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 a senior finance journalist and presents the Market Outlook, Market at Midday and Market Wrap. She also presents ASX company news and interviews CEOs. She joined FNN in January 2017 with six years of broadcast journalism experience. She worked as a journalist and producer with Sky News Business, ABC 1, ABC's The Business and ABC24. She also worked in regional Australia for Prime 7 and WIN News as a TV reporter. In her prior life she worked as a financial planner.