Audley Capital Advisors LLP (including certain related funds and investment
vehicles, “Audley Capital”) today announced that, as it expected, the Alberta
Securities Commission (“ASC”) has now dismissed all allegations of insider
trading against Robert H. Stan. The Alberta Securities Commission decision was
issued April 10, 2013. Mr. Stan is one of Audley Capital's five nominees for
election to the Board of Directors of Walter Energy, Inc. WLT in connection with the Company's
upcoming 2013 Annual Meeting of Stockholders on April 25, 2013.
Julian Treger, Managing Partner of Audley Capital Advisors, said, “We are
pleased, but not surprised, with the Alberta Securities Commission's
announcement exonerating Robert from the allegations against him. We have
always considered Robert an upstanding individual and held him in the highest
regard. As we have consistently made clear, we believed the allegations
against him were completely without merit and would be dismissed. We believe
that Robert would serve as a strong addition to the Walter Energy Board as he
brings over 30 years of experience in the western Canadian coal business and
has knowledge of the geographic area of Walter Energy's Canadian mining
activities. He, like all of our director nominees, will bring new ideas and
strategic initiatives in their efforts to bolster investment returns.”
Mr. Treger continued, “We believe that Walter Energy's ongoing attempt to
misrepresent and distort facts regarding our five director nominees,
investments and strategic initiatives needs to come to an immediate end. The
Board consistently attempted to vilify Robert based on the unfounded
allegations against him. Over the past months, we believe that the Company has
skewed realities, manipulated data to disguise underperformance, improperly
portrayed the robust credentials of our director nominees and disparaged our
proposed strategic initiatives. We believe this was the Board's weak attempt
to distract stockholders from the harsh reality of its ongoing
underperformance. All of these tactics, in our view, speak directly to the
Board's lack of credibility. Needless to say, we believe it is imperative –
for the future of the Company – that new Board members are elected to Walter
Energy's Board of Directors.”
Audley Capital urges Walter Energy's stockholders to vote the GOLD proxy card
to elect Audley Capital's five highly-qualified and experienced director
nominees to Walter Energy's Board of Directors. They will work with management
to put forth a clear strategic plan and vision that we believe could help
increase equity value over the coming 12 to 24 months.
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