TSX- and NYSE-listed Hudbay Minerals and investment firm Waterton Global Resource Management on Tuesday announced that they have agreed to amend certain of the standstill provisions of the settlement agreement that they entered into last year.
The parties have now agreed to increase the number of company shares that may be acquired by Waterton from 15% to up to 19.99% during the standstill period.
The parties also have agreed to amend certain provisions of the standstill and to extend the standstill period for six months if Waterton acquires beneficial ownership of more than 16% of the company’s shares prior to the original termination date, with an automatic extension of a further six months if Waterton’s beneficial ownership interest exceeds 17.5% of the company’s shares prior to the expiry of such initial six-month extension period.
“We are pleased to have amended these terms of our agreement with Waterton, which further demonstrates their support for Hudbay as a leading independent shareholder,” said Hudbay chairperson Stephen Lang.
The Toronto-based miner in May 2019 reached an agreement with shareholder Waterton that three of its nominees, including Peter Kukielski, David Smith and Daniel Muñiz Quintanilla.