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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Detour Gold Corporation    DGC   CA2506691088

DETOUR GOLD CORPORATION

(DGC)
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Delayed Quote. Delayed Toronto Stock Exchange - 02/15 04:00:00 pm
13.84 CAD   +2.29%
02/11DETOUR GOLD : and Paulson Announce Dismissal of Court Action
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01/22DETOUR GOLD : Provides Guidance for 2019
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01/15DETOUR GOLD : Announces Record Production for Q4 and Full Year 2018
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Detour Gold : Glass Lewis, Livermore back Paulson's Detour Gold proxy fight

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12/06/2018 | 12:08am EST

(Reuters) - Independent proxy adviser Glass Lewis and hedge fund Livermore Partners on Wednesday joined activist investor Paulson & Co's call to make changes to the board of Canadian miner Detour Gold Corp.

Glass Lewis recommended replacing Detour Chairman Alex Morrison and two other board members with Paulson nominees, while Livermore affirmed its call for an overhaul of the board.

Livermore also confirmed its intention to vote in favor of Paulson's nominees.

Detour's management has been resisting Paulson's push for a board shakeup and the immediate dismissal of interim Chief Executive Officer Michael Kenyon and Morrison. Paulson has an about 6 percent stake in Detour.

"We ultimately see validity in Paulson's central thesis that, for substantive change to take hold at the company, certain of the core and long-term directors who have presided over value destruction and overseen technical failures of prior mine plans need to be replaced," Glass Lewis said.

"The best thing that could happen to Detour would be the complete termination of all involvement with Messrs. Kenyon and Morrison," Livermore said in a statement.

Livermore earlier called for an overhaul of the board at Detour and a strategic review.

Detour Gold directors have been unable to recruit a management team that has proven capable of realizing the inherent value of its Detour Lake mine, despite commercial production starting more than five years ago, Livermore said.

Glass Lewis recommended naming former Kirkland Lake Gold Inc executive Dawn Whittaker as chairman of Detour. However, it said it had no issues with Kenyon running the company on an interim basis as long as the miner was looking for a permanent replacement.

Hedge fund Paulson on Nov. 15 called for the immediate resignation of Kenyon and Morrison, adding it did not favor a fire sale of the gold miner.

Detour's proposals for a shareholder meeting on Dec. 11 include approval of two Paulson nominees to the board.

Institutional Shareholder Services Inc on Monday advised shareholders to vote for Detour's nominees.

(Reporting By Aparajita Saxena and Laharee Chatterjee and Shubham Kalia in Bengaluru; Editing by Anil D'Silva and Gopakumar Warrier)

Stocks mentioned in the article
ChangeLast1st jan.
DETOUR GOLD CORPORATION 2.29% 13.84 Delayed Quote.20.03%
GOLD 0.68% 1320.93 Delayed Quote.2.32%
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Latest news on DETOUR GOLD CORPORATION
02/11DETOUR GOLD : and Paulson Announce Dismissal of Court Action
AQ
01/22DETOUR GOLD : Provides Guidance for 2019
AQ
01/18DETOUR GOLD : Detours 2018 output tops 620,000oz
AQ
01/15DETOUR GOLD : Announces Record Production for Q4 and Full Year 2018
AQ
01/05DETOUR GOLD : appoints Interim CEO
AQ
01/03DETOUR GOLD : Announces Appointment of Bill Williams as Interim CEO
AQ
2018DETOUR GOLD : Announces Board Committee Changes and Commences Search for New CEO
AQ
2018DETOUR GOLD : CEO steps down after shareholders side with Paulson in proxy vote
AQ
2018DETOUR GOLD : Announces Results of Special Meeting of Shareholders
AQ
2018DETOUR GOLD : interim CEO, chairman lose out to Paulson nominees
RE
More news
Financials ($)
Sales 2018 761 M
EBIT 2018 142 M
Net income 2018 44,7 M
Debt 2018 -
Yield 2018 -
P/E ratio 2018 67,42
P/E ratio 2019 27,87
Capi. / Sales 2018 2,40x
Capi. / Sales 2019 2,42x
Capitalization 1 826 M
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Technical analysis trends DETOUR GOLD CORPORATION
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 12,2 $
Spread / Average Target 17%
EPS Revisions
Managers
NameTitle
Williams C. Williams Chief Executive Officer & Director
James K. Gowans Chairman
Frazer W. Bourchier Chief Operating Officer
James Mavor Chief Financial Officer
André Falzon Independent Non-Executive Director
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