OTCPK:RIDYF - Post by User
Post by
dogger2on Dec 14, 2009 5:22pm
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Post# 16586198
shaking it up at Richmont
shaking it up at RichmontGlobe says ex Gildan CEO shaking it up at Richmont
2009-12-14 09:28 ET - In the News
The Globe and Mail reports in its Monday edition that former Gildan Activewear chief executive officer Greg Chamandy decided to invest in gold mining earlier this year. The Globe's Bertrand Marotte writes that Mr. Chamandy bought heavily into Richmont Mines. It has seen its shares fall about 14 per cent over the past eight months due to concerns about growth prospects. Now Mr. Chamandy is taking an activist role as he tries to shake up Richmont. He is Richmont's biggest single shareholder with a 19.3-per-cent interest. In a recent filing in the United States Mr. Chamandy says he intends to discuss with the directors, management and other shareholders ways of "enhancing shareholder value" at Richmont. He is not ruling out showing the door to a few directors or getting some of his nominees on the board. Mr. Chamandy is not talking publicly about exactly what he thinks needs to be done at Richmont. Company officials are also staying mum for now. Expectations are for Mr. Chamandy to provide more details this week. In a news release last May, Mr. Chamandy said he would do everything possible "to maximize shareholder value." Richmont stock slipped eight cents to close Friday at $3.47.