Paulson wins control of Detour board in key shareholder vote


By Scott Deveau and Danielle Bochove
Bloomberg News
Thursday, December 13, 2018

Paulson & Co. has convinced shareholders of Detour Gold Corp. to overthrow the bulk of the Canadian miner's board of directors, including its interim CEO, ending a nasty six-month proxy battle.

Five of the Paulson-backed nominees were chosen, while Detour Chairman Alex Morrison and interim Chief Executive Officer Michael Kenyon were removed from the board during a special shareholders meeting today in Toronto, the miner said in a statement.

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Kenyon has resigned as CEO and James Gowans, who was one of three new directors appointed in August, will become the chairman, Detour said. The board will be fixed at nine members.

Marcelo Kim, a partner at Paulson who was on the hedge fund's slate of board nominees, was not elected.

"Seven out of eight directors have changed since we started this campaign," Kim said at the 18-minute shareholders' meeting that was closed to media. "But it's not about who won or who lost. It’s about what’s best for the company." ...

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