The company said it was “participating in the sale process” for the coking coal operations after a major investor accused it of keeping the market in the dark.
Whitehaven Coal has confirmed it is in the running to acquire BHP’s major Daunia and Blackwater coal mines in Queensland after a major investor alleged the company had selectively briefed some of its shareholders and suggested the market was “misinformed”.
“The board will make a decision regarding resumption of the share buy-back at the appropriate time,” it read. “Whitehaven will continue to keep the market informed in accordance with its continuous disclosure obligations.” The proposed acquisitions of the two mines, in an auction being conducted by Macquarie, and the status of Whitehaven’s share buyback was at the centre of complaints made by Bell Rock Capital Management in a letter sent to Whitehaven’s board at the weekend.
“In our view, if our understanding is correct, this information may have a material effect on the price or value of [Whitehaven] shares and should be disclosed immediately ... if not disclosed, there is a material risk that a false market in [Whitehaven]’s shares is being created due to the uncertainty surrounding these media reports and selective disclosure about these matters that may have been made to some but not all shareholders.
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