Nathan Tinkler, the biggest shareholder of Whitehaven Coal Ltd. (WHC), will vote against the election of five board members at a general meeting tomorrow because of the poor performance of the Australian miner.
“The company needs a better board and better management,” Tinkler said today in a telephone interview. “These are world- class assets. There’s nothing wrong with the assets. This management team has an extremely poor record of delivering profitability from assets.”
Tinkler, who scrapped a A$5.3 billion ($5.5 billion) takeover proposal for the Sydney-based company in August, said he would seek to remove the directors to install a better team to boost Whitehaven’s performance. He gained his 19.4 percent stake in the company after Whitehaven agreed to buy Aston Resources Ltd. in December for about A$2.7 billion.
The electrician-turned-mining-investor is not planning to sell his 19.4 percent stake in the company, valued at A$628 million, he said in the interview. Tinkler last week wrote to Whitehaven Chairman Mark Vaile, seeking financial and operational information.
Whitehaven rose 1.7 percent to A$3.05 at the close in Sydney. The stock has declined 42 percent this year.
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