Consolidated Medial holdings, which holds 27 percent share of the online classifieds group Seek has sold to institutional investors. The group headed by James Packer has liquidated its share for $5.05 per share, which will result in proceeds of $440.6 million by September 1st.

Additionally, both Packer and John Alexander have resigned from Seek’s Board of Directors. “Paul and Andrew Bassat are two of the smartest, most decent, and honourable people I have had the pleasure of knowing and working with,” ConsMedia deputy chairman and outgoing Seek chairman James Packer said.

“I look forward to our friendships continuing for many years to come, and I believe Seek will go from strength to strength over time.”

According to Packer, Seek was one of ConsMedia’s best investments. It cost the company just $33 million in 2003, before it floated. The online classified ads site listed in April 2005 with an issue price of $2.10, valuing the stake held by Consolidated Media (then part of Publishing & Broadcasting Limited) at $150 million. Over the last six years, the investment has grown approximately 13 times its original value. The exact reason for the sale of the Seek stake has not been revealed.

——————————

Looking for Australian classified ads? Visit Ozfree Online, a free classified Australia site. The no 1 online classified Australia. We are the leading Australian classifieds site