News: AWC Alumina comments on Alcoa's proposed corporate separation

May 30 (Reuters) - Alumina Ltd (AWC) :

• Alumina Limited acts to protect shareholders' interests in relation to proposed Alcoa separation
• Considered the implications for its shareholders and for the AWAC joint venture of Alcoa inc.'s proposed corporate separation
• Alumina has raised these concerns with Alcoa and has proposed amendments to the AWAC joint venture agreements
• Alcoa filed application in chancery court in Delaware seeking declarations regarding alumina's rights in context of Alcoa demerger
• Considers that Alcoa's demerger proposal triggers consent and 'first offer' rights in favour of Alumina under the AWAC arrangements
• Says Alumina will defend the proceedings brought by Alcoa
• Has serious concerns that proposal as described by Alcoa will result in a material adverse change in the nature, size, scope and financial wherewithal of co's partner in AWAC
• Alumina considers it is entitled to receive various offers, including for the Alcoa interest in AWAC companies