E&P Capital Facilitates $16 Million Transaction for Cettire's Dean Mintz

September 04, 2024 10:21 AM AEST | By Team Kalkine Media

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E&P Capital Facilitates $16 Million Transaction for Cettire's Dean Mintz — Image source: shutterstock

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Dean Mintz, Chief Executive of Cettire Limited (ASX:CTT), has strategically increased his stake in the luxury online retailer. After months of gradually reducing his holdings, Mintz has now begun to reinvest, signaling renewed confidence in Cettire's future prospects. This move comes as Mintz has also shifted his brokerage partnership from Barrenjoey to E&P Capital, marking a significant change in his trading strategy.

According to a substantial shareholder notice filed on Wednesday, Mintz’s ownership in Cettire has risen to 32.98%, up from 29.98%. This represents a 3% increase, achieved through the purchase of additional shares at prices reaching up to $1.66. Over a two-day trading period, approximately $16 million was invested, underscoring the scale of Mintz's commitment to expanding his share in the company.

Cettire’s stock closed at $1.54 on Tuesday, following a volatile trading week. During this period, the share price fluctuated, reaching a low of $1.02 and a high of $1.67. The timing of Mintz’s stock acquisition is notable, as it occurred shortly after the company’s auditors withheld approval of Cettire's financial statements, adding an additional layer of complexity to the company’s financial narrative.

Cettire, an ASX-listed company under the ticker CTT, has been a subject of market scrutiny due to its rapid growth and the corresponding volatility in its stock price. The recent developments, including Mintz’s increased stake and the auditing issues, are likely to influence the company’s market performance and investor sentiment moving forward.

This strategic move by Mintz could have implications for Cettire’s future operations and market positioning, especially as the company navigates through its current challenges. With the backing of E&P Capital, Mintz's increased investment in Cettire may signal a pivotal moment for the company as it seeks to solidify its standing in the competitive online luxury retail sector.

Key Points:

Dean Mintz, CEO of Cettire Limited (ASX:CTT), has increased his stake in the company to 32.98%.

Mintz's recent share purchases amounted to approximately $16 million over two days, with share prices reaching up to $1.66.

The increase in Mintz's stake follows a shift in brokerage from Barrenjoey to E&P Capital.

Cettire's stock experienced significant volatility, with a range between $1.02 and $1.67 during the week of the transactions.
The stock acquisition came after auditors did not sign off on Cettire's financial accounts, adding complexity to the company's financial outlook.

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