``.........Major Banks Back Gunns’’ read the headline. (On TT: HERE) The story went on to claim shares in the company `soared’ 6 per cent after National Australia Bank and Macquarie Bank announced substantial shareholder notices. There was also the claim Unisuper increased its stake in the company to 7.99 per cent ``last week.’‘ Wrong, wrong and wrong.
There were so many errors in the story, I emailed the editor, suggesting they might like to scrap it and start again, which they dutifully did (surprisingly - the Examiner chaps don’t like Jarvis much).
First, the share price did nothing after the Macquarie announcement, as it was released to the ASX at 4.34pm, well after the market closed.
The National Australia Bank release hit the screen at 2.01pm, at which time Gunns were trading at 55.5 cents. As they closed at 55, it would have been more accurate for The Examiner to report ``Gunns shares softened after NAB announcement.’’
Greg wouldn’t have liked that.
Second, nothing in the Macquarie release gives me the impression the bank is looking at Gunns as anything other than a toy for short-selling......." Read More Here