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 is the head of news and a senior finance journalist and presents bulletins including the Market Outlook, Market at Midday and Market Wrap. She also interviews ASX CEOs and leading fund managers. She joined FNN in January 2017 with over six years of broadcast journalism experience including with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for Prime 7 and WIN News. Jessica has worked in financial planning for over six years with leading wealth managers and in real estate.