Nick Scali (ASX: $NCK) institutional placement announcement

Nick Scali Limited (ASX: $NCK) has successfully completed a A$46m fully underwritten institutional placement, issuing approximately 3.5 million new fully paid ordinary shares to institutional investors at a price of $13.25 per share. The placement received strong support from both existing shareholders and new institutional investors. Nick Scali shares are expected to resume trading on the ASX prior to market opening today, with the new shares settling on Tuesday, 30 April 2024, and commencing trading on Wednesday, 1 May 2024.

Executive commentary on institutional placement

Nick Scali's CEO and Managing Director, Anthony Scali, expressed satisfaction with the strong support for the Institutional Placement and the company's growth plans in the United Kingdom. He highlighted the strategic significance of the acquisition of Fabb Furniture and the entry into the UK market, emphasizing the expected unlocking of a significant opportunity for profitable growth in the future.

Summary of institutional placement and outlook

The completion of the A$46m institutional placement signifies a significant milestone for Nick Scali as it secures the necessary support for its growth plans in the United Kingdom. The successful placement reflects the confidence of both existing and new institutional investors in the company's strategic direction. With the acquisition of Fabb Furniture and entry into the UK market, Nick Scali aims to capitalize on the potential for profitable growth in the future. The company's focus on unlocking opportunities for expansion and profitability underlines its commitment to delivering long-term value to its stakeholders.