Newmont Supplies Further Information to Proxy on Combination Following Issued Complaints

By Denny Jacob

Newmont rejected as without merit two complaints issued against the company and individual board members related to its planned takeover of Australian gold producer Newcrest Mining.

The mining company, as part of additional information provided in a regulatory filing, said it received two complaints alleging that a proxy statement related to the issuing of Newmont shares to shareholders of Newcrest Mining misrepresented and/or omitted certain allegedly material information concerning the transaction.

Newmont in September filed with the Securities and Exchange Commission a proxy statement for a planned special meeting of shareholders that considered, among other things, the share issuance proposal as part of the deal with Newcrest.

On Wednesday, Newmont said it believes the allegations are without merit. However, in order to avoid risk that the complaints may delay or otherwise adversely affect the transaction, it issued supplemental information to minimize costs and uncertainties, without admitting any liability or wrongdoing.

The Denver-based company said plaintiffs in the federal actions have agreed that the claims are moot and will voluntarily discontinue their efforts in exchange for the filed supplemental disclosures.

Newmont has received all regulatory approvals for the transaction with Newcrest after receiving clearance from the Papua New Guinea Securities Commission, which followed approval last week from the Philippine Competition Commission.

Write to Denny Jacob at [e-mail]

(END) Dow Jones Newswires

October 04, 2023 11:07 ET (15:07 GMT)

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