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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 : Paulson rejects settlement with Detour Gold

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10/12/2018 | 07:52pm CEST

(Reuters) - Hedge fund Paulson & Co has rejected proposals from Canadian miner Detour Gold Corp which would have removed its interim chief executive officer in aid of settling a proxy dispute over the company's future, Detour said on Friday.

The settlement Detour said it had proposed to Paulson on Oct. 9 would have resulted in almost half of its board being refreshed in six weeks, with interim CEO Michael Kenyon stepping down before the next annual general meeting.

A spokesman for Paulson said it had instead made new proposals to Detour earlier on Friday and was continuing to press for a complete change of the board.

"Paulson provided the company with two settlement alternatives this morning ... we have not received a response to our good-faith offer other than through the media," the spokesperson told Reuters.

"Detour's directors could have done the right thing ... instead, they have opted to prolong their inevitable ouster at the hands of shareholders," the spokesperson added.

He gave no details of the new offers the hedge fund had made.

The company's shares, which have fallen nearly 26 percent this year, fell nearly 2 percent on Friday.

"Our Board has decided to keep our reasonable settlement offer open to Paulson," Detour Chairman Alex Morrison said.

Paulson, which has called for the company to explore strategic alternatives including a sale, in July called for a special shareholders meeting and nominated eight new directors for appointment to Detour's board.

The company instead made three new appointments to its board, which were criticized by the hedge fund.

(Reporting by Debroop Roy in Bengaluru; Editing by Arun Koyyur and Patrick Graham)

Stocks mentioned in the article
ChangeLast1st jan.
DETOUR GOLD CORPORATION -2.53% 10.8 Delayed Quote.-24.49%
GOLD 0.07% 1226.87 Delayed Quote.-6.40%
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Financials ($)
Sales 2018 774 M
EBIT 2018 164 M
Net income 2018 81,7 M
Debt 2018 95,0 M
Yield 2018 -
P/E ratio 2018 19,61
P/E ratio 2019 18,24
EV / Sales 2018 2,03x
EV / Sales 2019 1,97x
Capitalization 1 473 M
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Technical analysis trends DETOUR GOLD CORPORATION
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 12,8 $
Spread / Average Target 50%
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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