Bell Rock lands a blow, but Whitehaven is winning the fight
As Whitehaven and Bell Rock retire to their respective corners following the miner's AGM, the scoring of their brawl has begun.
There was no knockout blow in the Rock ‘Em, Sock ‘Em style scrap that has for months consumed UK hedge fund Bell Rock and ASX-listed Whitehaven, culminating in the coal miner’s annual general meeting this week. But as both brawlers retire to their respective corners, the scoring over their bout has begun.
On Thursday at the AGM in Sydney, shareholders delivered Whitehaven a first strike against its remuneration report, with 40.6% of shareholders voting against its executive pay plan. Typically seen as a symbolic step, a second strike next year would spill the board and trigger director elections.
Yet whether Bell Rock can really claim victory for the result is unclear. Capital Brief spoke to around a dozen retail shareholders on the ground at the event. Many said they had not even heard of the London hedge fund or its prolonged campaign.
All had broadly positive feedback on management and Whitehaven’s longer term strategy. One went as far as to describe the acquisition of two BHP coal mines Bell Rock had railed against as a “huge coup” for the miner.
