December 10, 2018 / 9:07 PM / 2 years ago

Detour Gold extends voting as early results suggest board shakeup

Dec 10 (Reuters) - Detour Gold said on Monday it extended the voting deadline by two days after some shareholders with substantial holding voted to replace the entire board.

The gold miner said at least three shareholders, holding a combined 24 percent of the company’s shares, voted for removal of all eight directors.

In response to Detour’s move, activist investor John Paulson urged the company to release the voting results and respect the will of the shareholders.

Detour’s management has been resisting Paulson’s push for a board shakeup and the immediate dismissal of interim Chief Executive Officer Michael Kenyon and Chairman Alex Morrison. Detour’s proposals include approval of only two Paulson nominees to the board. (Reporting by John Benny in Bengaluru; Editing by Anil D’Silva)

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