CPG needs PaulsonSound familiar?
Activist investor Paulson & Co. Inc. has nominated a slate of eight directors to replace the entire board of Canadian miner Detour Gold Corp (DGC.TO 0.31%).
The hedge fund run by billionaire John Paulson, which said it owns a 5.4 per cent stake in Toronto-based Detour, has formally called for a meeting of shareholders to elect its slate no later than Sept. 28.
“The current Detour Gold directors have presided over a period of massive value destruction with little regard for shareholder interests, while enriching themselves with shareholders’ cash,” Paulson said in a statement Thursday. “It will soon be time for shareholders to stand up for their rights and replace Detour Gold’s entire board with a stellar team of competent and shareholder focused directors."