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

DETOUR GOLD CORPORATION (DGC)
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Detour Gold : Glass Lewis, Livermore back Paulson's Detour Gold proxy fight

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12/06/2018 | 06:08am CET

(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 2.03% 11.08 Delayed Quote.-25.03%
GOLD -0.37% 1238.295 Delayed Quote.-4.34%
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Financials ($)
Sales 2018 749 M
EBIT 2018 147 M
Net income 2018 57,8 M
Debt 2018 145 M
Yield 2018 -
P/E ratio 2018 23,05
P/E ratio 2019 17,78
EV / Sales 2018 2,14x
EV / Sales 2019 2,09x
Capitalization 1 455 M
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Technical analysis trends DETOUR GOLD CORPORATION
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 12,2 $
Spread / Average Target 47%
EPS Revisions
Managers
NameTitle
John Michael Kenyon Chief Executive Officer & Director
Alexander G. Morrison Chairman
Frazer W. Bourchier Chief Operating Officer
James Mavor Chief Financial Officer
Jonathan Arn Rubenstein Independent Non-Executive Director
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