Detour, Paulson settle last item from proxy battle
Canadian miner Detour Gold and investment firm Paulson & Co have agreed to the dismissal of court action that the mining company issued on July 24 last year.
As part of the agreement, both companies will provide re-leases of certain claims in respect of the proxy contest, complaints made by Detour to staff of the Ontario Securities Commission, the court action and Paulson’s claim for reimbursement of costs.
“We are happy to settle the last remaining item from the proxy contest, which allows Detour’s board to focus on creating value for shareholders,” said Paulson & Co founder and hedge fund manager John Paulson.
“With this settlement, the board has put the proxy fight behind us and is focused on improving the performance and value of our long-life valuable asset,” said Detour’s new chairperson, James Gowans.
Paulson & Co began the proxy battle in June last year, urging Detour to put itself up for sale, citing stock losses amid managerial missteps.
In December, Paulson & Co convinced Detour shareholders to overthrow the bulk of the miner’s board of directors and five Paulson-backed nominees were chosen as replacements in the nine-member board.
Shareholders backed nominee Bill Williams to take over as interim CEO of Detour, replacing Michael Kenyon. Gowans replaced Alex Morrison as Detour chairperson.
Each side had accused the other of “bullying”, and Detour served Paulson & Co with a lawsuit the hedge fund called “frivolous.”
Paulson increased its stake in Detour, from 5.4% at the start of the battle to 5.7% in November.
Detour’s flagship asset, the Detour Lake mine, is located in north-eastern Ontario.
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