Xstrata PLC XTA Further General Meeting Results

  Xstrata PLC (XTA) - Further General Meeting Results

RNS Number : 6086R
Xstrata PLC
20 November 2012
 



 

 

 

 

               NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN
                    WHOLE OR IN PART, IN, INTO OR FROM ANY
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF
                              SUCH JURISDICTION

 

 

REGULATORY ANNOUNCEMENT

 

                Results of the Further Xstrata General Meeting

 

 

Zug, 20 November 2012

 

Xstrata announces the results of the  poll on the Resolutions proposed at  the 
Further Xstrata General  Meeting held  today in connection  with the  proposed 
recommended all-share merger  with Glencore.   Resolution 1  was approved  and 
Resolution 2, the  Revised Management Incentive  Arrangements Resolution,  was 
not approved. The results  of the polls, including  proxies received, are  set 
out below.

 

Further               VOTES FOR             VOTES AGAINST    VOTES TOTAL   %  of VOTES
Xstrata                                                                    ISC   WITHHELD*
General                                                                    VOTED
Meeting                                           %
                                        
                          %
Resolution   2,242,589,092     90.08     247,074,925   9.92  2,489,664,017 82.91 56,612,684
1:  To
implement
the New
Scheme of
Arrangement
Resolution   233,254,867       21.57     848,269,011  78.43  1,081,523,878 36.02 453,606,950
2:  To
approve the
Revised
Management
Incentive
Arrangements
and the
Revised New
Xstrata 2012
Plan

 

* A "vote withheld" is  not a 'vote' under English  law and is not counted  in 
the calculation of the votes 'For' and 'Against' the resolution.

 

As New Scheme  Resolution 2  proposed at the  New Court  Meeting was  approved 
subject to the Revised Management  Incentive Arrangements not being  approved, 
and as Resolution 2 to  approve the Revised Management Incentive  Arrangements 
was not approved, New Scheme Resolution 2 has become effective. The Merger has
therefore been approved by Xstrata shareholders.

 

 

A further  announcement will  made shortly.  A copy  of this  announcement  is 
available on Xstrata's website at www.xstrata.com.

 

Ends

 

 

Neither the content of the company's website nor the content of any other website accessible from hyperlinks on the
company's website is incorporated into, or forms part of, this announcement.

 

Xstrata contacts:

Claire
Divver                                                                                   
Alison Flynn

Telephone +44  20  7968  2871 Telephone +44  20  7968 
                                        2838
Mobile    +44  7785  964  340 Mobile    +44  7769  314 
                                        374
Email     cdivver@xstrata.com   Email   aflynn@xstrata.com

 

 

Aura Financial

Michael Oke

StockWell Communications

Philip Gawith

Telephone               
+44 20 7321 0000                                         Telephone

                                                                        Mobile

www.xstrata.com

+44 20 3370 0013

+ 44 7887 954048

Notes to editors

 

 

About Xstrata plc

 

We are a major producer of a range of vital commodities used in everything from constructing buildings
and delivering electricity,   todeveloping    jetengines    and mobile phones. 
We are one of the top five global
producers of copper, thermal and metallurgical coal, ferrochrome, zinc and nickel and we also produce
silver, lead, platinum, gold, cobalt and vanadium.

 

Founded in 2002 and headquartered in Switzerland, we operate in over 20 countries and employ over

70,000 people at more than 100 operations and projects
around the world. We work in a responsible                                 and 
sustainable way, with an entrepreneurial
spirit and dynamic approach. For more information, visit www.xstrata.com.

 

 

Further information

 

Defined terms used in this announcement, unless defined herein, have the  same 
meanings as in the new scheme circular, publisehd by Xstrata plc on 25 October
2012.

 

This announcement is for information purposes only. It is not intended to  and 
does not constitute, or form part of, an offer, invitation or the solicitation
of an offer to purchase, otherwise  acquire, subscribe for, sell or  otherwise 
dispose of any securities, or the solicitation of any vote or approval in  any 
jurisdiction, pursuant to the Merger or otherwise nor shall there be any sale,
issuance or transfer  of securities  in any jurisdiction  in contravention  of 
applicable law.

 

This announcement does  not constitute a  prospectus or prospectus  equivalent 
document.

 

Notice to US holders of Xstrata Shares

 

The Merger involves an exchange of the securities of a UK company for the securities of a Jersey company and is
subject to                        Jersey and UK disclosure requirements, which 
are different from those of the United States. The                   financial 
information included in this announcement has been prepared in accordance with
International                       Financial                        Reporting 
Standards and thus may not be comparable to financial information of US companies or companies whose financial
statements are prepared in accordance with generally
accepted accounting principles in the United States.

 

The Merger is proposed to be made by means of a scheme ofarrangement under the
Companies Act and otherwise in             accordance with the requirements of 
theCode. The scheme of  arrangement will relate to  theshares of  a UK company 
thatis a 'foreign private issuer' as defined under Rule 3b-4 under the US Exchange Act.

 

Accordingly, the proposed combination is subject to disclosure and
other procedural requirements applicable in the             UK              to 
schemes of arrangement, which differ from the disclosure requirements of the US proxy and tender offer rules
under the US Exchange Act.

 

Any securities to be issued               under the                Merger have 
not been and will not be registered under the US Securities Act, or under  the 
securities laws of any state, district or of any other     jurisdiction of the 
United                                    States, or of any jurisdiction other 
than the United Kingdom. Accordingly, the New    Glencore Shares    may    not 
be offered, sold, reoffered, resold, pledged,
delivered or otherwise transferred, in or into any jurisdiction where such offer or sale would violate the relevant
securities laws     of such jurisdiction. It is     expected     that      the 
New Glencore Shares will         beissued in         reliance         upon the 
exemption from such registration provided by                  Section 3(a)(10) 
ofthe US Securities Act. Under applicable US securities laws, persons (whether
ornot
US persons) who are or will be ''affiliates'' (within the meaning of the US
Securities Act) of
Xstrata or Glencore prior to, or of Glencore after, the Effective Date will be subject to certain transfer restrictions
relating to the Glencore Shares received in connection with the Scheme. It may
be difficult for US   holders   of   Xstrata    Shares to enforce their rights 
and any claim arising out of the US federal securities laws, since each of Glencore and
Xstrata  are located in a   non-US jurisdiction, and some or  all   of   their 
officers      and directors may      be residents       of      a       non-US 
jurisdiction. US holders of Xstrata    Shares may     not be able to     sue a 
non-US company or its officers or directors in a                          non- 
US court for violations of the US securities laws. Further, it may be difficult to compel a non-US company and its
affiliates to subject themselves to a US court's judgment.

 

If Glencore exercises its right, subject to the consent of the Panel (where necessary) and with Xstrata's prior written
consent, to implement the Merger by  way of  a Merger  Offer, the  Merger will 
be made in compliance with applicable US
laws and regulations, including applicable provisions of the
tender offer rules under the US Exchange Act, to the extent applicable.

 

 

Overseas jurisdictions

 

The ability of Xstrata                                        Shareholders who 
are not resident in the United Kingdom to     participate in the Scheme may be 
affected by the laws of the relevant jurisdictions in which they are located. Persons who
arenot resident in the United Kingdom   should  inform   themselves  of,   and 
 observe,  any   applicable  legal   or  regulatory   requirements  of   their 
jurisdictions.

 

New Glencore Shares have neither been marketed to, nor are availablefor purchase or exchange, in whole or in part,
by, the public in the United Kingdom or elsewhere in connection with the Merger.
This announcement is not a                                 prospectus and does 
not constitute an invitation or offer to
sellor the solicitation of an invitation or offer to                    buyany 
security. None of the securities referred to
in this announcement shall be sold, issued, subscribed for, purchased,
exchanged or transferred in any        jurisdiction in contravention        of 
applicable law.

 

The release, publication or distribution of       this announcement in or into 
jurisdictions other than the UK  may  be restricted   by law and therefore any 
persons who are subject to the law of any jurisdiction other
thanthe UK should inform       themselves        about,        andobserve, any 
applicable requirements. Any failure to comply with the applicable restrictions may
constitute a violation of                                thesecurities laws of 
any such jurisdiction. To the fullest extent permitted by  applicable law, the 
companies and persons involved in the                      Merger disclaim any 
responsibilityor liability for the violation of such restrictions    by    any 
person. This announcement                has been prepared for the purposes of 
complying with English law, the Listing Rules, the rules of  the London  Stock 
Exchange and the Code and the information disclosed may
not be the same as that which would  have been disclosed if  this announcement 
had been prepared in accordance with the laws of   jurisdictions outside    of 
England.

 

 

Forward-looking statements

 

This announcement contains statements which are, or may be deemed to
be,"forward-looking statements" which are
prospective in nature. All statements other than statements
of historical fact are forward-looking statements. They are
based on current expectations and projections about future
events, and are therefore subject to                   risks and uncertainties 
which could cause actual results to
differ materially from the future results expressed or implied by the forward-looking
statements. Often, but not always, forward-looking statements can be identified
by the                                            use of forward-looking words 
suchas "plans", "expects", "is expected", "is subject to","budget",
"scheduled", "estimates", "forecasts", "intends",  "anticipates",  "believes", 
"targets",  "aims",  "projects"   or words  orterms  of similar   substance or 
thenegative thereof,
areforward-looking statements, as well as variations of such words and phrases or statements that certain actions,
events or results "may", "could","should", "would","might" or "will" be taken, occur or be achieved. Such statements
are qualified  in their  entirety  by  the inherent  risks  and  uncertainties 
surrounding     future      expectations.      Forward-looking      statements 
include statements relating to the following: (i) future capital expenditures,
expenses, revenues, earnings,  synergies, economic performance,  indebtedness, 
financial  condition,  dividend  policy,  losses  and  future prospects;  (ii) 
business             and             management             strategies and the 
expansion and growth of Glencore's or Xstrata's operations and       potential 
synergies resulting from the Merger; and (iii) the effects
ofglobal economic conditions on Glencore's or Xstrata's business.

 

Such forward-looking statements involve known and unknown risks and uncertainties
that could significantly affect
expected results and are based on certain key assumptions. Many factors may cause the actual results, performance or

achievements     ofGlencore or Xstrata to be materially     different from any 
future results,    performance or achievements     expressed or     implied by 
the forward-looking statements.  Important factors   that   could cause actual 
results, performance                                            orachievements 
of Glencore or Xstrata to differ materially from the expectations of Glencore or Xstrata, as applicable,
include, among other things,
general business and economic conditions globally, commodity price volatility, industry
trends, competition, changes
in government and other regulation, including in relation to the environment, health and
safety and           taxation, labour            relations and work stoppages, 
changes in politicaland                     economic stability, disruptions in 
business operations due                                                     to 
reorganisation activities (whether or not Glencore combines with Xstrata), interest rate and
currency fluctuations,  the  failure to satisfy any conditions for  the Merger 
ona timely basis          or at all, the          failure           to satisfy 
the conditions of the Merger                       when implemented (including 
approvals or clearances from regulatory and other agencies
and bodies) on a timely basis
or at all, the failure of Glencore to combine with Xstrata
ona timely basis or at all, the
inability of the Combined Group to realise successfully any anticipated synergy
benefits when the Merger is
implemented, the inability of the Combined Group to
integrate successfully Glencore's and Xstrata's operations and
programmes when the Merger is implemented, the
Combined Group incurring and/or experiencing        unanticipated        costs 
and/or delays or difficulties relating to the
Merger when the Merger is implemented.         Such forward-looking statements 
should therefore be construed in light of suchfactors.

 

Neither Xstratanor Glencore, nor any of their respective
associates or directors, officers or advisers, provides any
representation, assurance or    guarantee that the    occurrence of the events 
expressed or     implied in     any forward-looking     statements     in this 
announcement will actually occur. You are cautioned
not to place undue reliance on these forward-  looking statements, which speak 
only as of the date hereof.

 

Other than in accordance with its legal or regulatory   obligations (including 
under the Listing Rules and the Disclosure and Transparency Rules of the FSA),
neither Xstratanor Glencore is                                       under any 
obligation and Xstrata and Glencore each        expressly         disclaim any 
intention or obligation to update or revise any
forward-looking statements, whether as a result of   new   information, future 
events or otherwise.

 

 

No profit forecasts

 

No statement in this announcement is intended as                      a profit 
forecast and no statement in this announcement should    be     interpreted to 
mean that earnings per Glencore or Xstrata ordinary share for the current or future financial years would
necessarily          match          or          exceed the          historical 
published earnings per Glencore or Xstrataordinary share.

 

 

Responsibility statement

 

The Independent Xstrata Directors each accept responsibility for the information contained in this announcement. To
thebest of the knowledge and belief of the Independent Xstrata Directors (who have taken all reasonable care to
ensure that suchis  the case), the information contained  inthis  announcement 
for  which they   are responsible is   in   accordance with the facts and does 
not omit anything likely toaffect the import of such information.

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
END
 
 
MSCBKKDDPBDDQDB -0- Nov/20/2012 15:15 GMT