Westmoreland Coal Company (NasdaqGM:WLB) (“Westmoreland”) today
announced that it has reached an agreement with Venor Capital Management
LP (“Venor”) to interview additional director candidates after
Westmoreland’s 2016 Annual Meeting. The agreement is in response to
Venor’s communication indicating the intent to nominate two individuals
as directors to Westmoreland’s Board (the “Nomination Notice”). The
agreement provides that Venor will immediately withdraw the Nomination
Notice and identify additional director candidates who will be subject
to Westmoreland’s normal director nomination process. Westmoreland has
agreed to add one of these candidates to its Board on or before August
15, 2016.
“We value the input from our investors as we seek to further strengthen
our Board’s capital markets expertise,” said Mr. Kevin Paprzycki,
Westmoreland’s Chief Executive Officer. “This agreement also
demonstrates our Board’s commitment to corporate governance and
transparent communication with our shareholders.”
On February 29, 2016 and upon completion of the nomination process,
Westmoreland nominated Messrs. Robert Flexon and Robert Tinstman as
director nominees to stand for election at Westmoreland’s 2016 Annual
Meeting. Mr. Flexon had previously been recommended to the Board by
Venor.
About Westmoreland Coal Company
Westmoreland Coal Company is the oldest independent coal company in the
United States. Westmoreland’s coal operations include sub-bituminous and
lignite surface coal mining in the Western United States and Canada, an
underground bituminous coal mine in Ohio, a char production facility,
and a 50% interest in an activated carbon plant. Westmoreland also owns
the general partner of and a majority interest in Westmoreland Resource
Partners, LP, formerly Oxford Resource Partners, LP, a publicly-traded
coal master limited partnership. Its power operations include ownership
of the two-unit ROVA coal-fired power plant in North Carolina. For more
information, visit www.westmoreland.com;
provided that no information contained at such website is incorporated
by reference here.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160324006191/en/
Copyright Business Wire 2016
Source: Business Wire
(March 24, 2016 - 4:15 PM EDT)
News by QuoteMedia
www.quotemedia.com
