Paulson Highlights Need for Real and Substantive Change at Detour Gold In New Investor Presentation
-- Value destruction and self-enrichment by incumbent board driving overwhelming shareholder support to replace all incumbent directors -- Presentation available at www.shareholdersfordetour.com highlights significant concerns with current Board and opportunity for a better future for Detour Gold under new independent, experienced and motivated directors who will put shareholder interests first -- Shareholders urged to vote using only the GOLD proxy and submit prior to 5:00 p.m. (Toronto time) on Thursday, December 6, 2018
NEW YORK, Nov. 23, 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 posted a new investor presentation, highlighting why shareholders should vote for wholesale change to Detour Gold’s Board of Directors in advance at the special meeting of shareholders scheduled to be held on December 11, 2018. The summary was provided in an investor presentation which, along with other important shareholder materials, is available at www.shareholdersfordetour.com and on SEDAR.
The presentation highlights the more than $4 billion loss in shareholder value, while the incumbent Board members approved exorbitant compensation for themselves to the tune of over $15 million, with no regard for shareholder return. Paulson appreciates the overwhelming support that it has received during this process that Detour Gold’s Board of Directors have done their best to delay and impede. Shareholders recognize this Board has consistently failed to demonstrate it has the skills and judgement required to operate efficiently and generate value.
Detour Gold shareholders now have the opportunity to elect new independent, experienced and motivated directors. To ensure your vote is counted, please vote using the GOLD form of proxy or VIF and submit prior to 5:00 p.m. (Toronto time) on Thursday, December 6, 2018. Please vote all GOLD forms of proxy or GOLD VIFs that you receive to ensure that all of your Common Shares are counted. You should discard any blue management proxies or VIFs that you receive.
About Paulson & Co. Inc.
Paulson is one of Detour Gold’s largest investors, exercising control or direction over approximately 5.7% 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.
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