Perpetual further reduces McGrath Estate Agency shareholding

PHOTO: McGrath

Perpetual Investment Management Limited, McGrath’s biggest institutional shareholder, has continued to scale back its investment in the estate agency.

They are now no longer noted as a substantial shareholder, following the recent further sale of 568,000 shares.

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.

During May this year they offloaded a further 2.6 million shares, taking its stake down to 9.04 percent.

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.

The 2.2 million pull out equated to around $450,000 worth of shares at around 20 cents a share.