Rio Tinto, the $160 billion global mining giant, has successfully resisted an activist investor's push to review its dual-listed structure, with shareholders overwhelmingly voting against the proposal. The London-based hedge fund Palliser Capital had sought to unify the company's listings under a single Australian entity, arguing that the current structure is outdated and could unlock significant value for shareholders. However, less than 20% of the votes cast at the annual general meetings supported the review, falling short of the threshold required under UK corporate governance rules to mandate further consultation.

The outcome represents a significant victory for Rio Tinto's board, which had strongly opposed the proposal, citing potential tax costs in the mid-single digit billions of US dollars and asserting that unification is not in the best interests of shareholders or the company as a whole. The board's stance was supported by a wide consultation with shareholders, who ultimately agreed that the dual-listed structure should remain in place. This decision underscores the challenges activist investors face when attempting to sway large, established corporations with complex global operations.

Palliser Capital's campaign had drawn parallels with BHP's decision to move its primary listing to Sydney in 2022, following pressure from activist investors. However, Rio Tinto's shareholders, particularly those holding UK-listed stock which comprises about 77% of the investor base, showed little appetite for change. The Australian-listed shares, trading at a premium of about 25%, reflect the tax advantages available to Australian shareholders, a factor that may have influenced the voting outcome.

The rejection of Palliser's proposal also highlights the broader debate about the future of London's stock market, which has seen several high-profile companies consider or execute moves away from the UK. Despite these challenges, Rio Tinto's decision to maintain its dual-listed structure signals confidence in the current setup, at least for the foreseeable future. The company's ability to fend off the activist campaign may serve as a case study for other corporations facing similar pressures, demonstrating the importance of board-shareholder alignment in corporate governance decisions.

A suspected gas explosion in Alvaston, Derbyshire, has left a man hospitalized and a neighborhood in shock after the blast 'shook the entire street' late Tuesday evening. Emergency services were quick to respond to the incident on Eden Street, where the force of the explosion was felt nearly half a mile away, with residents describing the moment as akin to an 'earthquake'. The extent of the man's injuries remains unknown, as authorities work to assess the damage and ensure the safety of the area.

Footage from the scene captured the terrifying moment the explosion ripped through a terraced property, sending a massive plume of smoke into the air and affecting a passing car. In addition to the human casualty, a dog was injured in the blast and later rescued by search teams, receiving care from a veterinarian. The incident has prompted a coordinated response from Derbyshire Police and Fire and Rescue Services, with structural engineers evaluating the stability of adjacent properties, both of which have been evacuated as a precaution.

The community has come together in the wake of the explosion, with neighbors checking on one another and sharing their experiences of the harrowing event. One resident, Gill Jennings, recounted how the explosion 'made the ground shake' as she sat in her home, highlighting the widespread impact of the blast. As the investigation into the cause of the explosion begins, residents from 14 properties have been advised to stay away from their homes overnight for safety reasons.

Authorities have emphasized their commitment to determining the cause of the explosion and preventing future incidents. With emergency planning officers and utility representatives on site, the focus remains on making the area safe and supporting those affected. The Derbyshire community, while shaken, has shown resilience in the face of adversity, as recovery efforts continue and the investigation progresses.