Turquoise Hill shareholders approve arrangement with Rio Tinto

Turquoise Hill Resources (TRQ) announced that at its special meeting of shareholders held on December 9, 2022, its shareholders approved the previously announced proposed plan of arrangement pursuant to which, among other things and subject to the satisfaction or waiver of all applicable conditions precedent, Rio Tinto International Holdings Limited (RIO) would acquire the approximately 49% of the issued and outstanding common shares of Turquoise Hill that Rio Tinto and its affiliates do not currently own for C$43.00 per share in cash. The Arrangement requires the approval of 66 2/3% of votes cast by the company’s shareholders and the approval of a simple majority of the votes cast by minority shareholders of the company. The company reports that at the special meeting, the Arrangement was approved by approximately 86.6% of all votes cast as well as by approximately 60.5% of the shares voted by minority shareholders. Turquoise Hill also reports that valid dissent notices were filed representing less than 17.5% of all outstanding shares. As such, the company currently expects that, subject to obtaining final approval of the Court, and assuming satisfaction or waiver of all other closing conditions, the Arrangement will be completed on or shortly following December 16, 2022.