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.”
Audley Proposes New Board Members For Walter Energy
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