Loading ...On the February lows at $2.40/sh a big share holder activist forced them to change some directors, and it started climbing nicely after that. Then on April 18th on highs at $3.70 BMO down graded it, and it started back down to $2.80 until more bad news yesterday, now down to $2.07. Almost back to March 20, 2000 at $1.58. I had a small position on the lows, thought, it was doing great, and disappointed to see it fizzle out. But maybe its another good low to start a new leg up.
Parts from Feb 8th:
Last week, RCF Management LLC called on Iamgold to toss out three of its existing directors, and replace them with candidates of its choosing, including installing Maryse Belanger, a 35-year mining industry veteran, as chair. The Denver-based private equity firm said that urgent leadership change was necessary to address “massive value destruction and chronic underperformance” at the Toronto-based gold company. RCF, which owns a 5.2-per-cent stake in Iamgold, had already forced the ouster of long time chairman, Donald Charter, before its proxy battle became public.
Now Joe Foster, portfolio manager with New York-based fund management company VanEck, which has a 9.5-per-cent stake in Iamgold, is lending his support to RCF, and pleading with Iamgold to acquiesce to its demands.
Iamgold had agreed to replace two of its directors with candidates put forward by RCF, but it rejected a third nominee. Iamgold also objected to installing Ms. Belanger as chair over concerns she was not sufficiently independent from RCF. Iamgold also did not want to give RCF a major say over who the next CEO of the company would be.