Yesterday, Rio Tinto confirmed that the Company will no longer need to fund the construction of the power plant as the Government of
- Isn’t it true that without needing to finance the construction of a power plant, the capital funding shortfall is less than
$3.1 billion ? - Isn’t it true that more than
$1.9 billion of the$3.1 billion is debt amortization payments? - Isn’t it true that if the debt amortization payments are contractually extended, the capital funding shortfall is less than
$1.2 billion ? - Isn’t it true that the existing project financing arrangements provide the Company the ability “to raise additional supplemental debt of up to
$1.6 billion at the same attractive terms,” as its existing financing? - Isn’t it true that if the Company raises the supplemental financing and extends the amortization payments, then there is NO capital funding shortfall?
Turquoise Hill’s disclosures are inadequate and misleading. Shareholders have a right to know these answers. However, the Board and management seem to not want to be honest and transparent with their minority shareholders. Instead, the Board and management prefer to act only in the interest of Rio Tinto, which has chosen every single Board member and every single manager.
This is why it is so important that shareholders vote for the election of a minority shareholder representative to the Board and why shareholders support Pentwater’s proposal to amend the bylaws to allow minority shareholders to have full time representatives on the Company’s Board.
We Need Your Support
We are seeking your support at the Company's upcoming annual and special meeting of shareholders to be held on
We encourage our fellow shareholders to consider the facts and take action against the current culture of entrenchment, value destruction and misconduct at Turquoise Hill. The interests of the Company's minority shareholders have been disregarded for far too long. Your vote is critical to initiate much-needed change, to restore accountability and to safeguard minority shareholder interests in Turquoise Hill.
Shareholders are urged to vote only the GOLD proxy:
- FOR the election of
Matthew Halbower to the board of directors of the Company;
- WITHHOLD in respect of the election of all of the management nominees to the board of directors of the Company; and
- FOR the adoption of the shareholder proposal submitted by Pentwater to amend the Company's articles to provide minority shareholders of the Company with the exclusive right to nominate and elect three of seven directors to the Board.
Shareholders are urged to read the full text of Pentwater's proxy circular and related press releases, which have been filed and made available under Turquoise Hill's issuer profile at www.sedar.com.
For further information contact:
Email: SaveTRQ@mackenziepartners.com
Source:
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