UPDATE 1-Elliott calls on Australia's Northern Star to take measures to restore shareholder value

Updates with more details from paragraph 2 onwards

June 11 (Reuters) - Activist investor Elliott Investment Management said late on Wednesday that Australia's Northern Star Resources NST.AX must act immediately to restore shareholder value by strengthening its board and undertaking a formal strategic review.

Responding to a shareholder letter Northern Star released on Wednesday, the U.S.-based investor said, "Board's letter indicates that it does not understand the magnitude of change required to win back shareholders' trust, starting with significantly strengthening the board itself."

It said the case for a strategic review for Australia's largest gold miner is now more apparent than it was before the board published its letter.

Last week, Elliott disclosed an over A$1 billion ($699.30 million) stake in the gold miner and called for it to launch a strategic review that would consider a sale, citing underperformance versus peers.


($1 = 1.4300 Australian dollars)


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