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Peters Investments Pty Ltd has used on-market purchases to increase its shareholding in the ASX-listed real estate company.
A statement to the ASX revealed Peters Investments has lifted its proportion of shares owned from 30.24 per cent to 31.27 per cent.
A private investment company, Peters Investments is owned by Bob Peters, whom The Agency notes is a notable Australian horse breeder and businessman.
As a result of the on-market shares purchase, Peters Investments now holds 134,000,000 votes in the company, up from the 129,621,485 votes owned previously through fully paid ordinary shares.
Back in January 2021, The Agency Group was able to convert $3 million worth of debt into equity thanks to a “strong show of support” from Peters Investments as part of the “Peters’ Proposal”.
It came just after The Agency’s shareholders gave their approval to issue $5 million worth – or 5,000,000 – convertible notes to Peters Investments as part of a funding package.
Fast forward to 2023, The Agency Group has been able to take advantage of its funding support, showcasing 6 per cent growth in revenue across FY23.
At the release of its most recent financial year results, the group regarded its financial results as a “win” during a year where national market transactions decreased by more than 20 per cent.
Looking towards FY24, Geoff Lucas, The Agency CEO, said the business will be looking to strengthen its existing presence, as well as establish a name in locations not yet home to the real estate network.
That’s in spite of a cash rate now firmly sitting above 4 per cent – an interesting interest rate environment which Mr Lucas recently reflected upon.
In reporting the financials to shareholders, Mr Lucas revealed that “across FY24, The Agency will continue to focus on further market share growth, across both existing geographical areas and additional regions across Australia”.
He also remarked that “Queensland and Victorian states represent nearly 50 per cent of Australian annual sales transaction volumes, and following the January 2023 commencement of Qld and Victoria/Tasmania State General Managers, additional focus on these states is expected to assist in continued national market share growth in FY24”.
It’s been an extremely busy period for the group, which has expanded its Tasmanian presence, added a micro-market specialist in Byron Bay, and bolstered its “already strong” showing on the Central Coast.
It has also teamed up with The Magic Coat Foundation in a bid to address moving anxiety for families with young children.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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