Indefinite postponement of the TRQ Arrangement vote.
Yeah, Rio's side deal with Pentwater - tainted the proxy solicitation, tainted the proxies given, tainted the offer, tainted the vote.
This deal will collapse and the Rio should do what it should have done in the first place, as much as they don't like vocal minority shareholders that stand up for their rights - sit down and make an offer to Pentwater to make the same arrangement at a fairer price , get them to lock-in, then fire out another circular and set an new meeting and vote.
The Mongolians have to be wondering what the hell is wrong with Rio Tinto's top management. They can't tie up their ownership of OT 66% - 34% as was contemplated way back in 2006? Mama Mia these people are inept. So unfair to their engineers and operations side who have done an amazing job with the mine and engineering in what is a stupendous project - yes they had to redesign, but they did that to ensure success ... it's not unlike saying Sully could have flown the plane back to airport ... we'll never know whether the prior design might have flown or not. As it is, they changed, it, costs went up, okay. But then the cover-up and misrepresentations, now compounded again.
Looks like ETG gets deferred a bit longer waiting for the TRQ resolution. Mongolians must be getting impatient, "We still don't have a full 34% of all OT as was intended back in 2009!"
Bold Baatar, pick up your game! Whether it is an inability to sell the necessary price internally, or to negotiate externally, you guys look inept beyond belief now. Take a knee, say mea culpa. Fix it.
cg