AFG directors in $27.6m sale

Two Australian Finance Group founders have sold shares worth about $27.6 million, about 5 per cent of the company, as they plan to diversify their portfolios.

Brett McKeon, who serves as a non executive director, sold 6 million shares worth $15 million through an off market trade.

Executive director Malcolm Watkins sold 5 million shares which were valued at about $12.6 million.

AFG shares were changing hands at $2.45 when trading closed, down 2 per cent.

Mr Watkins still owns about 14.7 million shares and Mr McKeon around 15.4 million shares.

Macquarie Securities conducted the sale, with a range of institutions buying the scrip.

“Both will remain substantial shareholders of AFG with more than 30 million shares held between them post the sell down,” the company said.

“The sell down has been conducted to assist both directors to diversify their portfolios and is the first meaningful sell down conducted by either of them since the initial public offering of AFG in 2015. 

“The directors remain committed to their roles at AFG and continue to be substantially invested in the long-term performance of the business with no intention to reduce their holdings further in the medium term.”