IAG - Iamgold rejects activist's 'revisionist narrative' in push for board shakeup

Iamgold (IAG +0.6%) pushes back against the activist investor that is threatening to launch a proxy fight to overhaul the miner's board, saying RCF Management "insists on putting its interests ahead of those of other shareholders with demands that would result in a 5% shareholder taking de facto control of the company." Iamgold said it negotiated with RCF and accepted the fund's plan to nominate three independent directors, and found two of the three nominees to be acceptable, but it "rejects RCF's revisionist narrative" regarding their talks, saying it had engaged "openly and constructively" with RCF over a two-week period. The miner also said it agreed to a standstill agreement as a cooling-off period when its board and a search firm would evaluate RCF's nominees for the board of directors. But Iamgold balked at "unacceptable demands," such as paying $1M to RCF to cover costs associated with the negotiations, as well

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Iamgold rejects activist's 'revisionist narrative' in push for board shakeup