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TRQ - Turquoise Hill: Rio Tinto Drops The Bomb On Common Equity
Turquoise Hill Resources Ltd.
Back in July, Turquoise Hill (TRQ) stated that it had deferred funding discussions with Rio Tinto (RIO). At that time, I wrote the following:
These negotiations were a true bomb under the stock. Now that they have been finished, the company's risk profile has materially improved as dilution risks were eliminated".
Unfortunately, for Turquoise Hill shareholders, this deferral did not last long, and Rio Tinto dropped the bomb on common equity.
According to the latest update from Turquoise Hill, the company and Rio Tinto will pursue a re-profiling of existing