Bell Rock withdraws Takeover Panel appeal on Whitehaven

The news: Bell Rock has backed-off on calling for a Takeovers Panel decision review, after the investments watchdog chided the investment manager on disclosure. The panel previously found Bell Rock withheld its increased stake in Whitehaven during a campaign to stop the coal giant from purchasing new mines. Bell Rock has since issued an ordered corrective notice and has withdrawn its review application.

The numbers: The fund's undisclosed long position in Whitehaven increased from slightly more than 5% in June 2022 to as much as 13.04% in June 2023.

The context: Ahead of a successful protest vote to block Whitehaven's purchase of two coal mines owned by a BHP-Mitsubishi alliance, Bell Rock increased its stake in Whitehaven without informing the market. In October the hedge fund admitted to owning more of Whitehaven than it had told investors, at roughly the same time it sold its stake back down by $260 million, the Australian Financial Review reported at the time.