Rio Tinto: opposes Palliser Capital resolution

(CercleFinance.com) - Rio Tinto's Board of Directors announces that it is recommending that shareholders vote against the resolution tabled by Palliser Capital.


Specifically, Palliser Capital has proposed to pass a resolution requiring Rio Tinto to set up a committee of independent directors to consider whether the unification of the dual-listed company (DLC) structure under an Australian-domiciled holding company would be attractive to shareholders.

The Board points out that an in-depth analysis has already been carried out with the support of five external advisors, and concluded that such a unification would be “value-destroying”.

Rio Tinto adds that the study also revealed billions of dollars in tax costs and a loss of dividend credit efficiency for Australian shareholders.

The Board also refutes Palliser Capital's claim that maintaining CSD would have resulted in a $50bn loss.

Believing that a further review would be unnecessary and redundant, the Board recommends that shareholders reject the resolution.


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