Walter Energy Inc. investors rejected five nominees to its board proposed by activist shareholder Audley Capital Advisors LLP, according to preliminary results from Walter’s shareholder meeting today.
The results indicate that all of Walter’s nominees were elected, the Birmingham, Alabama-based company said today in a statement.
Audley had called on the producer of metallurgical coal to reduce debt and corporate expenses to boost profit. It was the second attempt by London-based Audley’s co-founder and Managing Partner Julian Treger to compel change at Walter, which has posted two consecutive quarterly losses and seen its shares drop 73 percent in the past year. Walter rose 0.9 percent to $17.98 in New York.
“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,” Treger said in a statement today.