McGrath future still up in air

REAL estate agency McGrath has acknowledged speculation that it may be privatised and delisted from the share market, only two years after going public.

The company’s shares plunged to an all-time low two weeks ago when it warned its full-year earnings would be lower than expected – the latest in a string of earnings downgrades.

McGrath shares were issued at $2.10 ahead of its float in December 2015 and were worth 51.5¢ after its November 6 trading update.

Founder John McGrath, who stepped down as chief executive in 2016 but remains a director and major shareholder, is reportedly considering privatising the company.

Speaking at the group’s annual meeting yesterday, chair Cass O’Connor said: “We have reviewed a number of options for shareholders, but have nothing to disclose at this time.”