{"id":20646,"date":"2019-08-19T12:17:44","date_gmt":"2019-08-19T00:17:44","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=20646"},"modified":"2019-08-19T12:17:44","modified_gmt":"2019-08-19T00:17:44","slug":"perpetual-further-reduces-mcgrath-estate-agency-shareholding","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/perpetual-further-reduces-mcgrath-estate-agency-shareholding\/","title":{"rendered":"Perpetual further reduces McGrath Estate Agency shareholding"},"content":{"rendered":"

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PHOTO:\u00a0McGrath<\/strong><\/p>\n

Perpetual Investment Management Limited, McGrath’s biggest institutional shareholder, has continued to scale back its investment in the estate agency.<\/p>\n

They are now no longer noted as a substantial shareholder, following the recent further sale of 568,000 shares.<\/p>\n

Perpetual’s sell-off initially began last year when they sold almost 2.5 million shares in McGrath to reduce its stake from 14.2 percent to 11.6 percent.<\/p>\n

During May this year they\u00a0offloaded a further 2.6 million shares<\/a>, taking its stake down to 9.04 percent.<\/p>\n

Perpetual’s latest dump was a further 2.2 million, taking them from 10.81 million shares to 8.6 million. Their share holding was just 5.15%, then further reduced by the latest 568,000 sales.<\/p>\n

The 2.2 million pull out equated to around $450,000 worth of shares at around 20 cents a share.<\/p>\n

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