I have just received the following email from Bell Rock; any...

I have just received the following email from Bell Rock; any comments would be appreciated. Thanks.

	Dear Shareholder, Whitehaven Coal Limited (WHC) is putting your shareholder returns and your future income at risk.

Under WHC’s current plan, the Company could destroy the share price, cancel or reduce dividends, stop the share buy-back, and still pay a healthy bonus to management. That’s because WHC dropped Total Shareholder Returns (TSR) from their remuneration structure for thefirst time since 2011. This is not the approach taken by BHP, Rio Tinto, New Hope, Newcrest, Woolworths, Telstra, and many of the rest of the ASX 100. Nor is it the approach taken by fellow listed coal companies Coronado or Stanmore. At the same time WHC management have presided over a destruction of the share price in the past year, while paying CEO Paul Flynnthree timesmore than his peers.

That’s not fair for WHC shareholders. You may be aware Bell Rock Capital has made public comments about our concerns with WHC’s attempt to purchase BHP’s Daunia and Blackwater mines. Under this plan, WHC management could gain a significant financial benefit from the potential transaction and see no financial recourse if itdestroys shareholder value. Regardless of your view on the BHP transaction, as a shareholder, you need to ask one question –without total shareholder returns (TSR) in WHC’s remuneration structure, how can you be sure management is acting in your best interests? If it’s good enough for BHP, Rio Tinto and even New Hope, why isn’t it good enough for Whitehaven Coal? Our approach Bell Rock’s approach is as a long-term strategic investor and we manage just under 5% of WHC stock. Regrettably we are taking this action because the WHC Board and management have made no attempt to address our concerns and their approach impacts all shareholders, not just us. The Board’s view may have been based on a misconception that Bell Rock is a short-term investor and will be gone soon. This is wrong. For more information on what you can do to support fair returns to all shareholders, visitfairshareholderreturns.com.au.

Kind regards, Michael O’Mara Chief Investment Officer Bell Rock Capital