The ASX200 is tipped to open higher as PwC executives prepare to answer more questions about the behaviour of private consultancies in Canberra.
One of Australia’s biggest coal miners is facing an investor backlash over its plans to buy two massive mines from BHP. London-based hedge fund Bell Rock Capital Management this morning has launched a campaign to thwart Whitehaven Coal from purchasing the two Queensland operations for a reputed $US5 billion. It will attempt to mobilise shareholders to protest the purchase by voting against the executive pay deals up before the Whitehaven annual meeting in a fortnight.
The London-based investor has kicked off the campaign this morning with letters to all Whitehaven shareholders and an advertising blitz in major newspapers. Bell Rock, which owns close to 5 per cent of Whitehaven, is incensed that a key hurdle for executive bonuses has been removed from this year’s AGM agenda which it claims will encourage Whitehaven executives to pursue growth via acquisitions at the expense of shareholder returns.
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