Nick Scali scion cashes out $50m via UBS
Nick Scali chief executive Anthony Scali is selling down his interest in the company his father founded, with UBS underwriting the sale of $50 million in shares. It will be the furniture retailing scion’s first sell-down in five years.
The parcel of 4.6 million shares represented 5.7 per cent of issued capital. Thursday’s trade was underwritten at $11 – or a 5.3 per cent discount to last close. Scali last sold shares in the sofa and homewares company in 2018 at $7 apiece. He will remain the company’s largest investor with an 8 per cent stake. Other substantial shareholders include Matt Williams’ Airlie Funds Management with a 6 per cent stake.
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