News Corp Says No to Investing in REA Group

News Corp has apparently decided not to invest further in the REA Group.
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Ray White Sells REA Group Shareholding

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In a surprise move late last night, the Ray White Group sold its complete shareholding in the REA Group (realestate.com.au).   The long time second largest shareholder sold 13.5 million shares at $5.75 per share, yielding $77.6 million.   This represents a change of ownership of 10.8% of the REA Group shareholding base.  It is believed that the shares have been acquired by a number institutional investors and, surprisingly, not by News Corp.
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Jeremy Philips New REA Group Director

REA Group Ltd has announced today that Jeremy Philips has been appointed as a non-executive Director of the company.
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REA Group Announces 47% Net Profit Growth but No Dividend

The REA Group today announced $11.4 million in first half profits, a year on year growth of 47%. Underlying this growth in profit was a year on year growth in revenues of 28% to $91.3 million. The key driver of this growth continues to be the Australian business, which delivered a 26% year on year increase in revenues and a 40% increase in EBITDA. However, while operating cash flow was $10.2 million, the Directors again failed to declare a dividend.

While on the surface these look like strong results, especially given the economic environment, a closer look reveals that revenue growth appears to be slowing. The business may be in for a tough second half of 2009.

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News Corp Increases Stake in REA Group

News Limited, the Australian subsidiary of News Corp, has increased its stake in realestate.com.au Ltd to 60.7%. 

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