Nick Scali scion cashes out $50m via UBS

afr.com:

Expect only the finest in Christmas presents this year from Anthony Scali, the scion and CEO of ASX-listed furniture retailer Nick Scali.

Anthony Scali last sold shares his ASX-listed furniture retailer Nick Scali in 2016. 

Street Talk understands UBS has underwritten a sale of $50 million worth of shares on Scali’s behalf, in his first sell-down in nearly five years.

The parcel of 4.6 million shares represented 5.7 per cent of issued capital. The trade was underwritten at $11 – or a 5.3 per cent discount to last close.

Scali last sold shares in the company in 2018 at $7 apiece. He would be still its largest investor with 8 per cent ownership.

It comes after the company posted record revenue – $507.7 million, up 15.1 per cent – as well as after-tax profits – $101.1 million, up 34.9 per cent – for the 2023 financial year.

Its shares have risen 24 per cent over the past 12 months, and the latest trading update showed a slowdown in orders but was better than consensus expectations.

It listed at $1 a share for an $81 million market capitalisation in April 2004. The company was capitalised at $948 million on the ASX as of Wednesday’s close.