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Detour Gold urges shareholders to vote for refreshed Board of Directors

Published by , Assistant Editor
Global Mining Review,

Detour Gold Corp. (Detour Gold) has filed a management information circular and related proxy materials in advance of its special meeting of shareholders to be held on 11 December 2018 at 10:00 a.m. (EST) in Toronto.

The proxy materials include a letter to shareholders presenting compelling reasons for shareholders to vote the BLUE proxy in favour of Detour Gold's recommended and refreshed board of directors that is committed to ensuring the success of the Detour Lake operation, positioning the company for future growth and maximising long-term shareholder value.

The recommended and refreshed Board includes two Paulson & Co. (Paulson) nominees, Steven Feldman and Christopher Robison, as well as incumbent Directors Edward Dowling Jr., Alan R. Edwards, Andre Falzon, J. Michael Kenyon, Judy Kirk, Alex Morrison, and James Gowans.

Detour Gold has selected Paulson's two most qualified nominees to be responsive to their shareholders' desire for more, but responsible and effective, change. To make room for the new directors, longstanding directors Lisa Colnett and Jonathan Rubenstein have agreed to step down.

Additionally, Interim CEO Michael Kenyon will step down from the Board and a new CEO will be named at the next AGM.

Detour Gold's Board is committed to commencing a CEO search immediately after this proxy contest.  The uncertainty that Paulson has created regarding the Board's composition and the company's future strategy has undermined the company's ability to conduct an effective search until then.

Kenyon's departure from the Board means that nearly 70% of the Company's Board will have been refreshed since the last AGM.

These changes, which were offered to Paulson in a settlement proposal, have the support of one of Detour Gold's largest shareholders in writing.

The letter to its shareholders also explains why shareholders should withhold their votes on Paulson's six other inexperienced nominees who are controlled by Paulson and intent on pursuing Paulson's self-serving and value-destroying fire sale agenda. 

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