McGrath shares slipped after a big chunk of the company changed hands at a discount

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Shares in ASX-listed real estate agency McGrath dipped after a block of 14.66% of the company’s shares were sold at a discount to the market price.

A short time ago, the shares were down 6.9% to $0.675.

The shares sold at around 65 cents each, down from 72 cents at Monday’s close, according to the Financial Review.

At that price the block would have fetched about $13.3 million. The buyers are thought to be institutions.

McGrath, which floated in December 2015 at $2.10 a share, is the only ASX-listed residential real estate company.

A group of former real estate agents from McGrath had pooled their shares in the ASX-listed company when they came out of escrow last week and put them on the market as a block.

The seven include agents who some who broke away from McGrath to form rival The Agency, including Brad Gillespie, Matthew Lahood, Shad Hassen and Stephen Chen.

The company’s recent poor performance recently has been at least partly blamed on the departure of experienced sales agents.

The 2017 full year profit at McGrath fell 42% to $4.871 million. CEO Cameron Judson said the market had been challenging with property listings down 11% and the loss of a number of “high performing” sales agents.

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