This is a representative proceeding on behalf of former minority shareholders of Katanga Mining Limited (TSX: KAT, OTCPK: KATFF). The action has been brought against Katanga, its successor by merger Glencore plc, and certain of its former directors and officers.
Pursuant to a series of transactions carried out between November 2019 and June 2020, Katanga was taken private summarily by its then-majority shareholder, Glencore, effective June 2020. Following Katanga’s takeover by Glencore, Katanga’s common shares were delisted from the Toronto Stock Exchange.
The action alleges that the defendants engaged in oppressive conduct in violation of their statutory obligations, as they deprived Katanga’s minority shareholders of the opportunity to vote on the transaction and improperly circumvented the requisite Court approval process.
The action claims damages and compensation on behalf of Katanga’s minority shareholders.
Class Membership Criteria
This representative proceeding has been brought on behalf former minority shareholders of Katanga, as follows:
- All persons and entities who were shareholders of record of Katanga Mining Limited as of the close of trading on November 6, 2019, except certain excluded persons.
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