find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
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:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Nick Scali shares change hands
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Scales of Justice, Victorian County Court, retiring judges
Aug 21 2017
Replacements named for retired Vic judges
Two new judicial officers have been appointed in the Victorian County Court, following the retire...
Aug 21 2017
LCA applauds proposed Modern Slavery Act
The Law Council of Australia has welcomed new recommendations for the development of a Modern Slaver...
Aug 21 2017
Top-tier offers targeted mentoring for Indigenous law students
Students at Macquarie University will be the first to benefit from a new Indigenous mentoring progra...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...