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MEA - MCGRATH LIMITED


blacksheep
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take back control of the listed real estate flop.

 

Lol define flop.

 

If you mean IPO for over $100m, but only inject $8m (IIRC) back into the working capital, watch the price collapse 75%, to buy it back, then it hardly is a fail is it?????

 

I'm not saying this was planned, but the original stake holders are gonna walk out with a huge profit.

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Reminds me of the failed SIO 40c buyback late last year backed by founder Gary Simonds. Floated at $2 per share in late 2014, and of the $161m raised, ~$5m went towards working capital, ~$5 for costs of the offer, and the remainder as a payday for the Simonds family office.

 

Wonder if the McGrath buyback (if any) will be more successful?

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  • 2 weeks later...

John McGrath contemplates delisting his real estate dud

 

It won't surprise anyone that real estate super agent John McGrath wants to pull his biggest listing, McGrath Ltd, from the market.

 

McGrath chairwoman Cass O'Connor ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“Malcolm Turnbull's former business partner ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ offered a rather coy affirmation to the questions on everyone's lips at its shareholder meeting on Thursday.

 

"We have reviewed a number of options for shareholders, but have nothing to disclose at this time," she said.

 

In plain language, they haven't figured out how to sell this dog to long-suffering shareholders just yet.

 

Skinny shorts

 

While it had been billed as a potentially fiery meeting, McGrath's chairwoman Cass O'Connor whizzed through the AGM in just more than 30 minutes.

 

Only three questions were asked. Two were by the Australian Shareholder's Association representative, who did declare that "I only have three shareholders' proxies".

 

One question was on McGrath's problems with short selling.

 

"This is not Harvey Norman," O'Connor replied. "Any short seller of McGrath stock would be playing with razor blades ... given how thinly the stock is traded."

 

It is the first time CBD has heard a chairman or chairwoman describe their stocks' lack of market appeal as a positive, but that's real estate for you.

http://www.theage.com.au/business/cbd/john...121-gzq1n6.html

https://www.shortman.com.au/stock?q=mea

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  • 2 months later...

looking sick?

 

Gurgle, gurgle, gurgle..

Embattled real estate agency McGrath will release a statement by Monday addressing recent media speculation about incoming executive chairman and founder John McGrath.

The company requested a trading halt on Thursday morning, after delaying a conference call with media and analysts to discuss its half-year results.

 

It earlier reported a half-year loss of $25.5 million, which includes a $21.8 million goodwill impairment of company-owned sales.

 

"The reason for the trading halt is a pending announcement regarding recent media comment in relation to Mr McGrath," the company said.

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

 

Mr McGrath has been in the news recently, with Fairfax Media revealing that he has a $16 million gambling debt to a betting company run by bookmaker Tom Waterhouse, prompting shares in McGrath Ltd to fall sharply. Mr McGrath, 54, has denied having any gambling debt.

 

The ASX is also reviewing claims made by McGrath Ltd disputing speculation its Rich Lister founder has a $100 million margin-lending facility attached to his shares in the publicly listed company.

 

The results and trading halt come at the end of a tough seven months for the group, which has been hit hard by the drop-off in residential property listings and its struggling sales division, prompting market suggestions it may announce it will privatise. The company listed in December 2015 at $2.10. The shares, before the trading halt, were 42.5ÃÆâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢.

 

The company's chief executive and entire board, barring Mr McGrath, last month flagged plans to quit the company after its lower than expected earnings were leaked to the media.

 

The group on Thursday said chief executive Cameron Judson and chief financial officer Morgan Sloper would leave the company at the close of business on Friday. Melissa Jones has been appointed transitional company secretary effective immediately.

https://www.theage.com.au/business/investme...215-h0w3vk.html

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Not the sort of response needed to reassure the market, IMHO - sounds like a "Barnaby" - personal matter end of story

 

Announcement by John McGrath

I am a person who values my privacy, and generally seek to avoid

commenting publicly on adverse media relating to me. However, the

ridiculous recent press coverage seeking to link matters which are

personal to me with McGrath Limited (the Company) is distracting

attention from the important work of the Company, to a point where I have

concluded I need to make a statement to clear the air.

 

Like many Australians, I enjoy a punt. I have a credit account with a

bookmaker for this purpose. That account is not secured by, or otherwise

connected with, my shares in the Company. The account is well within my

means in the context of my net wealth. I am in full compliance with the

terms of that account. I have never, and would never, let what I might

choose to do in my personal time impact upon the Company.

 

I dedicate more than 60 hours per week to my work for the Company I

founded 30 years ago. I thank the great team at the Company for their

support at what has been a personally challenging time for me. I will

continue to focus my energies on the important work of improving

performance, growing the Company and restoring shareholder value. I do

not intend to comment further on this personal matter.

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No comment on the privatisation. Good thing he hasnÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢t bought shares in the last four months, he wonÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢t have to pay up if it keeps drifting lower.

 

http://www.smh.com.au/business/property/mc...215-p4z0g3.html

 

There was plenty of theatre and an abundance of confusion about what seems to have been simply a last-gasp attempt by those running the company to put the acid on McGrath to substantiate media rumours he is looking to privatise the company.

 

It seems like an aggressive play by McGrath LtdÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s current board, and chief executive Cameron Judson had little to lose. Judson will be leaving the company on Friday and as for the board - those few directors that remain, including chairman Cass OÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢Connor, have already announced their intention to leave by next Monday.

 

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