Bubs Australia (ASX: BUB) founder Kirsty Carr has sold approximately 20 per cent of her shares in the company.

Since listing in January 2017 at 10 cents the stock has risen to $1.32 off the back of success in the Chinese market. Its most recent half-yearly revenue was $21 million.

In recent days, Carr has sold 4 million of the 20 million shares she held in the company. At $1.48 per share this would have netted her $5.8 million.

  • Scroll down for more ASX corporate news>>>

The change in directors interest notice would have left shareholders wondering why. However, the company released a letter to shareholders explaining:

“Mrs Carr has advised that the sale of the shares was for entirely personal reasons to acquire a new family home.”

However, Bubs clarified Carr had no intention of abandoning the company.

“The company has a full agenda to pursue under Mrs Carr’s leadership after formalising strategic alliances with Beingmate Baby & Child Food Co. (China), Alibaba’s Tmall, Chemist Warehouse and the launch of the Organic Cow Milk Infant Formula through the supply agreement with Fonterra.”

The notice said Carr was the second largest shareholder behind C2 Capital with her holding being 3.29 per cent and C2 being 14.97 per cent.

However, according to Bloomberg (and the company’s most recent annual report), a private company called ‘Infant Food Business’ hold 3.47 per cent. This would make it the second largest and Carr the third largest.

Bubs opened up 5 per cent from yesterday at $1.39. However it is down from its all-time high of $1.58 which was reached on May 3.


In other ASX Corporate news today

Uniti Wireless (ASX: UWL) has made its second acquisition this month. The Adelaide-based telco play bought voice services provider Call Dynamics only two weeks after announcing the purchase of Fone Dynamics. Uniti has told shareholders the two purchases are complementary due to mutual efficiencies and it will be integrated. Uniti will pay $2 million for Call Dynamics – of which 37 per cent will be in Uniti shares and the remainder in cash. It anticipates earnings per share accretion will be 13 per cent in FY 2020 and 20 per cent in FY 2021.
Sky and Space Global (ASX: SAS) has been in suspension since early April as it pushes to raise capital and find replacement directors based in Australia. In the last 24 hours, the company has revealed its directors put in a total of $300,000 in last month’s placement – $200,000 by Meir Moalem and $50,000 each by Maya Glickman-Pariente and Yonatan Shrama. The company is still pre-revenue but has burned $4.6 million this financial year and anticipate a further $1.6 million this quarter.
Furniture retailer Nick Scali (ASX: NCK) has a new substantial holder. Ethical Partners Funds Management has accumulated a 6.68 per cent stake in the company and paid a staggering $27.8 million. The company recorded $141 million half yearly revenue and a $25 million net profit after tax. This allowed Nick Scali to pay out what was the thirrd largest half-yearly dividend among small caps – on a per share basis.