Two of Dominion Diamond Corp's Directors Quit Due to Shareholder Revolt

Finance and Trade
25/12/2015 13:11

Dominion Diamond Corp, which owns the Ekati diamond mine and a 40% share of Diavik – Canada’s largest diamond mine – says two of its independent directors have resigned, as the board of Canada’s largest publicly traded diamond producer faces shareholder pressure for a shakeup due to its plunging share price. Fiona Perrott-Humphrey, an investment analyst who has worked with the London-based Rothschild group, which has been hired by Dominion to “maximize shareholder value.” Resigned along with Ollie Oliveira, managing partner at Greengrove Capital and a former senior executive at Anglo American and De Beers.

The departures come just days after a group of Dominion's shareholders publicly called on the company’s independent directors to deal with the “misguided policies and missed opportunities” that have hurt their investment. The group, led by K2 & Associates Investment Management Inc., says it recognizes that the mining industry faces “headwinds” but believes Dominion Diamond’s shares are “significantly undervalued by the public markets.”