Urgent clarification being sought by McGrath board from its founder

Urgent clarification being sought by McGrath board from its founder
Urgent clarification being sought by McGrath board from its founder

The listed real estate agency McGrath requested and secured a trading halt on Thursday morning pending an "announcement regarding recent media speculation in relation to Mr McGrath."

Its chief executive Cameron Judson said "it was a precautionary measure."

"The event that will end the trading halt is the company issuing an announcement by Mr McGrath," the company statement said.

"The company has become privy to further information, which I can't comment on, re this matter and is seeking urgent clarification from John McGrath," chief executive Cameron Judson said during the 11am investor call.

"The board has considered this trading halt a significant development and let me assure you they have not taken this step lightly." Judson is leaving the company on Friday said the board was doing everything in its power to update the market as soon as it could.

"An update is though contingent upon John McGrath providing further information," he said.

Judson declined to advised on the unspecified further information.

Mr McGrath has been in the news recently over alleged debts and its funding.

"This matter will be dealt with in due course once all the facts are settled," Judson advised.

The comments came at the beginning of the briefing which was delayed two hours.

Last week John McGrath said he has never used his McGrath shares as security for any loan.

This morning McGrath reported a small loss, while some agents have been given an $850,000 allocation to keep them from departing the public listed company.

 

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Mcgrath John Mcgrath

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