Unreserved Apology by Anthony Heraghty and James McGrath
8 November, 2009
This unreserved apology is given by Anthony Heraghty and James McGrath to George Patterson Y&R Pty Ltd (GPYR), Y&R Brands, George Patterson Partners Pty Limited, The Communications Group Holdings Pty Limited and Hamish McLennan. It is given in relation to the agreements that Mr Heraghty and Mr McGrath entered into with the representative of a group of former shareholders in 2005 (agreements) and their conduct pursuant to the agreements.
Throughout 2005 and 2006 GPYR, and subsequently Y&R globally, made offers of ongoing employment to us within the Y&R network.
Y&R CEO Hamish McLennan applied himself to making those opportunities available. We accept that Mr McLennan was not aware of the agreements at the time of proffering those opportunities, and that he did so on the basis that we would be staying with the business for the foreseeable future. The offers were made, and received, in good faith.
In retrospect, we could have taken steps to more clearly enunciate our intentions to Y&R and Mr McLennan.
We therefore extend our unreserved apologies accordingly.