In today’s briefing:
- Newcrest: Shareholder Vote On 13th Oct
- Rio Tinto: Consolidating Its Mongolian Crown Jewel, Part 2
Newcrest: Shareholder Vote On 13th Oct
- After being granted due diligence, Newmont (NEM US) firmed an all-scrip Offer on the 15 May for Newcrest (NCM AU) at 0.400 new Newmont shares for each Newcrest share held.
- The Offer, by way of a Scheme, permits Newcrest to pay a special franked dividend of up to $US1.10/share on top of the Offer terms.
- The Scheme Booklet has now been lodged with ASIC. Newcrest shareholders vote on the transaction on the 13 October. The record date for the special dividend is the 19 October.
Rio Tinto: Consolidating Its Mongolian Crown Jewel, Part 2
- Rio Tinto Ltd (RIO AU) invited the investing community to Mongolia in early July.
- During the briefing comments were made regarding its position in Entree Resources (ETG CN) which makes us believe a deal is imminent. These comments were later deleted from its transcript.
- We expect newsflow around Rio/Entree’s future relationship before arbitration starts in April 2024.
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