John McGrath buys more McGrath shares

Jonathan ChancellorMarch 22, 20160 min read

McGrath Estate Agents chief executive John McGrath has spent $430,000 buying shares in the listed real estate group.

Mr McGrath, who is McGrath Limited's biggest shareholder, acquired 317,000 shares at $1.36, about a 35 percent discount to its $2.10 initial public offering price.

His acquisition of 317,000 ordinary shares, made in two tranches on March 18 and March 21, took his total holdings to 27.26 percent of the shares on issue.

John McGrath had been legally restricted from acquiring additional shares post IPO due to a combination of the level of his holding and the pre-IPO restructure, a McGrath spokesperson advised the Australian Financial Review and The Australian.

"He is now able to increase his shareholding and has taken advantage of this buying opportunity, buying 317,000 shares."

McGrath chairman David Mackay and director Cass O'Connor have also increased their shareholdings recently.

Perpetual, McGrath's largest institutional holder, have been regularly lifting its stake to now sit at 13.2 percent.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
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