April 25 Coal miner Walter Energy Inc said
preliminary results indicated shareholders had rejected all five of activist
investor Audley Capital's nominees to its board.
The British hedge fund, which controls less than 1 percent of Walter
Energy's shares, had criticized the company for churning through chief
executives and taking on too much debt at punishing interest rates.
Walter called the fund's campaign a "hit and run" designed to turn a quick
Earlier this month, the company said proxy advisory firm Institutional
Shareholder Services had advised Walter's shareholders to back the board
nominees over those of Audley Capital.
Walter Energy's shares rose about 2 percent to $18.26 on the New York Stock