Australia's PEXA hits 1-month low after top stakeholder Link exits stake

PEXA

20/11/2022 23:44

** Online property settlement firm PEXA Group  PXA.AX 
declines as much as 4% to A$13.62, its lowest since Oct. 21
    ** Top shareholder Link Administration Holdings  LNK.AX 
last week sold about 10% stake in PXA at A$13.50 per share, a
4.8% discount to its close of A$14.180 on Nov. 18
    ** LNK to divest remaining 32.8% stake in PEXA as dividends
to its shareholders early next year
    ** LNK down 0.1% at A$3.45 as at 2321 GMT
    ** PXA marks its worst intraday drop since Nov. 10; heading
for a sixth straight session in red, if losses hold
    ** PXA down 28.7%, while LNK down 36.4% this year, as of
last close, vs a 5.5% decline in the ASX All Ordinaries index
 .AORD 
 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))