Media Speculation about Gunns financial backers comes up short.

Read the respective reports by The Mercury and The Examiner.

Note the Examiner report under this link is allegedly the 2nd published report.

Financial analyst Jarvis Cocker alleges to have contacted The Examiner Editor alerting them to errors in the original story, "suggesting they (Examiner) might like to scrap it and start again, which they dutifully did"

Then read the daming critique of the two news reports by financial analyst Jarvis Cocker Here.

Key Points in Cocker's expose;

• The Gunns 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.’’
• Nothing in the Macquarie release gives me the impression the bank is looking at Gunns as anything other than a toy for short-selling. Like some other institutions that pop up on the registry from time to time, Macquarie clearly sees the direction of the share price - spiralling towards nothing. In short, a perfect stock for shorting; not so good for adding to growth portfolios.
• NAB isn’t buying shares on its own account. The majority are held either by subsidiary MLC, or by individuals and corporates using NAB’s trustees services. Although given NAB’s hapless record of corporate investment, perhaps it’s appropriate they are taking an interest in Gunns.

See the ASX releases in question Here under the tab GUNNS LIMITED announcements.
The two NAB releases in question on 21/4/2011 and 4/5/2011. The two Mac Bank releases in question on 21/4/2011 and 3/4/2011.

Pilko (with compliments to Jarvis)