According to Mining News Pro - The meeting will be held in Toronto and Detour said on Monday that a
management information circular would be mailed in advance, providing
advice on how to vote.
Paulson, which has a 5.4% stake in Detour, has pushed the Ontario
miner to call a special shareholder meeting to replace the majority of
the company’s board of directors. Paulson wants Detour’s board to
explore alternatives including a sale, and look for a new CEO.
However, chairperson Alex Morrison has previously
warned shareholders against “handing control of their company to an
activist of even adding any Paulson nominees to their board”.
Shareholders should be very concerned about Paulson`s inexperienced
handpicked nominees being elected to the board, as a sale at this time
will result in a substantial amount of value being left on the table.
This is a clear choice between a board that is committed to the
methodical execution of its life of mine (LoM) plan to deliver long-term
value to all shareholders, over an activist who we believe will
initiate an ill-timed fire sale of the company to benefit himself
alone," he said in a July 26 statement.
Under the leadership of COO Frazer Bourchier and interim CEO Michael Kenyon,
the company is implementing a LoM plan for its Detour Lake mine, which
it believes will improve the mine’s operational performance and set it
on a path to be a consistently profitable operation.
Detour has indicated previously that it would conduct a skills and
needs search for a candidate to take the company into its next chapter.
It also plans to replace two existing board members with new
appointments who have operational expertise in large-scale openpit
mining and with experience in corporate social responsibility, including
First National engagement.