TORONTO, Oct. 15, 2024 /CNW/ - Dye & Durham Limited ("Dye & Durham" or the "Company") announced today that it had entered into a cooperation agreement (the "Cooperation Agreement") with Blacksheep Fund Management Ltd. (together with its affiliates, "Blacksheep") pursuant to which, among other things: (i) Blacksheep will have the right to designate one individual (the "Investor Nominee") who will be appointed to the Company's board of directors (the "Board") upon his or her designation, and (ii) the Company and Blacksheep have agreed to a construct whereby they will mutually identify a new independent director nominee for the Board (the "Independent Nominee").
In connection with the Cooperation Agreement, Matthew Proud has entered into a letter agreement with Blacksheep pursuant to which, subject to certain conditions, Mr. Proud has agreed to vote any common shares of Dye & Durham (the "Common Shares") held by him in favour of the Investor Nominee and the Independent Nominee, or their replacements, at any annual or special meetings of Dye & Durham's shareholders up to, and including, the 2025 annual meeting.
As of the date hereof, Mr. Proud holds 9,187,893 options to acquire Common Shares, which, if exercised, would represent approximately 12.1% of the issued and outstanding Common Shares (calculated on a partially diluted basis). Mr. Proud has no current intention to acquire or dispose of any Common Shares.
Dye & Durham's address is 25 York Street, Suite 1100, Toronto, Ontario, M5J 2V5. Mr. Proud's address is 199 Bay Street, Suite 4610 Toronto, Ontario M5L 1E9.
SOURCE Matthew Proud
To obtain a copy of the early warning report relating to Mr. Proud's agreement with Blacksheep, please contact Huss Hirji, VP, Investor Relations, Dye & Durham Limited at [email protected] or 647-323-7193
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