Audley Capital Advisors LLP (including certain related funds and
investment vehicles, “Audley Capital”) today issued the following
statement in response to the apparent outcome of the election of
directors to Walter Energy, Inc.’s (NYSE: WLT) (TSX: WLT) (“Walter
Energy” or “the Company”) Board of Directors at the April 25, 2013
Annual Meeting of Stockholders.
Julian Treger, Managing Partner of Audley Capital Advisors, commented,
“When we began our efforts, we found in Walter Energy a substantially
undervalued company with tremendous unfulfilled potential that we
believed lacked important leadership and oversight to effect positive
change at the Company. Consequently, we put forth a slate of
sophisticated, creative and dynamic director nominees, each of whom was
fully prepared to devote his experience and expertise to maximize value
for all company stockholders.”
Mr. Treger continued, “While it appears that this morning’s outcome will
not be the one that we had hoped for, we are nonetheless pleased with
the result of our efforts. We believe that our campaign was critically
important and highlighted the issues facing the Company, stimulated
dialogue with stockholders and has already resulted in some improvements
at Walter Energy. Importantly, our campaign motivated the Board to
examine a number of initiatives, including reducing debt and costs and
focusing on SG&A, and we look forward to seeing the benefits of those
initiatives in the coming months.”
Mr. Treger concluded, “We would like to thank all Walter Energy
stockholders who supported our efforts during this proxy solicitation
process. We firmly believe that the Company's prospects have been
enhanced by our actions and the changes they will have caused.”
