Embattled Glencore reportedly held a secret meeting with an influential investor trade body yesterday, over the commodities miner and trader's £1.6bn share placing earlier this month.
A meeting took place between the Investment Association - whose members manage £5.5 trillion of client assets - and John Burton, Glencore's company secretary, according to Sky News.
The summit focused on concerns that shareholder pre-emption rights, which give existing shareholders the first refusal on any new share issue, were not applied to the share placing.
The Investment Association and the National Association of Pension Funds previously issued a statement saying: "this sets a very damaging precedent for market practices."
Glencore's shares closed down 30 per cent yesterday over fears about how its debt-heavy balance sheet will hold up if copper prices fail to recover. But the shares sustained a relief rally this morning, popping more than nine per cent at the open, however they've since fallen back to 6.5 per cent.