I don't t hink anyone said he dumped and ran, we have merely pointed out the fact that e sold his shares by issuing more,
They will probably get their growth but that's because they merely bought a franchise operation with the cash that was raised.
I don't thins anything to do with the sentiment around the housing market in Sydney but more to do with the fact that the shares are overvalued, people could see that the company just issued ore sharers, took most of the cash and its business model is the same as 100's of major real estate agencies, a rent roll (revenue stream) and a bunch of contracted salespersons.
As for the brokers not supporting it, they took 10M or something and sold the dream to their client base. Saw Aitken on Tv talking it up, but at the end of the day he has done his job and been paid.
The brokers will now talk it up, the market wasn't organised, maybe negative sentiment,
One thing that made me laugh, he said Mcgrath is the best property guy in Australia or Sydney , as a broker that got paid that amount of money of course he would say that, the reality is totally different, if he (Mcgrath) was the best, why didn't he (aitkken) use Mcgrath to sell his property in darling Point?, instead he used Black Diamondz, which in my observation have achieved more in a few short years than McGrath has achieved in 25. Sell side broker end of story
Anyway, lets see them throw it around today, no doubt bells will have a crack, they don't want too much reputation damage too early, but its not the first time
MEA Price at posting:
$1.84 Sentiment: None Disclosure: Not Held
