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Millionaire property developer Tony Denny ups stake in McGrath

People & Companies / Latest News

Australia

Apr 15 2018

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Property developer Tony Denny has been named as a major shareholder in John McGrath’s real estate agency, building up a 5.05 per cent stake after picking up 7.2 million shares this month. 

Mr Denny, who sold AAA Motor Group resulting in a $320 million fortune, has been gathering McGrath shares, which slumped to 40 cents this month, down from a previous $2.10, following an unsuccessful float of the business in 2015. 

The move leaves Mr Denny sitting behind Mr McGrath, with 26 per cent, and Shane Smollen, with almost 9 per cent, along with institutions Perpetual and Argo, giving him a say in the company’s direction

Over the past 15 months, Mr Denny has launched six projects on the NSW central coast worth $220 million, with another five upcoming projects worth $215 million. He also owns the $70m Gosford Classic Car Museum. 

Mr Denny’s purchase could rekindle interest in the stock, as funds manager Perpetual cut its holding in ­McGrath from just over 14 per cent to 11.6 per cent.

 

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