RE:OSC Response
Why is our Special Committee not taking the lead and withdrawing their recommendation in support. Their first duty is to the minority shareholders. They are supposed to be independent. This bid is now poisoned. Not rocket science here. Does anybody in the world have a moral compass these days? Cancel the meeting. Cancel the vote, Rio has tampered with a legal vote and meeting. My opinion only.
Skip - your experience shows exactly why the talks with the regulator go nowhere in curing the fundamental problem that there has now been established a scheme for variable compensation and the vote is materially altered - it would have failed, now it might pass, and all shareholders should have the analysis and recommendation of the Special Committee in hand prior to voting, taking into account that tow major shareholders intend to abstain ... surely that is offside as a collateral scheme of compensation. The the dissent remedy is no substitute to all other shareholders for an ordely legal takeover bid in accordance with legislation and regulation. I mean really, what should happen is nice try Rio, try again. Your "that is our last and best offer" carries very little weight - what were the first two offers supposed to be ... sucker offers? TRQ ought to have let the vote proceed in the first place and forced a no vote by Pentwater and Sailingstone. They knew it.
cg