Vmoto hits year-long low

Vmoto shares have hit a 52-week low after one of its significant shareholders reduced their exposure to the Perth-based scooter retailer, just days after former boss Russell Goodman threatened to sell his stake after being dumped as executive chairman.

According to documents lodged with the ASX today, Melbourne-based Tony and Helen Gandel now hold a 6.44 per cent stake in Vmoto, reduced from 7.98 per cent, after a series of transactions that occurred from January 17 to 19.

Vmoto announced on Monday it would re-think its plans to relocate its head office to Queenland's Southport, and that Mr Goodman would no longer serve as executive chairman.

At 10:54AM Vmoto's shares were down 5 per cent to 5.7 cents.