Billionaire John Paulson’s hedge fund said Detour Gold Corp.’s plan to hold a shareholders meeting in December to vote on its slate of nominees to replace the miner’s board was “inexcusable.”
On Monday, Detour said it would hold a special shareholders meeting on Dec. 11 after it was requisitioned by Paulson & Co. On Tuesday, the hedge fund called that “the latest entrenchment tactic.”
“It is inexcusable that the board delayed the meeting and refused to hold itself accountable to shareholders,” Marcelo Kim, a Paulson partner, said in a statement.
Paulson has nominated eight directors to replace Detour’s entire board and called for a meeting of shareholders to elect its slate no later than Sept. 28.
“Paulson is the only one pushing for a September meeting for reasons that benefit only Paulson,” Detour said by email, noting the meeting had been set well within the standard time frame. “Paulson threw out a date tactically, knowing full well it was not practical.”
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