TRQ - TRQ STOCK NEWS

Turquoise Hill Resources Ltd. (TSX: TRQ) acknowledges agreements between Rio Tinto and certain shareholders regarding Rio Tinto's acquisition of approximately 49% of Turquoise Hill's common shares at C$43.00 per share. The agreements stipulate that the shareholders will withhold votes on the Arrangement, with dissent rights exercised. Shareholders will receive 80% of the consideration shortly after closing. Rio Tinto has agreed to waive certain conditions to facilitate the Arrangement's completion, with a Special Meeting rescheduled to November 8, 2022.

Turquoise Hill Resources Ltd. (TSX: TRQ) has postponed its Special Meeting of shareholders to 10:30 a.m. (Eastern time), November 8, 2022, at Rio Tinto's request. The deadline for proxy voting has been extended to 10:30 a.m. (Eastern time), November 4, 2022, and the dissent filing deadline is now 12:00 noon (Eastern time), November 7, 2022. The meeting aims to discuss the arrangement for Rio Tinto to acquire Turquoise Hill's minority shares at C$43.00 per share, subject to shareholder and court approvals.

The Turquoise Hill Board has extended the proxy deadline for the Special Meeting regarding the Proposed Arrangement with Rio Tinto to 6:00 p.m. (Eastern time) on October 31, 2022. Shareholders are urged to vote in favor of the Arrangement Resolution, which proposes to sell minority shares at C$43.00 per share. The record date for voting remains unchanged as September 19, 2022. Leading independent proxy advisory firms recommend voting FOR the Arrangement. Shareholders can contact Kingsdale Advisors for assistance with the voting process.

The Board of Turquoise Hill Resources Ltd. (TRQ) urges minority shareholders to vote in favor of an arrangement to receive C$43.00 per share, offering a significant 67% premium over the closing price before Rio Tinto's acquisition proposal. The Board recommends this option as the best available, highlighting the challenges faced if the arrangement fails, including potential financing issues. The vote is crucial, with a deadline set for October 28, 2022, as the cash offer is within the fair value range established by independent valuation.

Rio Tinto has addressed Turquoise Hill (TRQ) shareholders, affirming its commitment to the Oyu Tolgoi project in Mongolia. The company emphasizes the need for US$3.6 billion in funding over two years, warning that shareholders may face dilution unless they contribute. Rio Tinto's final offer stands at C$43 per share, representing a 67% premium over pre-proposal prices. Despite some shareholder opposition, the proposal has received backing from key board members and financial advisors, with a focus on realizing the project's long-term potential amidst significant risks.

Pentwater Capital Management LP, the largest minority shareholder of Turquoise Hill Resources Ltd. (TRQ), has received support from Institutional Shareholder Services (ISS) to vote AGAINST Rio Tinto’s C$43/share privatization proposal. ISS concluded that the offer undervalues TRQ’s minority shares and does not reflect the company’s long-term potential, particularly given its unique assets and upcoming milestones. The ISS report emphasizes that a fair valuation is crucial and highlights concerns about corporate governance and the sale process.

Turquoise Hill Resources Ltd. (TSX: TRQ) reported Q3 2022 production results, revealing a 13% drop in copper output to 36.3k tonnes year-over-year but a 19% increase from Q2. Gold production fell by 67% to 42.7k ounces, down 10% from Q2. Despite these declines, the company raised gold production guidance for 2022 to 165k-185k ounces. Capital expenditures for underground projects were revised down to $1.0-1.1 billion. The company aims to finalize funding initiatives by December 15, 2022, with potential equity raises of $1.05 billion to cover liquidity needs.

SailingStone Capital Partners, a significant stakeholder in Turquoise Hill Resources Ltd. (TSX:TRQ), opposes Rio Tinto's offer to acquire minority stakes at C$43/share, deeming it undervalued. The Special Committee of independent directors at Turquoise Hill has recommended acceptance of the offer, which is scheduled for a vote on November 1, 2022. SailingStone claims the deal leverages past governance failures and an arbitrary valuation, arguing it does not reflect the true worth of Turquoise Hill's premier asset, Oyu Tolgoi.

Turquoise Hill Resources Ltd. (TSX: TRQ) has filed an amendment to its previously submitted Rule 13e-3 Transaction Statement with the SEC. The amendment reinforces the all-cash offer price of C$43.00 per share from Rio Tinto, which aims to acquire the remaining 49% of Turquoise Hill's common shares. No changes have been made to the terms or conditions of the arrangement or the date of the upcoming special meeting scheduled for November 1, 2022. Shareholders are advised to review the amendment along with the previous filings.