Business
Plantro Requisitions Shareholder Meeting of Dye & Durham, Nominates Three Highly-Qualified Individuals to Initiate Sale of Company
Nearly $1 Billion in Shareholder Value Destroyed Under Engine Led Board Since December 2024 ...
About this update from Dye & Durham Ltd.
[{"type":"text","content":"Plantro Requisitions Shareholder Meeting of Dye & Durham, Nominates Three Highly-Qualified Individuals to Initiate Sale of Company\n\n\n\n\n Nearly $1 Billion in Shareholder Value Destroyed Under Engine Led Board Since December 2024\n \n\n\n\n Governance Failures: Four CEOs and Two CFOs in Six Months, an Entrenched Board Ignoring Credible Bids, Insiders Granted ~5% of the Company in Egregious $10 Stock Options, and Investors Actively Directing Management\n \n\n\n\n If the Current Board and its Misguided Strategy Remain in Place, Shareholders Risk Further Losses – It is Time to Immediately Initiate a Sale Process and Unlock a Change of Control Premium for Shareholders\n \n\n\n\n Today, a Financial Services Sale for ~$590 million or ~11x EBITDA Still Leaves Leverage at ~4.5x, with No Path to Sub-3x Until 2031\n \n\n\n ST. HELIER, Jersey, July 07, 2025 (GLOBE NEWSWIRE) -- Plantro Ltd. (“Plantro” or the “Concerned Shareholder”) one of the largest shareholders of Dye & Durham Limited (“Dye & Durham” or the “Company”) (DND: TSX) which owns approximately 11% of the Company, today announced that it has requisitioned a special meeting of Dye & Durham shareholders (the “Special Meeting”) and nominated three highly qualified individuals for the Company’s board of directors (the “Board”): Brian J. Bidulka, David Danziger, and Martha Vallance. The requisition also calls for the removal of Board Chair Arnaud Ajdler, and directors Tracey E. Keates, and Ritu Khanna, from the Board.\n \n\n The value destruction at Dye & Durham since December of 2024 has reached crisis proportions and threatens the Company’s future. The current Board, steered by Engine Capital (“Engine”), EdgePoint Wealth Management Inc. (“EdgePoint”) and OneMove Capital Ltd. (“OneMove”) (together, the \"Engine Activist Group\") has presided over the destruction of nearly $1 billion in shareholder value.\n \n\n\n The Engine Activist Group and the Board have pursued a misguided and haphazard strategy of customer price cuts and overspending\n \n . This has led to sharp declines in Adjusted EBITDA, cash flow, and rising debt, as evidenced by the Company’s recent quarterly results and a new debt covenant being impose...