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Walter Energy, Inc. Common Stoc Message Board

  • well_off_and_well_connected well_off_and_well_connected Apr 19, 2013 12:56 PM Flag

    Dear Fellow Walter Energy Shareholders:

    "We have spoken with many of you personally over the past months, and we want to thank you for your constructive insights and feedback. We pledge to continue to have an open dialogue with you in the months ahead.
    With days left before our Annual Meeting on April 25, we want to reaffirm that your Board is aligned with you in its commitment to maximize shareholder value.
    Since last Fall, when the met coal market began to decline, your Board and management team have taken decisive actions to position Walter Energy to deliver substantial increased value when met coal prices recover by aggressively reducing costs, safely increasing profitable met coal production, and improving your Company’s financial flexibility.
    We are not tied to any asset -- we are committed to pursuing all initiatives necessary to generate value for shareholders.
    As a result of the two bond offerings we completed over the past six months, the Company has enhanced its liquidity and extended its debt maturity profile. We have no material debt payments until 2015, and require no incremental funding at this time. We are in a strong liquidity position. In addition, we are intensely focused on cost reduction as demonstrated by the significant progress we have made in reducing SG&A and production costs.
    Our belief that our strategy is sound and our progress is tangible is supported by all three major independent proxy advisory services, which recommend that Walter Energy shareholders vote in favor of ALL TEN of the Company’s nominees. Research analysts have also affirmed that we are on the right track.
    It is unfortunate that Audley Capital continues to make reckless and irresponsible misstatements about our balance sheet, operations, and prospects, without regard for the impact on the Company or its shareholders. We note that Audley owns less than one-tenth of one percent of Walter Energy shares."

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    • GREATTTTTTTTTTTTTT!

    • well_off_and_well_connected well_off_and_well_connected Apr 19, 2013 1:43 PM Flag

      As a result of the two bond offerings we completed over the past six months, the Company has enhanced its liquidity and extended its debt maturity profile. We have no material debt payments until 2015, and require no incremental funding at this time. We are in a strong liquidity position. In addition, we are intensely focused on cost reduction as demonstrated by the significant progress we have made in reducing SG&A and production costs.

    • well_off_and_well_connected well_off_and_well_connected Apr 19, 2013 12:56 PM Flag

      Throughout this contest, we have tried to be forthright, transparent, and accurate about our strengths, our challenges, and the work we still need to do. Audley has failed by all these measures in its account of its true agenda, the background of its nominees, and its comments concerning the Company. We believe our nominees can serve you best by continuing to execute our business plan and build on our strategic initiatives to date. We have the right Board and management team, a proven track record of delivering shareholder value, and a commitment to working through challenges on your behalf.

      Your vote is important in this election, and we urge you to vote TODAY so that your voice is heard. To ensure your votes for ALL TEN of the Walter Energy Board’s nominees are represented at the meeting, we encourage you to vote today by telephone or by Internet by following the instructions on your WHITE proxy card.

      Sincerely,

      Michael T. Tokarz, Chairman of the Board

      Walter J. Scheller, III, Chief Executive Officer and Director

 
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