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March 25, 2013
05:47 EDTWLTWalter Energy cites 'serious omissions' in Audley Capital proxy statement
Walter Energy issued a letter to its shareholders raising serious concerns about Audley Capital's slate of nominees and highlighting the steps underway by the company's board and new management team to increase shareholder value. The letter from Chairman Michael T. Tokarz and CEO and Director Walter J. Scheller III highlights "troubling aspects" about Audley's campaign to replace five of its nine independent directors, including the fact that Audley's proxy statement contains serious omissions regarding the background and history of its nominees. These omissions include insider trading charges, deficient governance, and misrepresentations of experience. Walter Energy said the board's nominating and corporate governance committee reviewed the Audley slate and determined that individually and collectively they lack the qualifications and experience to be suitable board candidates. Walter Energy has a balanced mix of experience and expertise on its board, and four of the 10 current directors have joined within the past two years.
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