Post by
Countrygent on Jul 25, 2020 11:01am
AGM
While the election of the Rio Tinto aligned management slate of directors was a foregone conclusion, a majority of the minority gave their proxies to Pentwater and withheld support for the management slate.
Halbower gave a little speech and hinted at malfeasance and the turnover in senior management as being in part due to conflicts with their duties to TRQ and Rio Tinto directives.
All table-setting for two potential eventualilities - an oppression action alleging an abuse of minority shareholders by Rio Tinto - most likely focussed on the cash payments they have received as prime contractor and lender at OT, and the ability to block any corporate action where a “majority of the minority” is required for approval - take over bid, arrangement, amalgamation.
The movie might be called “There will be litigation”?
Personally, I regard the proposed share consolidation is a nasty piece of work to cover the tracks of the destruction of market cap valuation. As said before, far too much bad news trumpeted, good news kept quiet, and glum outlook promoted by the number one biller to TRQ and the most likely buyer of the minority equity ... is wrong.
Good for Halbower, and I recognize they have their own agenda as well, but at present it seems aligned with mine - get the share price up.
cg
Comment by
UNKLAL on Jul 25, 2020 11:41am
My disappoint goes way back when Friedland left the table with his payout n the little guys were left to pound salt as they say. With Rio now in charge for another year, I can't see how if there is an early buyout how the wee shareholders who have been along on this brutal ride will ever see a fair sp!!! UNKLAL
Comment by
Paray99 on Jul 28, 2020 4:26pm
Are you trying to tell the board of directors that you need to make a profit? That never happened in the history... Directors will be always working hard to fill their pockets more and more... of course that includes your money too....