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Dye & Durham Announces Receipt of Director Nomination and Rejection of Shareholder Proposal
Dye & Durham Announces Receipt of Director Nomination and Rejection of Shareholder Proposal ...
About this update from Dye & Durham Ltd.
[{"type":"text","content":"\n \n \n \n Dye & Durham Announces Receipt of Director Nomination and Rejection of Shareholder Proposal\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n Dye & Durham Announces Receipt of Director Nomination and Rejection of Shareholder Proposal\n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n July 2, 2024\n \n \n /CNW/ - Dye & Durham Limited (the \"\n \n Company\n \n \" or \"\n \n Dye & Durham\n \n \") (TSX: DND) announced today that OneMove Capital Ltd. (formerly known as Seastone Invest Limited) (\"\n \n OneMove\n \n \") provided the Company with notice pursuant to the terms of the investor rights agreement (the \"\n \n IRA\n \n \") dated\n \n July 17, 2020\n \n between the Company, Plantro Ltd. and OneMove, of its nomination of\n \n Eric Shahinian\n \n as its nominee for election at the Company's upcoming special meeting of shareholders scheduled to be held on\n \n August 20, 2024\n \n (the \"\n \n Special Meeting\n \n \"), bringing the total number of nominees to five for three contested board seats.\n \n \n The Company currently intends to honour its obligations under the IRA and nominate Mr. Shahinian as a director at the Special Meeting, and expects OneMove to also honour its obligations under the IRA, including in respect of how it votes its shares.\n \n \n In addition, the Company announced that OneMove submitted a shareholder proposal in respect of the Special Meeting, pursuant to which OneMove sought the removal of\n \n Edward Prittie\n \n as a director of the Corporation at the Special Meeting (the \"\n \n Proposal\n \n \").\n \n \n The Company's board of directors (the \"\n \n Board\n \n \") carefully reviewed the Proposal and determined to reject it as invalid. The Board believes that the Proposal is an attempt by OneMove to redress a personal grievance against Mr. Prittie, for refusing to comply with OneMove's demands.\n \n \n The Board notes that OneMove has designated Mr. Prittie as its nominee under the IRA since the Company's IPO, and re-nominated him in each year since. During his tenure on the Board, Mr. P...