World News: 12:30 GMT Friday 9th November 2018. [Paulson & Co. Inc. via Globe Newswire via SPi World News]
NEW YORK, Nov. 09, 2018 (GLOBE NEWSWIRE) -- Paulson & Co. Inc. (“Paulson”), one of the largest, long-term shareholders in Detour Gold Corporation (TSX: DGC) ("Detour Gold" or the "Company”), today released a list of questions it believes the Company should address in the circular it files for the upcoming Special Meeting. Today is the Record Date for the meeting. These questions are intended to ensure the Company is transparent in providing shareholders with information fundamental to evaluating the responsibility of the Board for Detour Gold’s failed performance.
Since requisitioning the meeting, Paulson has continuously tried to engage with the Company on setting fair procedures for the December 11 Special Meeting and releasing important information for shareholders to consider before they vote for directors. Contrary to good governance principles and their duty to shareholders, the Company and its advisers have not substantively responded to any of those requests. Given the Company’s silence, and as the Record Date is now here, Paulson has no choice but to publicly raise these questions and demand that the Company address the following questions in its proxy circular:
Attempts to deprive shareholders of their most fundamental right to vote for directors with full information only proves that the Board is more interested in entrenching itself than fulfilling their duties to the Company and acting for the benefit of shareholders. Shareholders are encouraged to demand that the Company answer these and other important questions in its circular, which should be filed imminently.
The Company will soon issue its circular and proxy. Shareholders should review the circular with a critical eye and assess whether the Company has addressed these important questions. If the Company does not, then shareholders should destroy the Company’s proxy form. Real change will only come about through a wholesale replacement of the Board. Paulson will soon file its own materials and proxy and shareholders will finally have a chance to vote for real change and for its slate of new, highly qualified directors.
Paulson is one of Detour Gold’s largest investors, exercising control or direction over 5% of Detour Gold’s shares. Having first invested in the Company nine years ago, Paulson previously provided C$280 million in direct equity and US$250 million in convertible notes to finance its mine completion. Paulson, along with several other major shareholders in the Company, has grown increasingly frustrated by the Company’s inability to appropriately manage shareholders’ assets, having destroyed billions of dollars of value in the process.
Paulson, founded in 1994, is an investment management firm with offices located in New York, London and Dublin.
MacKenzie Partners, Inc.Dan Burch & Jeanne Carr800-322-2885212-929-5500
Longview Communications & Public Affairs
Globe Newswire: 12:30 GMT Friday 9th November 2018
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