Whitehaven Coal may have already provided guidance for today’s full-year results but you can still bet every man and his dog will tune into the conference call for an update on potential corporate activity.

Since managing director T ony Haggarty told the market a data room was in place on August 8, Whitehaven shares have soared. The fact that the entire process has since gone eerily quiet and yet the stock is nearing record highs, rings alarm bells.