Engine Capital Welcomes Dye & Durham Shareholder Support

Engine Capital's Significant Shareholder Support

Engine Capital LP, a prominent investor with a 7.1% stake in Dye & Durham Limited (TSX: DND), recently garnered substantial backing from fellow shareholders. This support comes as Engine prepares for the upcoming 2024 Annual Meeting of Shareholders, where its nominated six-member slate will stand for election. The confirmation of their nomination marks a notable shift in the Company's leadership, following the resignations of its existing board members.

The Nominated Slate of Directors

The proposed board will consist of Arnaud Ajdler, Hans T. Gieskes, Tracey Keates, Ritu Khanna, Anthony Kinnear, and Sid Singh, alongside Eric Shahinian from OneMove Capital Ltd. As this new coalition prepares to take the helm, preliminary results indicate an overwhelming majority of shareholder votes targeted in favor of Engine's slate, signifying a crucial endorsement for strategic changes within Dye & Durham.

Arnaud Ajdler's Vision for the Future

Arnaud Ajdler, the Founder and Portfolio Manager of Engine, expressed gratitude for the overwhelming support received from shareholders and proxy advisory firms. He emphasized the importance of this transition, stating their commitment to fulfilling the promises made during the campaign. According to Ajdler, the priority will be to work closely with Dye & Durham's dedicated employees, enhancing customer service and fostering a positive corporate culture that drives sustained growth and value for shareholders.

Acknowledging Outgoing Directors

Engine Capital thanked the outgoing board members for their professionalism during this transition, recognizing their role in facilitating a seamless changeover that serves the best interests of all stakeholders involved. The collaboration and experience provided by the previous directors are valued as the Company steps into this new chapter.

Strategic Advisors Supporting the Transition

Supporting this transition, Olshan Frome Wolosky LLP and Davies Ward Phillips & Vineberg LLP are serving as legal counsels, while Longacre Square Partners is acting as a strategic advisor. Additionally, Sodali & Co. has been engaged as a proxy advisor to guide the process effectively.

A Commitment to Shareholder Value

Engine Capital prioritizes generating value for shareholders. Through active investment strategies and efforts to enhance company performance, Engine aims to unlock opportunities for growth. The anticipated plans include addressing financial performance, improving financial ratios, and positioning Dye & Durham for successful organic growth.

About Engine Capital

Engine Capital LP functions as a value-oriented fund focusing on special situations in the investment landscape. The firm actively seeks out opportunities in companies undergoing significant changes, aiming to benefit from potential transformations that serve the interests of shareholders.

Frequently Asked Questions

What is the role of Engine Capital in Dye & Durham?

Engine Capital LP is a substantial shareholder of Dye & Durham, holding approximately 7.1% of its common shares, and is nominating a slate of directors for election.

Who are the proposed directors for Dye & Durham?

The nominated directors include Arnaud Ajdler, Hans T. Gieskes, Tracey Keates, Ritu Khanna, Anthony Kinnear, Sid Singh, and Eric Shahinian.

What has been the response from shareholders?

The preliminary results indicate a significant majority of shareholders support Engine Capital’s proposed slate, reflecting a strong endorsement for the upcoming leadership change.

How does Engine Capital intend to create shareholder value?

Engine Capital aims to improve Dye & Durham's operations and performance while focusing on enhancing customer service and corporate culture to drive value for shareholders.

What advisory firms are engaged in this transition?

Legal counsels include Olshan Frome Wolosky LLP and Davies Ward Phillips & Vineberg LLP, with Longacre Square Partners as a strategic advisor and Sodali & Co. as a proxy advisor.

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