WHC +4.76%: while the bulk of commodities have been moving higher since the Ukraine conflict started, coal has seen a more leveraged move than most. Whitehaven kicked off their on market buyback with the stock already more than 30% higher than when it was announced at the half year results. Shares have rallied so strongly over the past few sessions that they were unable to buy a share back today given companies can only buyback at a maximum premium of 5% above the previous 5 sessions VWAP. They have $400m to spend for now, to purchase up to 10% of shares on issue – to get that full 10% though the average purchase would have to be $3.87. If coal prices stay elevated it’d be a safe bet for the buyback to be topped up.
MM remains long WHC
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