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TheStreet Open House

Audley Proposes New Board Members For Walter Energy

Audley’s director nominees include individuals with extensive experience in the metallurgical coal industry on an international basis and possess the skills required to manage multi-jurisdictional coal operations and their financing. Audley is not seeking to replace a majority of the Board, but does believe significant change to the composition of the Board is warranted given the qualifications of its nominees and the long-term underperformance of Walter Energy. Audley will seek the support of fellow Walter Energy shareholders to replace the following current directors: Mr. Howard Clark, Mr. Jerry Kolb, Mr. Joseph Leonard, Mr. Bernard Rethore and Mr. Mike Tokarz.

Julian Treger, Managing Partner of Audley Capital, said, “There is substantial value in Walter Energy that is not reflected in the current share price. We believe Walter Energy has high quality metallurgical coal assets with potential for significant growth. Unfortunately, what we see as poor financial and strategic judgement by the current board has weighed heavily on the Company and prevented it from creating value for its shareholders.”

Added Treger, “Our director nominees will bring experience, accountability and a fresh perspective to the Walter Energy board. Once elected, we believe they can substantially and dramatically improve the Company’s ability to operate in the current environment and help put in place initiatives that will enable the Company to achieve its value creating potential over the long-term for the benefit of all shareholders.”

Audley’s slate of directors includes highly qualified mining industry experts, with considerable operating experience. The nominees are:

Mr. Eddie Scholtz (59)

Mr. Eddie Scholtz has over 40 years of experience in the mining industry, primarily in South America and Africa. During his career he spent 37 years with BHP Billiton, where he held a variety of positions, including Managing Director of Ingwe Collieries, BHP Billiton's wholly-owned South African coal business, now known as BHP Billiton Energy Coal South Africa. In this role Mr. Scholtz oversaw one of the largest coal businesses in the world. More recently Mr. Scholtz was also Managing Director for BHP Billiton's bauxite and alumina operations in Suriname in South America and was formerly Chief Operating Officer for TSX-listed CIC Energy Corp, which was acquired by Jindal Steel and Power Limited in 2012, and was formerly President and CEO of TSX-listed Talon Metals Corp.

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