07/01/2013 20:35:00

Whitehaven Shares Hit After Hoax by Anti-Coal Group

-- Whitehaven shares stage recovery after falling 9% on email hoax

-- Environmental group opposed to coal mining claims responsibility

-- Securities regulator says it's looking into the matter

SYDNEY--More than 300 million Australian dollars (US$314 million) was wiped off the value of Whitehaven Coal Ltd. (WHC.AU) shares at one stage on Monday, after the Australian mining company fell victim to a hoax email apparently from an environmentalist group.

Whitehaven said the email was a fake media release purportedly from Australia & New Zealand Banking Group Ltd. (ANZ.AU) which claimed the lender had withdrawn a A$1.2 billion loan previously offered to help fund its Maules Creek mine in New South Wales state.

A group calling itself Front Line Action on Coal claimed responsibility for the email, which drove the company's shares down by as much as 9% in Sydney before Whitehaven went into trading halt. The shares recovered most of their losses after trading resumed following Whitehaven's statement.

The episode highlights the simmering tension between mining companies seeking to unlock deposits of raw materials in Australia that can be shipped to fast-growing economies in Asia and elsewhere, and other land users and environmental groups opposed to new resources developments.

In a separate statement, ANZ also confirmed that the release was part of a hoax, and said it remained "fully supportive" of Whitehaven, one of Australia's largest-listed coal producers with a market value of A$3.5 billion.

Whitehaven announced last month that it had received the ANZ loan, which replaced its existing bank facilities. It said the loan would be used to finance Maules Creek.

In a statement, the Australian Securities and Investments Commission, or ASIC, said it was aware of the hoax press release and was looking into the matter.

"ASIC's initial enquires will focus on if there has been a breach of the Corporations Act. If there appears to be a breach, ASIC will investigate and take timely and appropriate action," it said.

"Our primary concern is the expansion of the world's most unsustainable industry," said Jonathan Moylan, a spokesman for Front Line Action on Coal, an activist group. "Bank customers deserve to know where their money is going, and while we have been going through the formal processes the government is no longer listening."

It is the third time in six months that major Australian companies have been targeted by scams.

David Jones Ltd. (DJS.AU) disclosed a A$1.65 billion takeover approach by a mysterious U.K. entity in June, which sent shares in the department store chain up as much as 18% before the offer was quickly withdrawn. A regulatory investigation by ASIC into disclosure and trading in David Jones stock followed.

In October, engineering contractor Macmahon Holdings Ltd. (MAH.AU) halted trading its shares after being contacted by the media over a fabricated email exchange among Macmahon board members about a Chinese takeover approach.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

Subscribe to WSJ: https://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

January 07, 2013 15:35 ET (20:35 GMT)

Copyright (c) 2013 Dow Jones & Company, Inc.

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
19 Sep
 
Jeg har været med som skribent her på EI siden 2012 og jeg har haft mange gode øjeblikke ved at være..
62
20 Sep
VWS
Vestas aktien fylder en del i min portefølje, hvorfor jeg følger den tæt. Jeg var dog selv tidligere..
35
22 Sep
DANSKE
Er det ikke tænkevækkende i disse dage at være vidne til vores politikere, der berettiget forarges o..
31
20 Sep
 
Danmark forærer 12mia kr væk til svindlere - med hjælp fra et par fordrukne ansatte i skat. Så stort..
23
23 Sep
DANSKE
Danske har intet lært. Ikke af finanskrisen, ikke af skattely sager, ikke af panama sager. De har ty..
22
24 Sep
TEVA
Dansk Aktionaerforening gjorde et lille scoop og fik Kaare Schultz til at deltage i InvestorDagen i ..
19
24 Sep
VWS
MHI Vestas turbine platform can scale up to GE's 12 MW rival: CEO https://www.reuters.com/article/us..
18
20 Sep
DANSKE
Erhversministeren mener at hvidvaskskandalen er "en af de største skandaler i danmarkshistorien" og ..
16
21 Sep
DANSKE
Desværre har pressen og visse politikere dømt i en sag for at mele deres kager.  Hvis man har fulgt ..
14
20 Sep
DANSKE
MEN DER ER INGEN SAG!  Det er IKKE Danske Banks opgave at forhindre pengeudførsel fra Rusland !  Der..
14

HSBC Bank Plc : Form 8.5 (EPT/RI) - Lonmin PLC

22/02/2018 10:54:53
FORM 8.5 EPT/RI) PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY Rule 8.5 of the Takeover Code (the "Code") 1.         KEY INFORMATION (a) Name of exempt principal trader: HSBC BANK PLC (b) Name of offeror/offeree i..

Rathbone Brothers Plc : Preliminary announcement of 2017 results

22/02/2018 07:00:19
Funds under management up 14.3% to £39.1 billionThis is a preliminary statement of annual results published in accordance with FCA Listing Rule 9.7A. It covers the year ended 31 December 2017. Mark Nicholls, Chairman of Rathbone Brothers Plc, said: "UK and global investment markets performed well in 2017, with some indices reaching record levels towards the end of the year. This outcome has b..

Elliott Capital Advisors, L.P : Form 8.3 - GKN Plc

Related news
21/02/2018 15:25:10
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1.         KEY INFORMATION (a) Full name of discloser: Elliott Capital Advisors, L.P. (for itself and related general partners ..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
Diagnostic Superiority and Equivalence to Biopsy: a Study Confirms the Clinical Value of ShearWave® Elastography (SWE™) for the Non-Invasive Evaluation of Liver Fibrosis
2
Payment Security Compliance drops for the first time in six years, states Verizon’s 2018 Payment Security Report
3
PCG Advisory Group Co-Sponsored Family Office Event Presented by Morgan Creek Capital and BlockWorks Group
4
Motif Bio Reports Half-Year 2018 Financial Results and Operational Progress
5
Recall Studios Will Host Shareholder Call, Tuesday, September 25th at 11am EST

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Berlingske Media 2018  Cookie- and Privacy policy  |  Cookies  |   General terms of trade  |   Terms of use and IP rights
Quote information is delivered by Morningstar.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
25 September 2018 16:51:04
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20180919.1 - EUROWEB3 - 2018-09-25 17:51:04 - 2018-09-25 16:51:04 - 1000 - Website: OKAY