Tinker ups the ante on Whitehaven board
Whitehaven Coal's biggest shareholder, Nathan Tinkler, will vote against the election of five directors unless the company provides certain financial and operational information at its annual meeting next month.
Tinkler wants confirmation from Whitehaven on its estimated earnings and an update on the Narrabri and Maules Creek mines, according to a letter dated today from his closely held Tinkler Group to Chairman Mark Vaile that was e-mailed to Bloomberg. He gave the company two days to respond.
“In the absence of a commitment to provide this information” Tinkler Group would vote against the election of Vaile, Paul Flynn, Philip Christensen, Richard Gazzard and Christine McLoughlin, the letter said. Whitehaven is due to hold its general meeting on November 1.
Tinkler Group, which in August scrapped a takeover proposal valuing the Australian coal producer at $5.3 billion, and its related entities have a 19.4 per cent stake in Whitehaven, according to the letter. Whitehaven rose 1.6 per cent to $3.20. Its shares have declined 40 per cent this year.