Depends what price I guess (or who's more eager perhaps) etc thanks

Big lick of Cettire shares trades

Sarah Thompson, Kanika Sood and Emma Rapaport

Updated Jul 11, 2023 – 11.11pm,first published at 7.38pm

Save

Share

There’s movement on listed luxury retailer Cettire’s register.

Cettire founder Dean Mintz – not this week’s seller. AFR

About 17.4 million Cettire shares changed hands in three separate trades that went through after market close on Monday and Tuesday. The blocks were priced at $3.46 and $3.49.

There was some talk about whether two of the trades cancelled each other, meaning anywhere between 17.4 million to 5 million shares – or 4.6 per cent to 1.3 per cent of the register – turned over.

Sources said Cettire’s founder Dean Mintz and investor Regal Funds Management were not behind this week’s trading in the stock. That left Cettire’s biggest institutional investor, Connecticut-based fund manager Cat Rock Capital Management, as the most likely seller. However, the investor confirmed it wasn’t the seller on Tuesday night – leaving the identity of the seller unknown.

Cettire did not respond to a request for comment on Tuesday evening.

RELATED QUOTES

CTTCettire

$2.940 8.89%

1 year1 day

Jul 22Jan 23Jul 230.0001.8003.600

Updated: Jul 18, 2023 – 10.08pm. Data is 20 mins delayed.

View CTT related articles

The movement on the register comes when all eyes have been on the Young Rich Lister – who owns about 46 per cent of the company – since his shares cleared last escrows after December-half results. But Mintz looks in no hurry to sell. In the past, he has used Barrenjoey to sell down his position.

Whoever the seller was, its exit looks well-timed; Cettire’s stock has been on the up, gaining near 80 per cent over the past month and 176.8 per cent this year. It last closed at $3.46.

It seems higher interest rates have not hurt big spenders (yet), with sales up strongly over the first four months of calendar 2023. The $1.3 billion company is seeking a greater slice of the $410 billion global prestige goods market.

Regal Funds Management holds 8.3 per cent, while Cat Rock owns 12.75 per cent of Cettire.