PSC Insurance has sold a parcel of shares in building contractor Johns Lyng Group, triggering a stock exchange notice saying it has ceased to be a substantial shareholder.

The notice shows PSC JLG Investment, PSC Insurance Group and Melissa Dwyer as trustee for the Paul Dwyer Family Trust sold 9.99 million shares for $13.99 million.

Mr Dwyer, who is PSC’s founder and MD, retired from the Johns Lyng board last year after playing an important role as the company prepared for listing and began its next phase.

The company debuted on the stock exchange in October 2017 and has recently expanded through acquisitions and new contracts with insurers.

PSC continues to have a reduced shareholding in Johns Lyng.

PSC JLG Investment was a top-20 stakeholder with 15.2 million shares, representing a stake of 6.89% at the end of last financial year, the annual report shows.