Itâs proving to be a rough day for All Ordinaries Index (ASX: XAO) share Cettire Ltd (ASX: CTT) after its founder and CEO was confirmed to have offloaded a massive chunk of the companyâs stock.
Right now, the Cettire share price is down 11.9%, trading at $1.48. For comparison, the All Ords index is up 0.32% at the time of writing.
So, why has the companyâs largest shareholder sold down their stake? Keep reading to find out.
All Ords stock Cettire falls as boss offloads 41 million shares
Cettire founder and CEO Dean Mintz has sold a near-$60 million stake in the online luxury goods retailer in a move that’s decimating its share price today.
The approximate 41 million share stake was offloaded in an underwritten block trade. The parcel represents 10.8% of the companyâs issued shares.
Mintz pocketed $1.46 per share from the sale â marking a 13% discount on the companyâs previous close. That leaves the total sale valued at around $59.8 million.
Despite parting ways with such a huge chunk of the All Ords constituent’s shares, the companyâs boss still boasts a healthy 45.9% hold.
Commenting on the sale, Mintz said:
Cettire is in a very strong position with excellent momentum as demonstrated in the companyâs trading update provided at the [annual general meeting] yesterday.
The share sale represents a relatively small portion of my shareholding in the company and enables me greater diversification, whilst increasing the free float and scope for Cettire shares to achieve inclusion in major indices over time.
Investors neednât worry about any more selling for a little while. Mintz will escrow the rest of his Cettire shares until the company posts its half-year earnings in February.
The luxury retailer debuted on the ASX in December 2020. It offered shares for 50 cents apiece under its initial public offering (IPO).
The retailer announced its unaudited October sales had increased 82% year-on-year to reach $34.8 million yesterday. Its unaudited revenue also lifted 71% to $45.9 million, while its average order value jumped 13% to $839.
The post Guess which All Ords insider is selling a whopping $60m worth of their companyâs shares appeared first on The Motley Fool Australia.
The current market can be tough to stomachâ¦
But the lower stock markets go, the more attractive some shares become.
And when you can pick up world-class stocks at steep discounts, now could be the time that sets up your familyâs fortune.
While we canât predict which stocks will go up, weâve uncovered four world-class stocks that can be scooped up for a mere fraction of what they were worth only a few short months ago.
And you wonât believe by how much.
Get the details here.
See The 4 Stocks
*Returns as of November 1 2022
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- 3 ASX All Ordinaries shares having a cracker session on Thursday
- Why A2 Milk, Cettire, Lottery Corp, and Weebit Nano shares are rising
- Why Aroa Biosurgery, Cettire, Estia Health, and Weebit Nano shares are rising
- Back in fashion? This ASX All Ords share is up over 130% so far in October
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Cettire Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://ift.tt/SNIhVq6
Leave a Reply