McGrath's two major institutional shareholders take more equity

McGrath's two major institutional shareholders take more equity
McGrath's two major institutional shareholders take more equity

The listed fund managers Perpetual and Argo have lifted their stake in real estate group McGrath, acquiring shares offloaded by rebel former company executives and sales agents.

Perpetual Limited, the biggest institutional backer of McGrath, acquired an additional six million shares on Tuesday taking its overall stake to 14.16 per cent from a previous 10.05 per cent.

Third ranked Argo Investments increased its stake to 7.18 per cent from just over 5 per cent on Tuesday after the escrow period lapsed.

John McGrath remains as the top shareholder.

Both bought shares at 65 cents, a third of McGrath's $2.10 a share December 2015 IPO value

Shares in the company traded Thursday at 64 cents. 

Tags: 
Mcgrath Share Trading

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