Paulson & Co. Inc. (“Paulson”), as investment manager of certain investment funds, has requisitioned a Special Meeting of Shareholders of Detour Gold in order to reconstitute its Board of Directors. After much unnecessary delay, the Company has set a meeting date for December 11, 2018.
Paulson is one of Detour Gold’s most significant 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.