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Paulson cries foul as Detour Gold extends voting to halt a board coup
'This Is What Despots and Dictators Do': Paulson Cries Foul as Detour Gold Extends Voting to Halt a Board Coup
By Gabriel Friedman
National Post, Toronto
Monday, December 10, 2018
Detour Gold Corp.'s management was left scrambling to fight off a board coup on Monday, after a crucial initial vote showed shareholders wanted to oust at least five out of its nine directors.
The board extended the deadline to vote, with ballots that had been due last Friday now due on Wednesday and a meeting to count final votes postponed from Tuesday until Thursday.
... Dispatch continues below ...
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Detour's management has been under fire from a group of shareholders led by U.S. billionaire John Paulson, whose hedge fund Paulson & Co. owns 5.7 per cent of the company. The campaign complained about abysmal returns at the Toronto-based miner including a 70 per cent fall in market capitalization since July 2016.
"This is unheard of. Shareholders have voted," Marcelo Kim, a Paulson & Co. partner who led the campaign, wrote in an email. "They don't like the result, so they are trying to change it? This is what despots and dictators do." ...
... For the remainder of the report:
https://business.financialpost.com/commodities/mining/this-is-what-despo...
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