Paulson's Algoma plan 'Cash grab' or a 'novel' approach?

Nov 23, 2005 | 12:24 PM |

Algoma Steel Inc.'s board of directors has called a special meeting of shareholders to review what it called a "novel" approach to the company's financial future by one of its major shareholders.

The meeting, set for March 22, 2006, in Toronto, is taking place at the request of Paulson & Co. Inc., New York, which holds 19 percent of the steelmaker's common shares.

Paulson wants shareholders to vote on a resolution that would replace a majority of Algoma's current directors with nominees of Paulson and on a resolution directing Algoma's board to consider a corporate reorganization that would result in the distribution to shareholders of a minimum of Canadian $400 million ($341.5 million)-the proceeds of new debt financing and most of Algoma's cash on hand.....

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