A Plunder of Fortune: How the Founder of Cettire Pocketed Nearly $60m in Sell-down

Must Read

The Cettire dynasty was founded by the Young Rich List Dean Mintz in 2007 when he launched a new venture with $200. Mintz had expanded into several different countries worldwide in just a few years, including the United States, Canada, Australia and the UK.

Dean Mintz, the founder of Cettire and the Young Rich List, sold a large number of shares in his luxury sales platform for nearly $60 million. He did this to “diversify” his portfolio, which caused the stock prices to drop.

About 10.8% of the issued capital, or 41 million shares, was traded on Thursday night, as noted by The Australian Financial Review’s Street Talk column. This came about when stockbroker Barrenjoey offered fund managers to buy shares at $1.46 per share through an underwritten block.

Friday afternoon, Cettire’s stock prices fell 23¢ or 14% to $1.44. Although this was a significant drop, their prices are still higher than the record low of 33¢ in June.

By selling, Mr Mintz has lowered his stake from 56.7 per cent to 45.9 per cent, though he is still Cettire’s primary shareholder.

Just before releasing a portion of shares from voluntary escrow in late August, he told shareholders that he had “no current intention to sell shares in the company.”

“Cettire is doing very well and has a lot of momentum, as demonstrated in the company’s trading update provided at the AGM,” Mr Mintz said in an ASX statement.

“By selling a portion of my shares in the company, I am increasing the free float and making it easier for Cettire shares to be included in major indices. This will give me greater diversification and more opportunity to earn income from my investment over time.”

Mr Mintz has agreed to hold onto his remaining shares of Cettire until the company’s half-year results are released in February 2023.

On Thursday, the luxury sales platform announced it had a great start to the December quarter. The company saw increased traffic and higher average order value for handbags and shoes.

- Advertisement -spot_img
Latest News
- Advertisement -spot_img

More Articles Like This

- Advertisement -spot_img