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Rio Tinto has successfully acquired Turquoise Hill Resources Ltd for approximately
Turquoise Hill Resources Ltd. (TRQ) announced the completion of a statutory plan of arrangement with Rio Tinto, where Rio Tinto acquired approximately 49% of Turquoise Hill's shares for C$43.00 per share in cash. Following this transaction, Turquoise Hill plans to delist its shares from the Toronto and New York Stock Exchanges, and cease being a reporting issuer under Canadian securities laws. The details of the arrangement have been outlined in a management information circular dated September 27, 2022, and amended on November 24, 2022.
Turquoise Hill Resources Ltd. (TSX: TRQ) announced that the Supreme Court of Yukon granted a Final Order for Rio Tinto to acquire approximately 49% of Turquoise Hill's common shares at C$43.00 per share. Shareholders approved this arrangement at a special meeting on December 9, 2022, and completion is expected around December 16, 2022. Post-acquisition, Turquoise Hill plans to delist from the Toronto and New York Stock Exchanges and cease reporting under Canadian securities laws.
Rio Tinto has gained support from Turquoise Hill Resources Ltd shareholders for its acquisition of the remaining 49% of shares it does not own. The transaction, subject to Supreme Court of Yukon approval on 14 December, aims to streamline governance and enhance the Oyu Tolgoi project in Mongolia. CEO Bold Baatar emphasized the benefits for all shareholders resulting from the acquisition. Completion is anticipated shortly after court approval, pending customary closing procedures.
Turquoise Hill Resources Ltd. (TSX: TRQ) announced that shareholders approved a plan for Rio Tinto to acquire the remaining 49% of shares at C$43.00 each. The Arrangement received 86.6% approval from total votes and 60.5% from minority shareholders, surpassing the 66⅔% requirement. A court application for a final order will be presented on December 14, 2022. With less than 17.5% dissent notices filed, the completion of the Arrangement is anticipated by December 16, 2022, subject to court approval and other conditions.
Turquoise Hill Resources Ltd. (TSX: TRQ) announces a Special Meeting on December 9, 2022, at 12:00 p.m. (Montreal time) to vote on a plan of arrangement with Rio Tinto, which aims to acquire the remaining 49% of shares at C$43.00 each. The Supreme Court of Yukon has issued an Amended Interim Order, confirming the arrangement remains fair for Minority Shareholders. The Board and Special Committee recommend voting in favor of the resolution. Shareholders can dissent and receive C$34.40 upfront with a subsequent balance up to C$43.00. Further instructions for voting and dissenting rights are provided in the company's circular.
Turquoise Hill Resources (TSX: TRQ) acknowledges the termination of agreements with certain shareholders by Rio Tinto. This decision comes after discussions aimed at addressing minority shareholder concerns. Rio Tinto has committed to irrevocable benefits for minority shareholders, including waiving dissent conditions and offering C$34.40 per share to dissenting shareholders. The Company plans to seek a new date for a special meeting regarding Rio Tinto's proposed acquisition of the remaining shares at C$43.00 per share. Further updates will follow upon receiving an amended interim order.
Turquoise Hill Resources Ltd. (TRQ) reported its Q3 2022 financial results, showing a revenue decline of 40.9% to $391.1 million due to decreased copper and gold production. The company maintained its operational focus on the Oyu Tolgoi mine, achieving a safety performance with an all injury frequency rate of 0.19. Gold production guidance was revised upward to 165,000-185,000 ounces, while copper guidance remains at 110,000-150,000 tonnes. Challenges include a projected incremental funding requirement of $3.7 billion to $4.0 billion, and uncertainty surrounding liquidity and the ongoing transaction with Rio Tinto.
Turquoise Hill Resources Ltd. (TSX: TRQ) will release its third-quarter financial results on November 14, 2022, before North American markets open. Investors are keenly awaiting these results, which could provide insights into the company's performance and outlook.
Turquoise Hill Resources Ltd. (TSX: TRQ) announced that its Special Committee is working with Rio Tinto to address concerns over the differential treatment of minority shareholders in their proposed arrangement. The Autorité des marchés financiers (AMF) has raised public interest concerns regarding the transaction's structure. Consequently, the Special Meeting scheduled for November 15, 2022, has been adjourned to allow shareholders time for supplemental disclosure regarding any revised terms.
