Founders, directors of Atlassian, and serve as Atlassian’s Co-CEOs.
These pre-arranged trading plans were adopted in order to allow Scott and Mike to sell a portion of their Atlassian stock over time as part of their long-term strategies for individual asset diversification and liquidity. Using these trading plans, they will diversify their investment portfolios and spread stock trades out over a period of a year from the time the sale restrictions on their shares end in June 2016 to reduce market impact on any given day. All sales of shares under Scott’s and Mike’s trading plans are subject to volume limitations, pursuant to Rule 144, which limits the amount of shares that can be sold in any three-month period. Sales under these trading plans will not take place prior to the expiration of the lock-up agreements entered into in conjunction with Atlassian’s initial public offering.
In the aggregate, Scott and Mike currently hold approximately 139.46 million Class B ordinary shares, which represent approximately 65% of Atlassian’s outstanding Class A and Class B ordinary shares, taken together, and approximately 86% of the voting power of Atlassian’s outstanding capital stock. Under the terms of the trading plans, Scott and Mike each intends to sell up to 2.65 million Class B ordinary shares (with such shares converting into Class A ordinary shares upon sale). If Scott and Mike complete all the planned sales under these trading plans, they would continue to collectively own approximately 134.16 million Class B ordinary shares, which would represent approximately 63% of Atlassian’s outstanding Class A and Class B ordinary shares, taken together, and approximately 83% of the voting power of Atlassian’s outstanding capital stock (assuming no other issuances, repurchases, sales or conversions of Atlassian’s capital stock occur).
Atlassian unleashes the potential in every team. Our collaboration software helps teams organize, discuss and complete shared work. Teams at more than 57,000 large and small organizations - including Citigroup, eBay, Coca-Cola, Visa, BMW and NASA - use Atlassian’s project tracking, content creation and sharing, real-time communication and service management products to work better together and deliver quality results on time. Learn about products including JIRA Software, Confluence, HipChat, Bitbucket and JIRA Service Desk at http://atlassian.com.
Source: Atlassian Corporation Plc