Audley European Opportunities Master Fund Limited Regulatory Filing

GUERNSEY, Channel Islands, Nov. 18 /CNW/ - Audley European Opportunities Master Fund Limited, Audley Investment I and Audley Investment II (the Funds) and their manager, Audley Capital Management Limited, announced today that the Funds have agreed to sell approximately 54.5 million common shares of Western Coal Corp. representing 19.9% of the outstanding shares, to Walter Energy, Inc. for CAD$11.50 per share, or a total consideration of approximately CAD$630 million, subject to adjustment in certain circumstances.

Under the agreement, the sale will occur in two instalments. Upon the satisfaction of closing conditions, Walter Energy will acquire approximately 25.3 million common shares of Western Coal for cash and will acquire the remainder of the stake in cash or Walter Energy stock upon the acquisition of Western Coal by Walter Energy or, in any event, no later than April 30, 2011. The transactions are subject to regulatory approval. Upon completion of transactions contemplated by the agreement, the Funds will own, directly or indirectly, an aggregate of 8,639,004 Western Coal common shares representing 3.1% of the outstanding shares.

Audley Capital Management Limited is regulated by the Guernsey Financial Services Commission. Audley Capital Advisors LLP acts as investment advisor to Audley Capital Management Limited and is regulated by the Financial Services Authority of the United Kingdom.

In this press release, references to the outstanding common shares of Western Coal do not include any common shares held by Cambrian Mining Limited, a wholly-owned subsidiary of Western Coal.

For further information:

Jolie von Arnim
Audley Capital Advisors LLP
44-207-529-6920
[email protected]
on behalf of:
Audley Capital Management Limited
Audley European Opportunities Master Fund Limited
Audley Investments I
Audley Investments II
Trafalgar Court
Les Banques
St. Peter Port
Guernsey
GY1 3QL