Another REA Group Director Sells Shares
September 17, 2009 by Emma Sorensen
Rumours are circulating about a large share trade of REA Group stock on the Australian Stock Exchange – the second in the past three months.
Real estate agency group owner John McGrath, who is also one of the company’s directors, yesterday offloaded almost all of his substantial share holding in the REA Group at $7.20 per share, totaling $14,400,000.
McGrath held just more than two million shares in the business, representing about 1.6 percent of the company. He reportedly sold two million, leaving him with a relatively insignificant holding of just 139,086 shares in the REA Group.
McGrath is the second largest industry shareholder after the Ray White Group to sell its holdings in the company and, perhaps more interestingly, the second board member to do so.
In late June 2009 the Ray White Group sold its complete shareholding in the REA Group. The Ray White Group had been the second largest shareholder and sold 13.5 million shares at $5.75 per share, yielding $77.6 million, representing a change of ownership of 10.8% of the REA Group shareholding base. The Ray White Group’s deputy chairman Sam White has so far continued as a board member of the REA Group and retains a personal smaller shareholding in the REA Group.
A spokeswoman for John McGrath told The Australian newspaper that McGrath had sold the shares to “diversify his investment portfolio” but remained firmly committed to REA and would remain on its board.
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Can’t blame him for cashing in. Considering what he would have paid for them when they listed he has seen a huge return.
With current revenues under $200m and a valuation of over $900m I think John will sit comfortably with his decision. I think the shares are way overvalued and John is no fool.