Investor Tribeca presents Glencore with ideas to raise shareholder value – How it may unfold

Business: Switzerland-based Glencore PLC produces and markets a diverse range of metals and minerals, including copper, cobalt and zinc. It also markets aluminum/alumina and iron ore from third parties. The company is a producer and marketer of coal, with mines in Australia, Africa and South America. In addition, Glencore also markets crude oil, refined products and natural gas. The company physically sources commodities and products from its global supplier base, and it sells them to customers all over the world, transporting commodities by sea, rail and truck. Further, Glencore is involved in the recycling of copper and precious metals.

Stock Market Value: ~53 billion pounds (4.35 pounds per share)

Percentage Ownership:  n/a

Average Cost: n/a

Activist Commentary: Tribeca Investment Partners is a specialist active investment and advisory firm with offices in Sydney, Melbourne and Singapore. The firm was founded in 1999 by Tribeca chairman David Aylward. Tribeca leverages its multi-asset class expertise across equities, credit and natural resources, and offers a range of services to clients across asset management, private wealth management and corporate advisory. While not explicitly an activist, Tribeca is willing to engage its portfolio companies in order to improve shareholder returns and corporate governance.

On March 13, the Financial Times reported that Tribeca had sent a letter to Glencore's board, calling on them to (i) transfer the company's main listing to the Australian Securities Exchange from London; (ii) increase dividends by discontinuing share buybacks; (iii) spin-off its trading division; and (iv) maintain control of its coal operations. Tribeca has been a shareholder of Glencore for seven years and has been