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  "documentTitle": "Rio Tinto (RIO)",
  "authorId": "24_Palliser_Capital",
  "authorName": "Palliser",
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  "presentationDate": "2024-12-01 00:00:00",
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  "pageNumber": 14,
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  "notes": "The slide uses a structural diagram to explain the legal and operational separation of the two entities.",
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      "kind": "callout",
      "text": "Rio's 29-year-old DLC structure has outlived its use and is no longer fit-for-purpose - causing Plc to underperform and inhibit Rio's shareholder value",
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      "kind": "diagram",
      "text": "Structural diagram showing Plc and Ltd shareholders, entities, and operating assets connected by DLC agreements.",
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      "kind": "paragraph",
      "text": "Shareholders: 77% of Rio's shareholders hold Plc and 23% hold Ltd shares. EBITDA: Plc contributed only 17% Rio's FY23 EBITDA; Ltd share was 83%.",
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      "kind": "paragraph",
      "text": "DLC Agreements: Various complex contractual arrangements between Plc and Ltd are intended to ensure the two companies operate as a single economic entity: Common board of directors, Matching dividends, Voting on a 'combined' basis.",
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      "kind": "paragraph",
      "text": "Two Separate Companies: Rio has an unusual dual-listed company (DLC) structure comprised of two separate legal entities: 1. Rio Tinto Plc (Plc): incorporated in the UK and listed on the LSE with a NYSE ADR. 2. Rio Tinto Limited (Ltd): incorporated in Australia and listed on the ASX.",
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      "kind": "paragraph",
      "text": "Temporary Structure: DLC structures have proven to be short-lived (lasting only 9 years on average... or 23 years when including legacy DLCs). Inhibiting Value: Rio's 29-year-old DLC structure has outlived its use and is no longer fit-for-purpose.",
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      "kind": "source-note",
      "text": "Source: Company filings, Palliser analysis",
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      "kind": "title",
      "text": "Rio Tinto's Complex DLC Structure Explained",
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