Paulson Scorns ‘Inexcusable’ Delay in Detour Holder Meeting – by Danielle Bochove and Scott Deveau (Bloomberg News – August 28 2018)

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.”

For the rest of this article:

Comments are closed.