More than $300m was temporarily knocked off the value of Nathan Tinkler’s mining firm yesterday after numerous media outlets and the AAP reported on a fake press release sent to them by an anti-coal mining protester.
The release, with an ANZ bank logo, claimed the bank had pulled $1.6bn in funding for a coal mine in NSW, sending investors into a panic over the state of the Whitehaven Coal, dumping shares.
It has been claimed as a PR victory by the group behind the hoax, Front Line Action on Coal, with activist Jonathan Moylan claiming responsibility for the stunt.
He told the Australian Financial Review, which was one of the first to report the story: “This issue is a lot bigger than me. Throughout history big change occurs when people stand up and they take risks.
“We’re not going to be able to tackle a problem as immense as this just by signing a few petitions. We really need to have an impact.”
Moylan told The Australian he had received just one media call trying to verify the accuracy of the release.
It is the third listed company to be struck by false emails in the last six months, with David Jones shares climbing after rumours of a takeover, and mining services company Macmahon Holdings suspending trading amid an email chain reporting a takeover.
Shares in Whitehaven climbed back to close just below where they opened after the company issued a corrective statement with ANZ to the ASX.
Please login with linkedin to comment
Culture-leading publisher Highsnobiety continues to evolve its local operations with the appointment of Citizens of Culture as its strategic partner across media operations within Australia. Highsnobiety is a premium global brand dedicated to cultural pioneers, with work spanning across digital platforms, print media, documentaries, cutting edge events, a shopping platform and a full service creative […]
An investigation by British broadcaster ITV has found that Amazon is destroying millions of items in unsold or returned stock. The report specifically focuses on one of the 24 warehouses the company has in the UK. According to ITV News, the destroyed items are largely unused and new, either returned items or those which never […]
Australian fashion brand Witchery has partnered with B Corp GlamCorner as part of GlamCorner’s subscription box offering as the demand for everyday essentials soars. This partnership marks another milestone for the Australian fashion industry towards becoming more circular and introducing more paths to reduce textile waste. Customers nationally will be able to rent more of […]
The media, marketing and creative industries are being encouraged to host their own ‘Curry Club for COVID’ before 30th June to help meet the ambitious $100k target set by its organisers. Curry Club for COVID, which was conceived by long-time adtech executive Peter Bray, sales director at Impact, and is powered by industry social purpose organisation […]
The UnLtd Cup is returning for its tenth consecutive year, marking a decade of soccer shenanigans that’s raised nearly $500,000 for children’s mental health charity, KidsXpress. On July 22-23rd, 28 teams from across the industry will battle it out on the soccer field in the two-day tournament at Sydney University Sports and Fitness Centre, Darlington. […]
Australian-bred company Ultra Commerce has acquired New Zealand-based company Vesta eCommerce, a global software business providing leading product data management solutions. The recent acquisition is a significant move for the business, which is Australian born, owned, and headquartered, but has built out a global presence as it pursues rapid growth in the eCommerce market. Connecting […]
Canteen’s latest campaign features the combined talents of Director Luna Laure and creative agency Crater. The campaign strives to raise awareness for young people affected by cancer. The awareness campaign centres around Harry Barentson, who at 12 years of age found out his pregnant mum had cancer. The campaign aims to bring awareness to Canteen’s […]