"We have expressly reserved shares to ensure compliance with current regulations and protect the rights of minority shareholders," said the representative of Tianqi during the ordinary meeting held on Wednesday.
In the context of the recent extraordinary shareholders meeting of SQM, Tianqi Lithium, through its subsidiary in Chile, TLC SpA, reiterated the need for greater transparency and consideration of the rights of all minority shareholders.
As a significant shareholder of the Company, Tianqi affirms that he has evidenced "a series of actions that he considers contrary to these principles of transparency and equity that must govern every corporation."
According to a statement from Tianqi, this request complies with the Corporations Law and, under that premise, the Chinese firm has formally requested that the alliance operation between SQM and Codelco be submitted to the shareholders' meeting, in accordance to Article 67 of the Public Limited Companies Law.
This is because Tianqi has said that despite its "legitimate request", SQM management has repeatedly refused to call a meeting for the purpose of voting on this important decision.
"We have expressly reserved shares to ensure compliance with current regulations and protect the rights of minority shareholders," said the representative of Tianqi during the meeting.
QUESTIONS TO THE ALLIANCE
In his communication with the media, Tianqi has requested clear explanations about the reasons that justify the proposed structure for the alliance operation with CODELCO, a structure that seems specifically designed to avoid the calling of a shareholders' meeting.
This concern is based on the wording of the consultation made to the CMF and an apparent explicit intention to avoid a transparent and participatory process that includes minority shareholders.
During the meeting, Tianqi expressed his annoyance with the statements of the president of the board of directors of SQM, which he believes compromise the impartiality and loyalty that the administration owes to all its shareholders.
"It is essential that senior management adhere to strict protocols that ensure transparency and respect for the rights of all shareholders. The opposite, in Tianqi's opinion, disqualifies the current Chairman of the Board of Directors from exercising this function," the statement continues. .
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"INSUFFICIENT INFORMATION"
Despite the economic and financial information made available to the public in recent hours, it is completely insufficient to be able to seriously analyze the consequences of the operation for SQM.
For the Chinese firm, there are still multiple undeclared aspects that are crucial for fully understanding the impact of this alliance, including the valuation and conditions under which Salar Maricunga will be transferred to Codelco.
Already in March, Tianqi Lithium Corporation, through Frank Ha, expressed (and reiterated) concerns about the alleged lack of information from SQM regarding the agreement with Codelco, where both Chilean companies seek to create a joint company for the exploitation of the resources of lithium in the Salar de Atacama.
"As we have mentioned on several occasions, Tianqi is a publicly traded company and has fiduciary obligations to its investors, so it is your duty to request all the information necessary to fully evaluate any transaction that may have economic effects. for their investments and assert their rights as a shareholder in all applicable legal instances," the statement indicates.
Regarding the alliance, many of its details are still unknown, and Tianqi has reiterated that the information available so far is insufficient to make a definitive judgment. Simultaneously, he has expressed that "there is no doubt that the operation involves the disposal of the company's strategic assets, which reinforces our obligation to insist that said operation must be put to a vote at the shareholders' meeting."
