Seeking Alpha

Turquoise Hill founder to participate in rights issue

  • Turquoise Hill (TRQ -24.1%) founder Robert Friedland says he plans to participate fully in the company's $2.4B rights issue; the mining tycoon owns a 10% stake in TRQ, which means he would have to pay ~$240M if he takes up his share of the rights issue.
  • More than 1B shares are expected to be issued, resulting in a doubling of TRQ's shares outstanding; the rights will stop trading on Jan. 7.
  • Also, Friedland, the executive chairman of Ivanhoe Mines (IVAN), says he remains interested in pursuing a secondary listing for that company.
Comments (2)
  • ziggysdad
    , contributor
    Comments (35) | Send Message
     
    Friedland knows just like I do that if you own the stock and don't take up the rights issue your sunk.
    4 Dec 2013, 03:11 PM Reply Like
  • Alien8w8
    , contributor
    Comments (14) | Send Message
     
    If you are long this won't matter in the long run. This stock could still hit $10 by 2020 when the underground mine is operational. This however does not bode well for short term investors.
    4 Dec 2013, 09:52 PM Reply Like
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