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McGrath sells shares in REA

17 September 2009 Reporter

Real Estate mogul John McGrath has sold most of his shares in the REA group, netting himself a tidy $14.4 million.

REA Group, which was established in 1995, is the country’s largest operator of residential and commercial real estate websites.

According to a report in The Australian, Mr McGrath yesterday sold two million shares at $7.20 each.

While Mr McGrath declined to comment, a spokesperson told the daily that he had sold his shares to diversify his investment portfolio.

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Despite being left with only 139,086 shares, the spokesperson said that Mr McGrath would remain on the Group’s board.

“He is still very much a believer in the company,” the spokesperson said.

Mr McGrath is a past chairman of REA and has been on the board since it was listed in 1999.

McGrath sells shares in REA
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