Perpetual further reduces McGrath Estate Agency shareholding

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. 

McGrath is currently trading at ¢24.

McGrath began public life as a company worth $282 million, which has dipped, along with property prices and fewer star agents, to closer to $47 million.

They opened on the ASX at $2.10 per share in 2015.

McGrath shares slumped to $1.72 on its second day of trade with Perpetual taking so-called advantage to increase its shareholding to nine percent from its initial holding of about six percent. 

Perpetual further strengthened their position in McGrath in September 2017, buying six million shares when they were trading at ¢64.

That took their share to 14.16 percent.