Waterton investor fund pushing for new board of directors at Hudbay Minerals
Posted December 13, 2018 3:45 pm.
This article is more than 5 years old.
TORONTO — An activist investor in Hudbay Minerals Inc. says it will push for a new slate of directors at the company’s next annual meeting after accusing the board of mismanagement.
Waterton Global Resource Management Inc. says it is advocating for change at the mining company to address “massive value destruction and chronic underperformance”.
The investment fund, holding about 10 per cent of Hudbay shares, says it pushed for dialogue with the company in October on potential changes to the board but was disappointed with the response.
Waterton has also pushed to halt Hudbay’s plans, announced at the end of October, to acquire Mason Resources Corp. in a deal that valued the company at $31 million.
The fund also requested a special meeting for an advisory resolution that Hudbay scheduled for February, but has withdrawn that request while announcing it would instead push for a new slate of directors.
The push for new directors comes as hedge fund Paulson & Co. Inc. successfully led an overthrow of Detour Gold Corp.’s board of directors Thursday.
The Canadian Press
