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Macquarie Bank has announced its plans to take a larger stake in Yellow Brick Road.
At the end of last week, Macquarie increased its share of the brokerage by 5.1 per cent.
According to an announcement made to the ASX late on Friday the lender bought 10 million new shares at a price of 70 cents per share, to take a 14.9 per cent share in the overall business.
According to the statement the $7 million Macquarie paid for the share will be used to accelerate Yellow Brick Road’s growth initiatives.
But Macquarie wasn’t the only company to take an increased share in the Yellow Brick Road business.
Ellison, a company associated with Chris Ellison who is a strategic investor in the company, bought just over $3 million worth of shares, taking its total stake in the business to 5.1 per cent.
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