Bell Rock Capital Management has almost halved its investment in Whitehaven Coal just days after successfully pushing for a protest vote against the company in response to its plan to buy two major mines.

The size of the stake in the coal miner held by the London-headquartered hedge fund has been in focus after Whitehaven complained to the Takeovers Panel that Bell Rock may have misled investors as it campaigned for the abandonment of a $6.4 billion deal to acquire the two coking coal mines.