Valentine Surprises: Friedland, Fidelity Fail to Exercise Turquoise Hill Rights
February 16 (Cover Mongolia) Contrary to his own statements that he will fully exercise his Turquoise Hill Resources (NYSE:TRQ, TSX:TRQ) rights, Robert Martin Friedland looks to have chosen not to, according a Valentine’s Day SEC filing submitted by Friedland, stating that he has ceased to own more than 5% of TRQ. He was previously believed to hold 9.8% stake in TRQ, when he was quoted to be saying that he will “fully” participate in the rights offering. Robert Friedland now controls a 3.6% stake.
Another substantial holder that didn’t partake in the offering was Fidelity Investments. Fidelity now owns 2.471% of TRQ, according a similar SEC filing.
On the other hand, substantial holders who did chose to exercise their rights were RS Investments (6.35%) and Pentwater Capital Management (7.38%).
Previously, Cover Mongolia reported that Temasek also partook in the offering to maintain its 8.5% stake
TRQ shares closed +1.88%, +1.71% to US$3.25, C$3.56 respectively on Friday.
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