Bell Rock digs in and aims to hit Whitehaven where it hurts
Whitehaven's most outspoken shareholder is rushing around town to mount an 11th hour campaign against the coal miner's management.
As the clock ticks down to the Whitehaven AGM on Thursday, UK hedge fund Bell Rock is busy behind the scenes slowly trying to build the numbers to strike against CEO Paul Flynn and his board.
A large parcel of Whitehaven shares changed hands last week, triggering speculation in the market that Bell Rock could be throwing in the towel on its position after it failed to derail the company's $5 billion acquisition of the BHP Daunia and Blackwater metallurgical coal mines.
But one source familiar with the fund's strategy told Capital Brief it still holds about 4.8% of the company. And regardless of the size of its stake, it's clear Bell Rock is digging in its heels and readying a counterpunch.
With that $5 billion deal all but sewn up, Bell Rock chief investment officer Michael O’Mara is now focusing his fury on company leadership — and what he believes is an abject lack of accountability to shareholders.
