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.

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Comments (2)
  • ziggysdad
    , contributor
    Comments (43) | 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 (15) | 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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