Elliott leads revolt against Dayton

Article Abstract:

Dayton Mining Corp.'s board of directors has been replaced after a successful shareholder revolt led by investment fund Elliott Associates LP of New York. The seven nominees of Elliott Associates subsidiary Manchester Securities Corp. obtained 17.8 million votes, with the existing board members garnering 9.2 million votes. Manchester Securities, which holds 9.7% of Dayton, took advantage of the dissatisfaction of the shareholders over the company's long-term performance and its low-grade Andacollo gold mine in Chile. The two parties said they want to enhance the performance of the Andacollo mine and bolster the Dayton stock.

Comment:

Investment fund successfully leads shareholder revolt that replaced Dayton Mining Corp's board of directors

United States, Strategy & planning, Executive changes & profiles, Open-End Investment Funds, Investment Funds & Trusts, Article, Dayton Mining Corp., Elliott Associates L.P.

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Gold soars, but Canadian miners fail to cash in

Article Abstract:

Canadian gold companies have failed to cash in on soaring gold price, partly because of fears over faulty hedging strategies that have already squeezed two African producers. Ashanti Goldfields Inc of Ghana and Randfontein Estates Ltd of South Africa have disclosed that they could lose million of dollars as a result of their hedging strategies. Shares of Canadian gold companies declined on concerns that they would also face liabilities in their hedge positions. The runup in gold prices has been attributed to short covering by hedge funds and gold producers.

Market information - general

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