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 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She has been a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for regional Channel 7 and 9. She also previously worked as a financial planner and real estate agent.