Palliser asks Rio Tinto to seek Australian shareholder vote on dual listing
London-based hedge fund Palliser Capital on Monday urged Rio Tinto to allow the company's Australian shareholders to vote on a resolution that seeks an independent review of its dual-listing status.
The global miner's UK shareholders were set to vote on Palliser's resolution that sought review of the company's dual-listed structure. Rio Tinto has recommended its investors to vote against it.
However, documents published by the company ahead of its annual general meetings in London and Perth showed the resolution was only put to vote for its UK shareholders.
That step has deprived Australian shareholders of their right to vote, alongside UK shareholders, on a topic that is of equal consequence to them, Palliser said in a letter to the company.
Rio Tinto's corporate structure requires two separate AGMs — one for its UK-listed plc shareholders and another for its Australian-listed limited shareholders.
In December, Palliser, along with over 100 other shareholders, requested a resolution calling for an independent review on the merits of unifying Rio Tinto's current dual-listed corporate structure.
A Rio Tinto spokesperson told Reuters that Palliser Capital has submitted a requisition notice for the annual general meeting of the company's London shareholders, but has not yet done the same for its Australian shareholders.
"They have now informed us that they wish to submit a requisition notice for the AGM of Rio Tinto Limited, and we have informed them how to do this," the spokesperson said.
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