McGrath founder slams media

Company News

by Jessica Amir

McGrath’s (ASX:MEA) founder made a statement after the market close on Thursday, slamming the media for their ‘ridiculous’ media coverage, that linked his personal life to the company.

John McGrath who normally avoids making public comments on negative news about himself, says the media coverage was not only ‘ridiculous’ but distracting from the company’s work.

All this comes as some media coverage has alleged he ran up to $16 million in gambeling debts and used the company’s shares as security. This is something that John and the company denied.

However, he did say to the media that like many Australian’s he enjoys a punt and has a credit account with a bookmaker for this reason. He slammed media speculation saying the account is not secured by or connect with his shares in the company.

Shares in McGrath’s (ASX:MEA)  are in a trading halt but last traded at $0.42

Jessica Amir

Finance News Network
Jessica is 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.