Mulpha picks up 5,449,415 Aveo securities at half price

Following Aveo CEO Geoff Grady’s purchase of the company's securities at $2.05 each, Mulpha has purchased 5,449,415 at $1.99, close to half price compared to their reported net Tangible Asset Value of $3.92. Yesterday the price slid to $1.965 per security as the wholesale investment market pulls away from aged care related businesses. Aveo’s security price was listed at $3.08 in June 2017, just before the airing of the Four Corners aged care investigation. Mulpha, which is Aveo’s largest shareholder, owns 22.7% of Aveo’s shares before this purchase. Recent media speculation has suggested the company is poised to buy out the village operator; they say that the market is significantly undervaluing its retirement business. Mulpha is led by Seng Huang Lee (pictured), who is also Chairman of Aveo.