Hoax press release sparks Whitehaven plunge
Date January 7, 2013 - 12:43PM 140 reading now
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Peter Ker
Dumped ... Investors were quick to drop Whitehaven shares after the hoax press release.
A hoax press release caused a sudden drop in Whitehaven Coal shares shortly after 11am today.
The press release, claiming to be from a major Australian bank, said a recent $1.2 billion loan to help Whitehaven build a new mine had been overturned because of concerns about the impact the mine would have on agriculture and the environment.
The announcement caused Whitehaven shares to fall 22 cents, or 8.8 per cent, from $3.52 to $3.30 shortly after 11am. The Whitehaven share price has started rebounding to about $3.40 as news of the hoax spreads.
ANZ arranged a $1.2 billion loan facility to Whitehaven in December to help it build the Maules Creek mine that was received as part of Whitehaven's merger with Nathan Tinkler's group of companies.
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Maules Creek is located north-west of Newcastle in New South Wales, around agricultural land.
Today's false press release carried the ANZ logo and the details of the bank's communication staff at the bottom.
Read more: http://www.theage.com.au/business/mining-and-resources/hoax-press-release-sparks-whitehaven-plunge-20130107-2cc47.html#ixzz2HFcFGc5s
its a hoax
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