Rio Tinto Limited ( (AU:RIO) ) has provided an update.
Rio Tinto’s Board has advised shareholders to vote against a resolution proposed by Palliser Capital to review the company’s dual-listed companies (DLC) structure. The Board argues that a unification of the DLC into an Australian-domiciled holding company would be detrimental to shareholder value, citing potential tax costs and the wastage of franking credits. The Board has already conducted a comprehensive review with external advisers and concluded that the current structure is beneficial, outperforming market indices since its inception. The resolution’s approval could lead to governance challenges and is deemed unnecessary for strategic flexibility.
More about Rio Tinto Limited
Rio Tinto Limited is a leading global mining group that focuses on finding, mining, and processing mineral resources. The company is primarily involved in the production of essential commodities, including iron ore, aluminum, copper, and diamonds, with a significant presence in Australia and North America.
YTD Price Performance: 8.66%
Average Trading Volume: 888
Technical Sentiment Consensus Rating: Strong Sell
Current Market Cap: $106.5B
For a thorough assessment of RIO stock, go to TipRanks’ Stock Analysis page.