Macquarie Group (ASX: MQG) has gone on selling down some of its stakes in New Zealand based aged care service provider, Oceania Healthcare.
As per the Oceania Healthcareâs disclosure to New Zealand Exchange, Macquarie Group has been found selling down 95 million shares of Oceania Healthcare. The group holds total of 57.2% stakes in Oceania Healthcare out of which the group intends to offload 15.6% of its stakes.
That means Macquarie would be left with approximately 42% of interest in the dual-listed aged care company. But smaller stakes mean little control. On the completion of this sell down, Macquarie may have to sacrifice its spot on board.  [optin-monster-shortcode id="wxhmli4jjedneglg1trq"]
The reports revealed that Macquarie New Zealand has entered into a Block Trade Agreement with Oceania Healthcare Holdings Limited (OHHL) to sell 95 million ordinary shares in Oceania. As per the terms of agreement, Deutsche Craigs Limited and Craigs Investment Partners Limited and First NZ Capital Group Limited were appointed to manage and underwrite the sale of 95,000,000 ordinary shares in Oceania held by OHHL.
Itâs been heard that brokers have set a floor price of $NZ1.08. This represents a discount of  5.3% to the last close. The last traded price of NZX listed Oceania Healthcare Limited was $NZ1.140.
On the news of selling its stake in Oceania Healthcare, Macquarie Groupâs stock dropped 0.631% to $127.560 as at 5 September 2018.
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