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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (31355)	1/19/2009 10:48:12 AM
From: LoneClone	Read Replies (1) \| Respond to of 195975

Canada pension giant slams TSX on HudBay deal-paper Mon Jan 19, 2009 9:22am EST reuters.com TORONTO, Jan 19 (Reuters) - One of Canada's largest pension funds is complaining to the Toronto Stock Exchange about rules allowing HudBay Minerals Inc's (HBM.TO) plan for a highly dilutive share issue to pay for the takeover of a rival, the Globe and Mail reported on Monday. The newspaper said the Ontario Teachers' Pension Plan is writing the TSX and urging it to change regulations that will allow HudBay to double its share count for the friendly takeover of Lundin Mining Corp (LUN.TO) without the approval of shareholders. Wayne Kozun, Teachers' senior vice-president of public equities, said that such a dilutive share issue would need majority support from HudBay shareholders if the company's primary listing were on the New York Stock Exchange, London Stock Exchange or in an almost any other jurisdiction, the article said. A spokeswoman at the TSX, which is operated by TMX Group Inc (X.TO), declined to be interviewed on the issue of the exchange's security-holder approval requirement for acquisitions, the Globe reported. The objections to the deal by the pension fund, which managed C$108.5 billion ($86.8 billion) in assets as of the end of 2007, come as HudBay prepares to defend two separate legal challenges to the takeover that will be heard this week, the newspaper reported. ($1=$1.25 Canadian) (Reporting by Jennifer Kwan; editing by Jeffrey Hodgson)