Westmoreland Announces Agreement with Shareholder Regarding Board Expansion
Englewood, CO – March 24, 2016 – 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.
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Chief Financial Officer