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Johannesburg - Global resources giant Rio Tinto has acquired an additional 3.7 million shares in Ivanhoe Mines through a wholly-owned subsidiary, Rio Tinto International Holdings, increasing Rio Tinto's ownership in Ivanhoe Mines by 0.5% to 49% through a privately negotiated share purchase agreement.
The shares were purchased for an aggregate of Can$73.075 million at a price per share of Can$19.75.
The share purchase was made on behalf of Rio Tinto by Credit Suisse under an irrevocable mandate given by Rio Tinto to Credit Suisse on August 24 2011.
The mandate gave Credit Suisse the irrevocable authority to purchase 0.5% of the outstanding common shares of Ivanhoe on the secondary market at any time for a period of 30 days, without further instruction from Rio Tinto.
The acquisition of Ivanhoe shares was made in compliance with existing contractual arrangements between Rio Tinto and Ivanhoe Mines that permit share purchases in certain circumstances and subject to certain limits. Under the terms of these agreements and subject to certain exceptions, Rio Tinto's current maximum permitted shareholding in Ivanhoe Mines is 49%.
The shares were purchased for an aggregate of Can$73.075 million at a price per share of Can$19.75.
The share purchase was made on behalf of Rio Tinto by Credit Suisse under an irrevocable mandate given by Rio Tinto to Credit Suisse on August 24 2011.
The mandate gave Credit Suisse the irrevocable authority to purchase 0.5% of the outstanding common shares of Ivanhoe on the secondary market at any time for a period of 30 days, without further instruction from Rio Tinto.
The acquisition of Ivanhoe shares was made in compliance with existing contractual arrangements between Rio Tinto and Ivanhoe Mines that permit share purchases in certain circumstances and subject to certain limits. Under the terms of these agreements and subject to certain exceptions, Rio Tinto's current maximum permitted shareholding in Ivanhoe Mines is 49%.
