McGrath puts media commentary to bed

Company News

by Jessica Amir

The founder of real estate company, McGrath (ASX:MEA) has advised that contrary to the media allegations, he has never used the company’s shares as security for a loan.

It comes as various media outlets have been reporting allegations about the founder’s investment company, Fondorru’s debt.

John McGrath told the board last night, after the market closed that no margin lending facility has ever used the company’s shares.

The McGrath shares lost about 31 per cent over the last 12 months.

Shares in McGrath (ASX:MEA) closed 2.3 per cent higher at $0.45 on Thursday,

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.