TORONTO, March 15,
2024 /CNW/ - Dye & Durham Limited ("Dye &
Durham" or the "Company") (TSX: DND) announced today
that, (i) the Chair of the Company's board of directors (the
"Board"), Brian Derksen will
not seek re-election at the Company's next annual meeting of
shareholders (the "AGM"), and (ii) effective at the
Board's next quarterly meeting (the "Q3 Meeting") to
approve its third quarter financial results, Colleen Moorehead, a current member of the
Board, will assume the position of Chair. Mr. Derksen will
work closely with Ms. Moorehead over the coming weeks to
facilitate an orderly transition in advance of the Q3 Meeting. In
addition, in the event that the Company is able to identify a
suitable board candidate in advance of its AGM, Mr. Derksen
has advised the Board that he is willing to step down from the
Board to allow such a candidate to join the Board in advance of the
AGM.
"Brian has been a member of our board for over six years, and
has played an instrumental role it the growth of Dye & Durham.
It has been a privilege working very closely with Brian over this
period, and I will greatly miss his invaluable input and
stewardship," said Matthew Proud,
Chief Executive Officer of the Company. "I am, however, excited for
our future, and strongly believe we have found the right person to
assume the role of Chair of the Board in Colleen. Colleen has
extensive public company board experience, and has been a very
strong contributor to the Company since joining the Board. I look
forward to working with her as we continue to execute on our
strategic plan."
The Company remains focused on its previously stated goal of
deleveraging the business, including the goal of reducing its
leverage ratio to less than four times total net debt to adjusted
EBITDA.
In addition to the planned changes to the Board, the Company
announced today that it has recently received a letter
requisitioning a meeting of its shareholders from Engine Capital
LP. Dye & Durham is in the process of reviewing and considering
the requisition and will comment in due course. The Company
welcomes the opportunity to engage with all shareholders, including
Engine Capital LP.
About Dye & Durham
Dye & Durham Limited provides premier practice management
solutions empowering legal professionals every day, delivers vital
data insights to support critical corporate transactions and
enables the essential payments infrastructure trusted by government
and financial institutions. The company has operations in
Canada, the United Kingdom, Ireland, Australia and South
Africa.
Additional information can be found at www.dyedurham.com.
Forward-looking Statements
This press release may contain forward-looking information
within the meaning of applicable securities laws, which reflects
Dye & Durham's current expectations regarding future events. In
some cases, but not necessarily in all cases, forward-looking
statements can be identified by the use of forward looking
terminology such as "plans", "targets", "expects" or "does not
expect", "is expected", "an opportunity exists", "is positioned",
"estimates", "intends", "assumes", "anticipates" or "does not
anticipate" or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might", "will" or "will be taken", "occur" or "be
achieved". In addition, any statements that refer to expectations,
projections or other characterizations of future events or
circumstances contain forward-looking statements. Specifically,
forward-looking statements include, without limitation, statements
regarding Mr. Derksen's resignation and Ms. Moorehead assuming the
role of Chair of the Board. Forward-looking statements are not
historical facts, nor guarantees or assurances of future
performance but instead represent management's current beliefs,
expectations, estimates and projections regarding future events and
operating performance.
Forward-looking information is based on a number of assumptions
and is subject to a number of risks and uncertainties, many of
which are beyond Dye & Durham's control, which could cause
actual results and events to differ materially from those that are
disclosed in or implied by such forward-looking information. Such
risks and uncertainties include, but are not limited to, the
factors discussed under "Risk Factors" in Dye & Durham's most
recent annual information form. Dye & Durham does not undertake
any obligation to update such forward-looking information, whether
as a result of new information, future events or otherwise, except
as expressly required by applicable law.
SOURCE Dye & Durham Limited