STOCKHOLDERS

Rio dividend warning ahead of vote

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Original article by Brad Thompson
The Australian – Page: 15 : 2-Apr-25

A motion for Rio Tinto to undertake a review of its dual-listed structure will be presented to shareholders of its UK stock on Thursday, followed by a vote by investors in its Australian-listed shares on 1 May. The motion has been put forward by hedge fund Palliser Capital, and will require the support of at least 75 per cent of all shareholders. Goldman Sachs has estimated that the total cost to Rio Tinto of shifting to a primary listing in Australia could be within a range of $US7bn to $US15bn ($11bn to $24bn). The investment bank also warns that any such move would affect Rio Tinto’s ability to pay fully franked dividends to its Australian shareholders.

CORPORATES
RIO TINTO LIMITED – ASX RIO, PALLISER CAPITAL UK LIMITED, THE GOLDMAN SACHS GROUP INCORPORATED

No compelling reason for Rio unification

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Original article by Peter Ker
The Australian Financial Review – Page: 12 : 26-Mar-25

Rio Tinto shareholders will shortly vote on a resolution to scrap its dual-listed structure in favour of a primary listing on the Australian sharemarket. UK-based hedge fund Palliser Capital has been advocating the move for some time, but the Australian Council of Superannuation Investors has told its members that there is no compelling reason to support the proposal at present. ACSI represents the nation’s major industry super funds. Rio Tinto’s British shareholders will vote on the resolution on 4 April, followed by Australian shareholders on 1 May.

CORPORATES
RIO TINTO LIMITED – ASX RIO, PALLISER CAPITAL UK LIMITED, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED

Big Glencore shareholders united on coal

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Original article by Peter Ker
The Australian Financial Review – Page: 15 : 30-Jul-24

Glencore CEO Gary Nagle initially proposed demerging its coal division in early 2023. However, some large shareholders want the global mining group to retain its coal assets, including its coking and thermal coal mines in NSW and Queensland. Australian coal shipments accounted for 52 per cent of Glencore’s earnings in 2023, although it also owns coal mines in Colombia, South Africa and Canada. Glencore recently completed the acquisition of Teck Resources’ coal mines in Canada.

CORPORATES
GLENCORE PLC, TECK RESOURCES LIMITED

Glencore tried to sell Yancoal stake to parent

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Original article by Peter Ker
The Australian Financial Review – Page: 15 : 30-May-22

Yankuang Energy’s bid to gain full ownership of Yancoal Australia will need the support of Glencore, which has a 6.4 per cent stake in the target. Hong Kong-listed Yankuang has a 62.26 per cent stake in Yancoal, and the support of Glencore will be needed if it is to reach the 90 per cent threshold to move to compulsory acquisition. This would also require ownership restrictions imposed on Yancoal by the Foreign Investment Review Board in 2012 to be overturned. Meanwhile, it has emerged that Glencore has sought on a number of occasions in recent years to sell its Yancoal stake to Yankuang, and it is likely to be a willing seller at the right price.

CORPORATES
YANCOAL AUSTRALIA LIMITED – ASX YAL, YANKUANG ENERGY GROUP COMPANY LIMITED, GLENCORE PLC

Rio faces new Scope 3 carbon emissions push

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Original article by Peter Ker
The Australian Financial Review – Page: 19 : 3-Feb-20

Market Forces will put a resolution to Rio Tinto shareholders which calls for the resources group to set targets for its so-called Scope 3 carbon emissions. More than 100 shareholders have expressed support for the resolution, and a similar resolution in 2019 was backed by over six per cent of Rio Tinto’s shareholders. Rival iron ore miners BHP and Vale have committed to setting targets for reducing their Scope 3 emissions.

CORPORATES
RIO TINTO LIMITED – ASX RIO, MARKET FORCES, FRIENDS OF THE EARTH, BHP GROUP LIMITED – ASX BHP, VALE SA

No quick return from coal sale

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Original article by Richard Gluyas, Matt Chambers
The Australian – Page: 20 : 22-Mar-18

Citigroup expects Rio Tinto to return the bulk of the proceeds from the sale of the Hail Creek coal to shareholders, after paying about $A300m in taxes on the $US1.7bn ($A2.2bn) deal. However, Rio Tinto CEO Jean-Sebastien Jacques says the resources group is unlikely to return capital to investors before the release of its full-year report in February 2019. He stresses that Rio Tinto is divesting its coal assets because commodities such as iron ore and aluminium offer better growth options.

CORPORATES
RIO TINTO LIMITED – ASX RIO, CITIGROUP PTY LTD, UBS HOLDINGS PTY LTD, PACIFIC ALUMINIUM PTY LTD

News Corp faces shareholder revolt after 2015 near miss

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Original article by Max Mason
The Australian Financial Review – Page: 29 : 9-May-16

The Nathan Cummings Foundation is expected to use News Corporation’s 2016 AGM to renew its push for the media giant to abolish its dual-class share structure. Some 49.5 per cent of votes cast at the 2015 AGM supported a resolution to scrap the distinction between News Corporation’s voting and non-voting shares. The Murdoch family owns 39.4 per cent of the voting stock.

CORPORATES
NEWS CORPORATION – ASX NWS, NATHAN CUMMINGS FOUNDATION, HERMES EQUITY OWNERSHIP SERVICES LIMITED, MURDOCH FAMILY TRUST, FOXTEL MANAGEMENT PTY LTD