RE:RE:How much money is still available?
TRQ says the "in hand" proxies excluding Pentwater would result in approval.
This is a sleazy, two-tier potential payout for the same class of shareholders that take over legislation and securities oversight is suppose to prevent. TRQ's "request" for a coattail option in dissent for minority holders is weak beyond belief. They are supporting this process by having allowed the meeting to be extended as they have.
I don't think many people understand that commencing dissent proceedings is equivalent to commencing a legal action - it is a substantial undertaking in time and costs, evidence, disclosure, discovery, examination and cross-examination, retainer of experts, blah blah ... ie. if it isn't in a class action framework no individual is going to improve their position and they may expose themselves to substantial liability, David and Goliath.
Better, revoke your proxy and vote NO if you voted yes, or vote NO if you haven't voted and it is now apparent to you the offer is not the full compensation Rio would offer if the proposal failed.
Most likely next week you will have $43 coming and be looking for another copper leverage exposure play. There is ETG, the last public participation at OT still standing, or head off into the universe of other copper miners or a mining mutual fund.
Personally, when RF lost control I changed horses to ETG almost 100% but have been in and out of TRQ in the meantime though the roller-coaster when it looked like a good proposition, given that I was following OT closely.
I think it is a tainted, dirty deal now. It suits me as an ETG shareholder to see the buyout completed, I have felt TRQ had to be off the table first, but it would please me as a blow for the little guy to see the approval fail and Rio have to come back with a clean offer that treated Pentwater and us little fish the same way.
And if you didn't understand Rio's corporate ethos before, do you now? Arrogant and bullying.
cg