Bell Rock admitted it did control more of the company than it had told investors, at the same time as it dumped half of its stake in the miner.
Bell Rock Capital Management has almost halved its investment in Whitehaven Coal just days after successfully pushing for a protest vote against the company in response to its plan to buy two major mines.
On Monday, Bell Rock disclosed it had been holding more than 39.4 million derivatives linked to Whitehaven shares, in addition to just over 40 million ordinary shares in the company. However, the disclosures also show that the fund sold 35 million shares worth almost $260 million on the same day. Bell Rock’s exposure to the swaps may help to explain the motivations behind its campaign to convince Whitehaven to abandon the purchase of Daunia and Blackwater in Queensland from BHP and Japan’s Mitsubishi.
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