This article is from the Australian Property Journal archive
SEVEN major shareholders and agents who invested in listed real estate agency McGrath have teamed up to sell their interest in the company.
The group includes:
- Geoff Lucas, McGrath’s former chief operation officer who quit last year to take up a role with NSW artisan bread maker Sonoma,
- Ben Collier, McGrath’s number one agent, who quit in December to join rival, The Agency,
- Bethwyn Richards, currently still a partner in McGrath’s Edgecliff agency,
- Shad Hassen, a former partner in McGrath’s Edgecliff agency, who also quit to join The Agency,
- Steven Chen, who established McGrath’s project division and jumped shipped to The Agency,
- And former McGrath director Matthew Lahood and Sydney agent Brad Gillespie, who also joined The Agency.
Together the group hold a 14.66% stake in McGrath, which was issued to them at the time of float in December 2015 at $2.10 a share.
As of yesterday, those shares are worth 77 cents each.
Combined they make the second largest shareholder behind founder John McGrath who has a 27% interest.
The group’s decision to cash out of McGrath comes after the firm revealed a 42% fall in full year profit to $4.9 million.
In addition, McGrath’s market share (3.4%) continues to lag behind LJ Hooker (4.5%) and Ray White (8.5%).
In New South Wales, McGrath’s home turf, its market share has declined from 7.1% to 6.7%, however its market share has risen in Queensland from 1.7% to 2.1%, ACT from 4.3% to 5.3% and Victoria from 0.1% to 0.6%.
Australian Property Journal
