GR Engineering Services’ founding shareholders and key executives have sold $32.4 million worth of shares in the company, reducing their collective stake from 79.3 per cent to 67.3 per cent. Non-executive chairman Barry Patterson, managing director Joe Ricciardo and executive director Tony Patrizi were among those who participated in the sell down of 18 million shares at $1.80 each. Mr Ricciardo and Mr Patrizi each sold $5.35 million worth of shares, retaining about 9 million shares each in the engineering contractor that are worth $16.6 million. Mr Patterson sold $2.7 million worth and retains a stake of 10.5 million shares worth $19.3 million. The company said the sell down enhanced the liquidity in the market for its shares.
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