Pentwater Issues Public Letter to George Burns Regarding Ongoing Breaches of Fiduciary Duty
Turquoise Hill Resources Ltd. Ordinary Shares (TRQ)
US:NYSE Investor Relations:
turquoisehill.com/s/investors.asp
Company Research
Source: Business Wire
NAPLES, Fla.--(BUSINESS WIRE)--Pentwater Capital Management LP ("Pentwater"), the largest minority shareholder of Turquoise Hill Resources Ltd. ("Turquoise Hill") (TSX:TRQ) (NYSE:TRQ), sent the below letter to TRQ Director George Burns. Mr. Burns has not responded to explain his role in the ongoing and likely future breaches of fiduciary duties by the Turquoise Hill Board towards its minority shareholders.Dear Mr. Burns,I am writing to you to implore you to not breach your fiduciary duty owed to minority shareholders of Turquoise Hill (“TRQ”). Unfortunately, I believe that you have already done so, and if press reports are accurate, I believe you are about to further breach your fiduciary responsibilities in one of the most egregious ways that I have ever seen in my career.As you know, you joined the Board of TRQ six months after TRQ announced a $1.5 billion cost overrun and a two-year delay in the construction of the Oyu Tolgoi underground mine. At that time, I sincerely hope you
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