AGMWhile 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