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It's just over twelve months since the 1 for 1 rights issue at $4.70 so I suspect this is just a temporary weakness while some holders are lightening their exposure at tax advantaged rates. I suspect most holders took advantage of the offer 12 months ago to double their holdings and are now re-weighting their portfolios. If this is the cause of the present weakness, it could present a good buying opportunity. Most brokers still have it as a strong buy.

Goldman Sachs JB Were has an OUTPERFORM/BUY recommendation on Macquarie
Communications (MCG) with a 671c valuation and a 7.1% yield. Price now 548c. The company held a
briefing on Friday.