Reuters – Hedge fund Third Point LLC on Tuesday urged Massey Energy Co. (MEE.N: Quote, Profile, Research) stockholders to approve twoof its candidates for the coal mining company’s board, saying they would provide “a new voice and a fresh perspective,” according to proxy statements.
Massey shares gained $2.10 in morning trading, up 5.8 percent, to $37.91 on the New York Stock Exchange.
Third Point, which has $4 billion in assets and is headed by investor Daniel Loeb, controls some 5.9 percent of the Richmond, Virginia-based company, according to regulatory filings.
Massey, under pressure from Third Point, last year approved a plan to repurchase up to $500 million in stock, but said the program probably would not start until later this year.
Loeb, however, advocated that the buyback begin sooner, given Massey’s “relatively depressed” share price. Loeb also nominated himself and an associate, Todd Swanson, to the Massey board in March.
