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Mining Weekly reported that hedge fund Jet Capital Investors LP, SunCokeEnergy Inc.’s (NYSE:SXC) third-largest shareholder, has asked SunCoke to either show a chart of growth or sell itself.
Mining Weekly reported that hedge fund Jet Capital Investors LP, SunCokeEnergy Inc.’s (NYSE:SXC) third-largest shareholder, has asked SunCoke to either show a chart of growth or sell itself.
As quoted in the market news:
Shares of SunCoke Energy, whose coke is used in steel making, rose as much as 6.5% on Friday. The company was valued at $1.14-billion at Thursday’s closing price.
Mathew Mark, a general partner at Jet Capital, stated:
Execution on growth initiatives has been virtually non-existent with not a single acquisition completed in 2014.
Given the failures of 2014, the market currently ascribes zero growth in perpetuity to SunCoke, and zero value to its advantaged GP/LP structure.
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