Excellent observations Chris.

A quality retailer with excellent management and execution. I noticed that Magellan, a large shareholder, have been gradually selling down their holding over the past weeks. No doubt the lower payout rate on the dividend was disappointing for some including institutional holders. I was expecting a dividend based on prior announcements of around 50-52 cents but that the dividend announced fell well short of that.

But again, when you see that Anthony Scali is preferring to divest some profits in paying down the Plush debt and purchasing land for the new Qld distribution centre, a dividend of 40 cents is more than acceptable.

Nick Scali is obviously oversold and a great buy at these prices... but DYOR.

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