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

DETOUR GOLD CORPORATION

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Detour Gold : Paulson rejects settlement with Detour Gold

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10/12/2018 | 02:52pm EDT

(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 1.59% 13.4 Delayed Quote.14.40%
GOLD -0.05% 1320.72 Delayed Quote.2.42%
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Latest news on DETOUR GOLD CORPORATION
03/07DETOUR GOLD : Reports Fourth Quarter and Year-End 2018 Financial Results
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02/20DETOUR GOLD : Announces Departure of CFO in April 2019
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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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01/18DETOUR GOLD : Detours 2018 output tops 620,000oz
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01/15DETOUR GOLD : Announces Record Production for Q4 and Full Year 2018
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01/05DETOUR GOLD : appoints Interim CEO
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01/03DETOUR GOLD : Announces Appointment of Bill Williams as Interim CEO
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2018DETOUR GOLD : Announces Board Committee Changes and Commences Search for New CEO
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2018DETOUR GOLD : CEO steps down after shareholders side with Paulson in proxy vote
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More news
Financials ($)
Sales 2019 763 M
EBIT 2019 120 M
Net income 2019 36,0 M
Debt 2019 -
Yield 2019 -
P/E ratio 2019 31,69
P/E ratio 2020 19,01
Capi. / Sales 2019 2,26x
Capi. / Sales 2020 2,25x
Capitalization 1 727 M
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Technical analysis trends DETOUR GOLD CORPORATION
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TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 12,2 $
Spread / Average Target 24%
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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