Xstrata Proposes Adjournment of Shareholder Meetings
07/05/2012| 02:43am US/Eastern
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LONDON-- Xstrata PLC (>> Xstrata PLC), a commodities producer, said Thursday it has proposed adjournment of shareholder meetings to approve the merger with Glencore.
MAIN FACTS:
-Has obtained the permission of the Court to adjourn the Court Meeting originally convened for 10.00 a.m. on July 12 to approve the Scheme of Arrangement in respect of the recommended all-share merger of equals with Glencore International (>> Glencore International Plc).
-Xstrata sought permission from the Court to adjourn the Court Meeting due to the proposed changes to the retention award element of the Management Incentive Arrangements described in the Scheme Circular, sent to shareholders on May 31, and the need, as a consequence of those proposed changes, to convene a new Xstrata extraordinary general meeting.
-For the same reasons, the Xstrata extraordinary general meeting convened for 10.30 a.m. London time on July 12 is proposed to be adjourned, subject to the passing of an ordinary resolution to adjourn the meeting.
-The new date for the adjourned Court Meeting and the New Xstrata General Meeting will be contained in a Supplementary Scheme Circular, expected to be posted to shareholders shortly.
-Write to Mark Shapland at mark.shapland@dowjones.com
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