RE:RE:Thumbs Down by Sailingstone Hate to remind you of depressing facts Unkal but TRQ was consolidated 10 for 1. Friedland sold a chunk at the equivalent of $280cdn per share I believe, in 2010 or 2011. The stock ran from below $4 CDN in the panic of the post-Lehman mortgage collapse in late 2008, to over $20 by 2010. I remember well because I plunged hard in December 2008, swapped out for a big chunk of ETG within two years. At the time the CDN and US dollars were quite close to par.
I've always been here, but in a drifting market like we have had this summer not much to say - except the TRQ Special Committeehas acted disgracefully slowly and favourably to Rio Tinto IMHO. No indication of their conclusion of fair value for months and then this charade "deal". It won't fly without Pentwater and Sailingstone endorsing it if you ask me - no way I vote 'for' at this price. Now because TRQ has endorsed it, Rio will get a free ride paying for professional proxy agents to call up the shareholders trying to drum up support, at our expense. Infuriating!
Furthermore, as Sailingstone and Pentwater said in the Spring regarding the first rip-off low ball offer, they would happily buy a portion of Rio Tinto's shares for the $54 CDN cost they are carried on Rio's balance sheet. Which is a joke because it would mean Rio Tinto would lose management control, as they only have 51% - but underscores the fake scare techniques around the requirement for TRQ to go to market for an equity raise - of course Rio Tinto will take up at least half of it to maintain control, and given they want more ownership, why not all of it? It's connivance. Why is the TRQ Board not canvassing other major mining companies for competing bids?
What I'd like to see is an offer from another major ... BHP, Glencore, to BOTH Rio Tinto and the TRQ minority to buy out all of TRQ for a substantially higher price. Then watch them all backpedal about what's in the best interests of the shareholders.
Mongolia and Rio Tinto engineered fear in the market - Mongolia was gifted $2.4 Billion USD to clam up, thus receiving their 34% of TRQ's OT interests gratis. It suited them both to cry poor because they both want more. Disgraceful.
Very interesting that Sailingstone named a potentially acceptable number though, that's a first.
cg