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Rio Tinto should leave the London stock market and switch its primary listing to Australia, a move that could boost the miner’s share price by “nearly 40%”, a UK-based activist investor said on Thursday.
“What we think is the root cause of the undervaluation is an extremely clunky and outdated dual-listed corporate structure,” Palliser’s chief investment officer James Smith said at the Sohn Hong Kong investment conference on Thursday. He added he believed there was upside of “nearly 40 per cent” in Rio Tinto’s shares.
At Elliott, Smith led a successful campaign against BHP, urging the mining company to increase share buybacks and scrap its Anglo-Australian dual listing in 2017.
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