Rio Tinto has appealed directly to Australian shareholders as it pushes back against attempts by an activist hedge fund to force the mining giant to collapse its dual-company structure and end its primary London listing, warning it could have dire consequences on dividends.

Britain’s Palliser Capital wants Rio to end a structure that has been in place since 1995 – a proposal that the company’s Australian shareholders will vote on at the start of next month. If Palliser’s proposal succeeds, Rio will be forced to launch a strategic review of its structure, which it opposes.