It’s more bad news for embattled ex-billionaire Nathan Tinkler, with shares in Whitehaven Coal nearly reaching a four-year low yesterday.
And if you were a Whitehaven shareholder, this chart would not be much fun. It’s the company’s one-year price against the broader ASX/S&P 200.
Though resources stocks generally have missed out on the recent bull run in the share market. Read more about that here at the AFR.
They touched lows of $1.94 yesterday before closing 2.96% down at $1.97. That’s the lowest price since May 2009 when Whitehaven shares touched $1.70.
It’s salt-in-the-wound for Tinkler, with the fall coming only a day after he put his horse breeding operation Patinack Farm up for sale.
Tinkler’s highly-publicised financial woes may be taking their toll on Whitehaven’s value.
“Nathan Tinkler is another excuse why a manager might not need to go near the stock,” one experienced coal analyst told the Australian.
“We are getting towards June 30 and people are trying to lock in performance elsewhere and why would a manager make a call on such a volatile situation as Nathan Tinkler and want to ruin their reputation on something that could blow up in their face,” the analyst told the Australian.
Read more here.