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Turquoise Hill Resources Ltd. TRQ


Primary Symbol: T.TRQ

Turquoise Hill Resources Ltd is a global mining company that primarily mines copper, gold, and coal in the Asia-Pacific region. The company holds a 66% interest in Oyu Tolgoi, one of the world's largest copper-gold-silver mines, which ships concentrate to customers in China. Oyu Tolgoi is located in the South Gobi region of Mongolia, approximately 550 km south of the capital, Ulaanbaatar, and 80 km north of the Mongolia-China border. The company also holds interests in companies that mine...


TSX:TRQ - Post by User

Comment by Countrygenton Dec 13, 2022 1:45pm
191 Views
Post# 35169019

RE:RE:RE:RE:RE:RE:Now it gets interesting.

RE:RE:RE:RE:RE:RE:Now it gets interesting.

The dissent remedy and the oppression remedy under the Yukon Company Act are two different things.

Speak to a corporate lawyer in Canada.  The time for filing for a dissent claim (essentially an arbitration of a fair price for the shares instead of the transaction price approved by the directors and other shareholders) has passed.  I don't know what the time limitation for filing an oppression claim may be, but that is a different remedy for damages or other relief.  

Pentwater (and Sailingstone?) have an action pending in NY relating to misresentations made to the public market during the period of delay and cost escalation of the Lift 1 development.  It is a possibility that once TRQ is delisted and public disclosure obligations greatly reduced, that Pentwater and Sailingstone will enter into a private and confidential settlement of BOTH their dissent of the buy-out transaction and the pending NY lawsuit.  That will potentially leave other dissenting shareholders on their own, battling Rio in the Yukon.  Knowing Rio, it may be a tough game.

Good luck.  Personally it is my view that Rio and Mongolia played a long game by fighting over OT that rewarded both of them by driving up perceptions of political and manangement risks in Mongolia, so they could consolidate their agreed 2/3 Rio - 1/3 Mongolia ownership of OT.  From 2011 to 2022 the share price of TRQ fell over 80% to the final bid price of $43, including any premiums to market in the bid. Ouch.  You know, there is Rio, on the one hand the most likely buyer of the public float they don't own, moaning constantly about political and technical problems and flooding the market with bad news,  disputes, delays, cost overruns, while at the same time they have their eyes on buying out the public market.  Sketchy?

cg
 

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