Browse all categories | Subscribe My Account | Logout
Browse all categories
< Back

Millionaire property developer Tony Denny ups stake in McGrath

People & Companies / Latest News


Apr 15 2018

Add to Favorites

Share this Article:

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.




You may also like...

Load More


Login into your MP Report account

Forgot my password

Sign up to the MP Report

Creating an account with MP Report allows you to save articles and update your preferences to filter the content based on your interests and what content you would like to receive from us via our email alerts and newsletter.