HOUSTON–(BUSINESS WIRE)–SailingStone Capital Partners, longtime owner of Turquoise Hill Resources Ltd. (TSX: TRQ) (NYSE: TRQ), issued the following statement:
Recently, Turquoise Hill Resources’ special committee of independent directors recommended that minority shareholders accept an offer from Rio Tinto to acquire the minority stake via an all-cash plan of arrangement that values the TRQ at C$43/share.
SailingStone Capital Partners intends to vote AGAINST the proposed transaction at the special meeting of shareholders currently scheduled for November 1, 2022. SailingStone believes the offer significantly undervalues Turquoise Hill Resources and is attempting to take advantage of defaults by significant governance created by Rio Tinto and the independent directors of Turquoise Hill over the past decade.
SailingStone released a slideshow detailing its rationale for opposing the deal, including its history of engagement with TRQ’s independent directors, the litany of corporate governance failures at Turquoise Hill and Rio Tinto, and the process arbitrary valuation that resulted in an all-cash offer that in no way represents the intrinsic value of a Class I asset such as Oyu Tolgoi.
Click here to see a copy of the presentation.
About SailingStone Capital Partners LLC
SailingStone Capital Partners, a division of Pickering Energy Partners, provides investment solutions in the global natural resources space with a particular focus on industrial companies, commodities and infrastructure assets that will enable the energy transition. SailingStone manages focused, public and private equity strategies for institutional investors.