Walter Energy Responds to Letter From Audley Capital Advisors LLP
BIRMINGHAM, AL -- (Marketwire) -- 07/19/11 -- Walter Energy (NYSE: WLT) (TSX: WLT) today confirmed receipt of a letter addressed to its Board of Directors from Audley Capital Advisors LLP.
The Company and its Board of Directors welcome constructive dialogue with all of its shareholders and remain focused on continuing to create long-term shareholder value. Walter Energy's share price has appreciated 310 percent since January 1, 2007 and 75 percent over the last 12 months, both among the highest returns of any global coal company.
The Company will continue to be led by an experienced senior management team. Joe Leonard has been appointed Interim Chief Executive Officer and previously held that title from February 2010 to April 2011. Walt Scheller, President - U.S. Operations, and Neil Winkelmann, President - Canadian & European Operations will continue in their roles. Under this team's leadership, the Company accomplished a number of key strategic initiatives, including the $3.3 billion acquisition of Western Coal on April 1, 2011 and the addition of 75 million tons of neighboring metallurgical coal reserves at the Company's Alabama operations. As previously announced, a search for a permanent CEO, conducted by Spencer Stuart, is underway.
About Walter Energy
Walter Energy is the world's leading, publicly traded 'pure play' metallurgical coal producer for the global steel industry. The Company also produces steam coal and industrial coal, anthracite, metallurgical coke and coal bed methane gas. The Company has strategic access to high-growth steel markets in Asia, South America and Europe. Walter Energy had 2010 pro forma revenues of approximately $2.3 billion and employs approximately 4,400 employees and contractors with operations in the United States, Canada and United Kingdom. For more information about Walter Energy, please visit the company website at www.walterenergy.com.
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