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Turquoise Hill Resources Announces New Meeting Date and Additional Information In Connection With Arrangement With Rio Tinto25.11.2022 | 0:26 Uhr | Business Wire
Under the dissent procedures, there is no floor or minimum to the determination of "fair value" and no assurance of the amount that Dissenting Shareholders (as defined below) will receive for their shares. On November 24, 2022, the Company, Rio Tinto and the Parent entered into an amendment (the "Arrangement Agreement Amendment") to the arrangement agreement dated September 5, 2022 among the Company, Rio Tinto and the Parent (the "Arrangement Agreement") in order to amend the plan of arrangement to give effect to the Irrevocable Commitments (as so amended, the "Amended Plan of Arrangement"). As a result, if the Arrangement is completed, Rio Tinto will be obligated to comply with the Irrevocable Commitments pursuant to the final order of the Court approving the Arrangement (the "Final Order"). In addition, pursuant to the Arrangement Agreement Amendment:
Background to the Irrevocable Commitments On the evening of Sunday, October 30, 2022, the Special Committee of the Board of Directors of the Company (the "Special Committee") was first advised that Rio Tinto was in negotiations with the Named Shareholders to enter into the Named Shareholder Agreements pursuant to which Rio Tinto and the Named Shareholders would agree to private resolution of their dissent rights and asserted oppression claims in exchange for the Named Shareholders withholding their votes in connection with the Arrangement (i.e., not voting for or against the Arrangement). In advance of the execution of the Named Shareholder Agreements, the Special Committee expressed concern to Rio Tinto regarding the differential treatment of Minority Shareholders resulting from the Named Shareholder Agreements and suggested to Rio Tinto that it provide terms comparable to those in the Named Shareholder Agreements to all Minority Shareholders. Rio Tinto advised that it would not make the terms of the Named Shareholder Agreements available to all Minority Shareholders. The Special Committee also expressed its concern to Rio Tinto that, in light of the pending announcement of the Named Shareholder Agreements, Minority Shareholders would need additional time in advance of the Special Meeting to consider new information related to the Named Shareholder Agreements. In response to the concern of the Special Committee, Rio Tinto requested that the Company postpone the Special Meeting then scheduled for November 1, 2022 to November 8, 2022. The postponement was also intended to provide Rio Tinto and the Special Committee with additional time to consider whether terms comparable to those in the Named Shareholder Agreements could be offered to all Minority Shareholders. On November 1, 2022, Rio Tinto and the Parent entered into the Named Shareholder Agreements with the Named Shareholders. Turquoise Hill was not a party to the Named Shareholder Agreements and neither it nor the Special Committee was involved in negotiating the Named Shareholder Agreements. Following the public announcement of the Named Shareholder Agreements, the Company and the Special Committee received a number of complaints from Minority Shareholders and inquiries from securities regulators, including the Autorité des marchés financiers (the "AMF"), regarding the Named Shareholder Agreements. In the days that followed, counsel to the Special Committee engaged with counsel to Rio Tinto in order to seek to address the differential treatment of Minority Shareholders resulting from the Named Shareholder Agreements and engaged in discussions with securities regulators, including the AMF, regarding the Named Shareholder Agreements. To allow the Special Committee and Rio Tinto time to continue their discussions and in response to requests from the AMF, on November 6, 2022, at Rio Tinto's request, the Company announced a further postponement of the Special Meeting to November 15, 2022. Subsequent to this announcement, counsel to the Special Committee and counsel to Rio Tinto continued to discuss a framework for providing terms comparable to those provided in the Named Shareholder Agreements to all Minority Shareholders. Following several further discussions regarding the Named Shareholder Agreements, the AMF advised the Company that, in light of the Named Shareholder Agreements, the AMF considered the transaction as then structured to raise public interest concerns. On November 9, 2022, the Company announced a further postponement of the Special Meeting to a date to be determined while the Special Committee continued to engage with Rio Tinto to address the impact of the Named Shareholder Agreements and seek to provide comparable terms to all Minority Shareholders. On November 17, 2022, Rio Tinto announced that it and the Named Shareholders had agreed to terminate the Named Shareholder Agreements and that Rio Tinto would be providing the Irrevocable Commitments to all Minority Shareholders. As a result of the termination of the Named Shareholder Agreements and the provision of the Irrevocable Commitments to all Minority Shareholders, none of the Named Shareholders are receiving any "collateral benefit" (as such term is defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions) in connection with the Arrangement. In addition, as a result of the termination of the Named Shareholder Agreements, there is no assurance that any of the Named Shareholders will abstain from the vote on the Arrangement or vote for or against the Arrangement. For additional information regarding the background to the Arrangement, please see "Special Factors - Background to the Arrangement" in the Company's management proxy circular dated September 27, 2022 (the "Circular"). Recommendation of the Board and the Special Committee The Special Committee carefully considered, among other things (i) the termination of the Named Shareholder Agreements; (ii) the fact that all Minority Shareholders will have equal economic and procedural dissent rights as provided under Section 193 of the YBCA, as modified by the Amended Plan of Arrangement and the Amended Interim Order; (iii) the fact that all Minority Shareholders will be entitled, at their option, to rely on the Irrevocable Commitments as set out in the Amended Plan of Arrangement; (iv) the incremental benefit of the Upfront Payment to Dissenting Shareholders in dispelling uncertainty and saving certain court-related costs and fees as compared to a Dissenting Shareholder availing itself of rights under Section 193 of the YBCA to apply to the Court for an order to receive an interim payment for all or part of the sum offered for their shares in advance of the conclusion of their dissent proceedings; and (v) that the Dissent Payment Election is available to all Dissenting Shareholders, whether they vote against or abstain from voting on the Arrangement Resolution. Based on the foregoing, the Special Committee determined that the Irrevocable Commitments do not negatively impact or change any of the reasons or factors considered by the Special Committee in making its original determination as to the fairness of the Arrangement to Minority Shareholders and recommendation to the Board in connection with the Arrangement, which are set out in the Circular under the heading "Special Factors - Position of Turquoise Hill as to Fairness of the Arrangement - Reasons for the Recommendation" (the "Original Reasons"). As a result and having regard to the Original Reasons as supplemented by the foregoing, the Special Committee unanimously determined that the Arrangement continues to be in the best interests of the Company and fair to Minority Shareholders, including unaffiliated securityholders of the Company, and unanimously recommended that the Board continue to recommend that Minority Shareholders vote in favour of the Arrangement Resolution. On the unanimous recommendation of the Special Committee, the Board (with conflicted directors having recused themselves) unanimously determined that the Arrangement continues to be in the best interests of the Company and fair to the Minority Shareholders, including unaffiliated security holders of the Company, and continues to recommend that the Minority Shareholders vote in favour of the Arrangement Resolution. For additional information regarding the original recommendations of the Special Committee and the Board related to the Arrangement, including the Original Reasons, please see "Special Factors - Position of Turquoise Hill as to Fairness of the Arrangement - Reasons for the Recommendation", "Special Factors - Recommendation of the Special Committee" and "Special Factors - Recommendation of the Board" in the Circular. Shareholder Approval of the Arrangement Implementation of the Arrangement is subject to the approval of: (i) at least two-thirds (66?%) of the votes cast by shareholders present in person, virtually present or represented by proxy at the Special Meeting, voting as a single class; and (ii) because the proposed Arrangement is subject to MI 61-101, a simple majority (more than 50%) of the votes cast by shareholders present in person, virtually present or represented by proxy at the Special Meeting, excluding the votes of Rio Tinto and its affiliates and of any other shareholders whose votes are required to be excluded pursuant to MI 61-101. Meeting Details The Special Meeting will be held on December 9, 2022, at 12:00 p.m. (Montreal time) in person at Norton Rose Fulbright Canada LLP, 1 Place Ville Marie, Suite 2500, Chapleau Room, Montreal,Quebec, Canada, H3B 1R1 and in virtual format via live audio webcast at https://web.lumiagm.com/449028588. The record date for determining the shareholders eligible to vote at the Special Meeting will remain the close of business on September 19, 2022 (the "Record Date"). Only persons who are shown on the register of Shareholders at the close of business on the Record Date, or their duly appointed proxyholders, will be entitled to attend the Meeting and vote on the Arrangement Resolution. Unless they are revoked, all votes previously cast will remain in their current form, however, all holders as of the Record Date will have the opportunity to amend their vote until the extended deadline of 5:00 p.m. (Montreal time) on December 8, 2022 (or, if the Special Meeting is adjourned or postponed, 48 hours, excluding Saturdays, Sundays and statutory holidays, prior to the commencement of the reconvened Special Meeting). How to Vote Your vote is important regardless of how many shares you own. Shareholders are encouraged to vote in advance of the Special Meeting. If you are a registered shareholder, whether or not you plan to attend the Special Meeting, to vote your shares at the Special Meeting you can either return a duly completed and executed form of proxy to the Company's transfer agent, TSX Trust Company (the "Transfer Agent"), Proxy Department, by mail at: TSX Trust Company, 1200-1 Toronto Street, Toronto, Ontario M5C 2V6, or TSX Trust Company, 1600?2001 Robert-Bourassa Blvd., Montreal,Quebec H3A 2A6, or via the internet at www.tsxtrust.com/vote-proxy not later than 4:00 p.m. (Montreal time) on December 8, 2022 or, if the Special Meeting is subsequently adjourned or postponed, 48 hours, excluding Saturdays, Sundays and statutory holidays, prior to the commencement of the reconvened Special Meeting. If you hold shares through a broker, investment dealer, bank, trust company or other intermediary (a "Beneficial Shareholder"), you should follow the instructions provided by your intermediary to ensure your vote is counted at the Special Meeting. A shareholder who wishes to appoint a person other than the management nominees identified in the form of proxy or voting instruction form must, in addition to carefully following the instructions in the Circular and on their form of proxy or voting instruction form, as applicable, complete the online form at the address https://www.tsxtrust.com/control-number-request or contact TSX Trust Company at 1-866-751-6315 (toll-free in Canada and the United States) or 212-235-5754 (other countries) by 4:00 p.m. (Montreal time) on December 8, 2022 or, if the Special Meeting is subsequently adjourned or postponed, 48 hours, excluding Saturdays, Sundays and statutory holidays, prior to the commencement of the reconvened Special Meeting, and provide the Transfer Agent with the required information so that it may provide the proxyholder with a 13-digit control number by email in order to permit the proxyholder to vote and ask questions at the Special Meeting. A proxy may be revoked by the person giving it to the extent that it has not yet been exercised. Shareholders who wish to revoke a proxy after having delivered it can do so by (i) delivering a written notice of revocation that is received by TSX Trust Company, at 1200-1 Toronto Street, Toronto, Ontario, Canada, M5C 2V6, Attention: Proxy Department, or at 1600-2001 Robert-Bourassa Blvd., Montreal,Quebec, Canada, H3A 2A6, Attention: Proxy Department, no later than 5:00 p.m. (Montreal time) on December 8, 2022 (or, if the Special Meeting is adjourned or postponed, 48 hours, excluding Saturdays, Sundays and statutory holidays, prior to the commencement of the reconvened Special Meeting), or delivered to the person presiding at the Special Meeting before it commences; (ii) signing a proxy bearing a later date and depositing it in the manner and within the time described above; (iii) attending the Special Meeting and voting virtually if you were a registered shareholder at the Record Date; or (iv) in any other manner permitted by law. Only registered shareholders can revoke a proxy. Beneficial Shareholders who wish to change their vote must, in sufficient time in advance of the Special Meeting, arrange for their intermediaries to change their vote and, if necessary, revoke their proxy in accordance with revocation procedures. Further information regarding how shareholders may vote their Company shares or revoke previously submitted proxies is included under the heading "Information Concerning the Meeting and Voting" in the Circular. Dissent Rights Exercise of Dissent Rights A shareholder is not required to have been a registered shareholder as of the Record Date in order to exercise dissent rights in connection with the Arrangement. In order for a registered shareholder to exercise a right of dissent (such shareholder, a "Dissenting Shareholder"), such Dissenting Shareholder must send to Turquoise Hill a written notice of its objection to the Arrangement Resolution (a "Dissent Notice") in accordance with the dissent procedures provided in Section 193 of the YBCA (as modified by the Amended Interim Order and Amended Plan of Arrangement), which Turquoise Hill must receive, c/o Dustin Isaacs, Chief Legal Officer and Corporate Secretary, at 1 Place Ville Marie, Suite 3680, Montreal,Quebec, Canada, H3B 3P2, Canada, with copies to each of: (i) Norton Rose Fulbright Canada LLP, 1 Place Ville Marie, Suite 2500, Montreal,Quebec, Canada, H3B 1R1, Attention: Steve Malas, email: steve.malas@nortonrosefulbright.com, and Orestes Pasparakis, email: orestes.pasparakis@nortonrosefulbright.com; (ii) McCarthy Tétrault LLP, Toronto-Dominion Bank Tower, 66 Wellington Street West, Suite 5300, P.O. Box 48, Toronto, Ontario, Canada, M5K 1E6, Attention: Eva Bellissimo, email: ebellissimo@mccarthy.ca; and Shea Small, email: ssmall@mccarthy.ca; and (iii) TSX Trust Company, 1200-1 Toronto Street, Toronto, Ontario, Canada, M5C 2V6, Attention: Proxy Department, or at 1600-2001 Robert-Bourassa Blvd., Montreal,Quebec, Canada, H3A 2A6, Attention: Proxy Department, by no later than 4:00 p.m. (Montreal time) on December 8, 2022 (or, if the Special Meeting is adjourned or postponed, 48 hours, excluding Saturdays, Sundays and statutory holidays, prior to the commencement of the reconvened Special Meeting), and must otherwise strictly comply with the dissent procedures described in the Circular, the Amended Interim Order, the Amended Plan of Arrangement and Section 193 of the YBCA, as modified by the Amended Interim Order and/or the Amended Plan of Arrangement. The filing of a Dissent Notice does not deprive a registered shareholder of the right to vote at the Special Meeting. However, a shareholder's Dissent Notice will be deemed to be automatically revoked if such shareholder has voted in favour of the Arrangement Resolution, whether in person, virtually or by proxy. Only registered shareholders of the Company are entitled to exercise dissent rights. Accordingly, Beneficial Shareholders who wish to exercise dissent rights must make arrangements for the shares beneficially owned by them to be registered in their name through their intermediary prior to the time the Dissent Notice is required to be received by the Company or, alternatively, make arrangements for the registered holder of such shares to exercise dissent rights on their behalf. Beneficial Shareholders are advised to contact their intermediary for assistance in lodging a dissent.
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