When SKS Technologies founders sell, the first question is always the same. Why now?
Peter Jinks, Greg Jinks and an entity linked to Matthew Jinks pushed 10.0 million shares through an after-hours crossing on Tuesday. The price was $10.60 a share.
By 11am Wednesday, Market Index had the SKS Technologies share price at $10.18, about 4% below what the buyers paid.
The block went out hours after the contract news
Earlier on Tuesday, SKS told the market about another $38 million of work on the MEL2 data centre in Melbourne’s northwest. That took its contracted value on the project to $66 million, up from $28 million of early works announced in July.
Hours later, the SKS Technologies block trade cleared at a 5.1% discount to the close. The shares had traded as high as $11.55 that day, a 12-month high, according to Morningstar’s quote page.
So the founders sold into good news, near the top of a 166% run over the past year. Selling into strength is normal for founders, and it still gives buyers a reason to wait.
The ASX release says the family has “no intention to conduct further sales for the foreseeable future.”
One word in that release does not hold up. It calls the Jinks family the majority shareholder, but at about 21%, the accurate word is largest.
Before the sale the family sat near 30%. Matthew Jinks, the CEO and the named contact on the release, sold through an associated entity, though only about 360,000 shares, or under 4% of the block.
Fund managers took the block at $10.60, and what followed is a familiar pattern. A discount on the night, then a lower print the next morning.
By late morning, Kalkine’s quote ticker showed $9.78, about 12% under Tuesday’s close of $11.17. That is nearly 8% below the block price.
The liquidity reason has been used before
SKS gave two reasons for the sale. More tradeable stock, and wealth diversification.
The first reason needs some arithmetic. On 2 and 5 October the shares traded about 480,000 and 244,000 a day, according to StockAnalysis data.
The block was 10 million shares. That is somewhere between 20 and 40 days of recent volume, moved in one night.
The reason is not new. In December 2024, Peter and Greg Jinks sold 3 million shares each, their first sales since buying in 2012, and the stated aim was better trading activity.
The directors also said then that no more sales would come until the audited FY25 accounts were out.
In 2025, Peter Jinks sold 2 million shares valued at $5.7 million, or $2.85 each, according to a director’s interest notice reported by TipRanks. Wednesday’s block cleared at almost four times that price.
| Feature | TSX | TSXV |
|---|---|---|
| Typical stage | Companies that have grown and matured | Early-stage companies seeking venture capital |
| Pathway | Destination for TSXV graduates | Companies can graduate to TSX over time |
| Annual ranking | TSX30, covering three-year price performance | TSX Venture 50, covering one-year performance and trading value |
| Listing criteria | Scaled from exploration to production | Scaled from exploration to production |
Jinks family share sales since December 2024. [Sources: SKS releases]
That makes at least 20.5 million shares sold in three rounds in under two years. The latest round is the biggest.
The 2024 promise came with an end date. Today’s is open-ended, and the release names no lock-up period.
The SKS Technologies share price now leans on a $500m promise
Take the sale out and the guidance is the next thing to test.
FY26 revenue was $347.9 million and profit before tax was $39.35 million. The board expects FY27 to land near $500 million and $60 million.
- Revenue: up about 44% on FY26
- Profit before tax: up about 52%
- Pre-tax margin: from 11.3% to 12%
SKS work on hand covers a bit over half of its FY27 revenue target. Some of that work will run past June 2027. [Source: SKS]
In July, the $312 million order book was nearly as big as all of FY26 revenue. Work on hand is now about $270 million against a $500 million target, which covers a bit over half.
Some of that $270 million will run past June 2027, so the share that lands in FY27 is smaller again. The gap has to come from contracts not yet signed.
The pipeline gives SKS plenty to bid for. Tenders stood at $1.69 billion at 30 June, and about 87% of that is data centres, according to a summary of the FY26 results.
Pricing is the other side of it. At $10.18 the stock sat on about 43 times FY26 earnings per share of 23.45 cents.
If guidance lands and tax stays near FY26’s rate, that drops to roughly 28 times. Those are back-of-envelope sums, not a forecast.
One client keeps turning up. Built awarded both MEL2 packages, as covered in Colitco’s look at the $28 million MEL2 early works win.
The $66 million so far is about 1.3% of the more than $5 billion planned for the site.
Then there is Firmus. Its US$5.5 billion IPO book was due to close Thursday, with a listing on 23 October, as covered in our Firmus IPO analysis.
Data centre companies have been asking investors for cash all year, as NEXTDC’s $1.5 billion capital raise showed. Fund managers wanting that exposure are about to get a far bigger option, and some of the money could come out of smaller names. That is a worry, not a fact.
The sale itself is not the red flag. Founders took money off the table after a 166% run, kept about 21%, and stayed in their jobs.
The test is the next work on hand number, and whether the stock can climb back to the $10.60 the block buyers paid.
Readers tracking the wider field can start with our guide to Australia’s largest listed technology companies or browse more ASX investment news.
Also Read: Lynas Rare Earths acquires Meteoric: the fine print
FAQs
Q: How much did the SKS Technologies founders sell?
A: 10.0 million shares, worth about $106m at $10.60 each.
Q: Who sold the shares?
A: Peter Jinks, Greg Jinks and an entity linked to Matthew Jinks.
Q: How much do the Jinks family still own?
A: About 21%.
Q: Will the family sell more?
A: The company says no further sales are planned for now.
Q: Why did the SKS Technologies share price fall?
A: Ten million extra shares hit the market at a discount, so buyers wanted lower prices.
Q: Did SKS change its FY27 guidance?
A: No. It repeated about $500m revenue and $60m profit before tax.
Disclaimer: This article is general information only and is not financial product advice. It does not consider anyone’s objectives, financial situation or needs. Investing in listed securities carries risk, including loss of capital. Readers should read the original ASX announcements and speak to a licensed financial adviser before making any investment decision. Colitco accepts no responsibility for any loss arising from reliance on this content.
Elizabeth Jones is a finance and mining content specialist with over 10 years of experience creating clear, SEO-driven content across fintech, investing, banking, insurance, cryptocurrency, and resource markets. She transforms complex financial data and industry trends into engaging, reader-focused articles that improve understanding and audience engagement.
