Alpha Metallurgical Resources Issues Statement on Misleading Report By Activist Short-selling Firm
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Alpha Metallurgical Resources issued the following statement regarding a report from an activist short-selling firm containing false and misleading characterizations about Alpha’s business.
“We have worked hard to earn a strong reputation for ethical operations and transparent reporting, and these principles remain critically important to all of us at Alpha. The document released by an activist short seller today is filled with inaccuracies and appears to be fueled by an inadequate understanding of coal mining and our reporting requirements. It is clear to us that this report was designed for the sole purpose of negatively impacting Alpha’s share price for the short seller’s own benefit. Alpha’s management remains focused, as we always are, on safely running the business and continuing to create long-term value for our many stakeholders and investors,” said David Stetson, chair and chief executive officer.
Alpha’s board of directors affirmed its confidence in the company’s management and strategic direction.
“On behalf of the entire board, we stand in support of the exceptional management team running Alpha Metallurgical Resources. Their collective efforts have produced the company’s strong recent quarterly results, a significantly deleveraged balanced sheet, and the establishment of robust shareholder return programs — including our newly increased $600 million share repurchase plan and the establishment of a quarterly dividend. Alpha’s board believes the short-seller report is the work of a self-interested activist investor hoping to distort the company’s record for its own gain. It’s our view that Alpha remains well-positioned for long-term success and the board continues to have great confidence in our strategic direction,” said Lead independent director, Michael Quillen.
About Alpha Metallurgical Resources
Alpha Metallurgical Resources is a Tennessee-based mining company with operations across Virginia and West Virginia. With customers across the globe, high-quality reserves and significant port capacity, Alpha reliably supplies metallurgical products to the steel industry.
To stop by Alpha’s website, CLICK HERE
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