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Nick Scali shares change hands

Nick Scali shares change hands

Bill Koeck

Scali Consolidated decreased its shareholding in Nick Scali Ltd, while managing director Anthony Scali has increased his personal holdings.

Firms: Ashurst (Nick Scali Ltd); DLA Piper (Scali Consolidated)

Deal: Scali Consolidated has sold 23 per cent of its shares in Nick Scali Ltd via a block trade agreement with Macquarie.

Value: $70 million

Area: ECM

Key players: The Ashurst team was led by partner Bill Koeck.

Deal significance: Scali Consolidated entered a block trade agreement with Macquarie for the fully underwritten sale of 23 per cent of Nick Scali Ltd (NSL), reducing its shareholding to 27 per cent.

At a sale price of $3.80, the sale is expected to raise gross proceeds of around $70 million, according to a statement from Ashurst.

In conjunction with this transaction, NSL managing director Anthony Scali has increased his personal shareholdings in Scali Consolidated to 37.3 per cent by acquiring interests from his siblings, Yvonne and Nicky Scali.

NSL chairman John Ingram suggested the sale pointed to a generational shift at the firm.

“The transactions reflect the generational change which has occurred over the past several years, where Mr Scali has increasingly put his stamp on the business he has so successfully led for more than 25 years,” he said.

Mr Scali’s move to acquire a greater shareholding has “increased his economic exposure and alignment with the company, demonstrating his commitment and his confidence in the future prospects of NSL”, Mr Ingram explained.

In addition, he suggested the selldown of shares would bring new institutional shareholders to the table who could enhance the liquidity of NSL shares.

Like this story? Read more:

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NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Nick Scali shares change hands
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