Dye & Durham's Ex-CFO Urges Sale After Stock Drops, Debt Mounts
Ronnie Wahi, who was chief financial officer until 2018, criticized the company's strategic direction in a letter sent to directors on Thursday, saying nearly C$1 billion in equity value has been lost under the current board.
Shares of Dye & Durham have dropped about 55% over the past six months, giving the company a market capitalization of approximately C$650 million. The firm has struggled to attract new investors and trim its debt levels, according to Wahi, which has soured market sentiment on the stock. Long-term debt was C$1.6 billion as of March, up from C$1.3 billion two years earlier, according to data compiled by Bloomberg.
Dye & Durham and Wahi did not immediately respond to requests for comment.
'It is difficult to see how the company can unlock shareholder value as a public entity within a reasonable time frame,' wrote Wahi, who's also a former board member. He urged directors to 'consider a full sale process to provide shareholders with alternatives and the opportunity to realize the present value of their investment.'
The current board came to power following a contentious proxy fight last year that led to the departure of then-Chief Executive Officer Matthew Proud. Dissident shareholders led by New York-based Engine Capital rallied enough support to replace a majority of the board and install new leadership committed to restoring credibility and financial discipline. Engine's founder, Arnaud Ajdler, became the chair.
This article was generated from an automated news agency feed without modifications to text.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
25 minutes ago
- Business Standard
Arcelormittal Q2 results: Net income surges over 3-fold to $1.79 billion
Steel and mining major ArcelorMittal on Thursday posted an over threefold jump in net income to $1,793 million in the June quarter, primarily due to the impact of exceptional items. The company, which also has a presence in India through JV AMNS India, had posted a net income of $504 million in the corresponding period of the previous fiscal. The net income is attributable to equity holders of the parent company. Luxembourg-based ArcelorMittal follows January to December as its financial year. Net income increased to $1,793 million in the second quarter of 2025 compared to $805 million in the first quarter of 2025, primarily due to the impact of $ 0.8 billion exceptional items (net of impairments and tax effects), ArcelorMittal said in a statement. Net income in H1 or January-June 2025 also rose to $2,598 million compared to $1,442 million in the six months of 2024, mainly driven by $0.8 billion in exceptional items (net of impairments and tax effects) and higher foreign exchange gains. ArcelorMittal CEO Aditya Mittal said: "Halfway through the year, it is encouraging that we are seeing an improvement in our safety results compared with 2024. Turning to the financial performance, as anticipated, we saw an improved quarter, with EBITDA per tonne reaching a healthy $ 135." ArcelorMittal's strong balance sheet and diverse business model allow it to invest in growth while delivering consistent shareholder returns through an ongoing programme of share buybacks, he said, adding that the company's unique global presence enables it to benefit from high-growth markets such as India and Brazil, as well as take advantage of new opportunities such as renewable energy. The company further said that its income from associates, joint ventures and other investments was higher in 2Q 2025 at $199 million, compared to $99 million in 1Q 2025, primarily due to a higher income from AMNS India. AMNS India's EBITDA (earnings before interest, taxes, depreciation and amortisation) during the June quarter of 2025 improved significantly, driven primarily by higher steel selling prices. In 2Q 2025, the sales from the JV with Nippon Steel increased by 2.8 per cent to $1.5 billion against $1.4 billion in the first quarter of 2025, primarily due to an increase in average steel prices - supported by safeguard measures introduced in April 2025 - offset by a 5.7 per cent decline in steel shipments. On the outlook, the company said that due to ongoing tariff headwinds, economic activity remains subdued, and no restocking has been observed as customers maintain a "wait and see" approach. This has created some headwinds to demand that were not anticipated at the beginning of the year. For India, it said that the industry here continues to be the fastest-growing major steel market, with demand well supported, particularly by infrastructure investment. In the second quarter, the company produced 14.4 million tonnes (MnT), down from 14.7 MnT in April-June 2024. Shipments at 13.8 MnT were almost flat during the second quarter. Sales reduced to $15,926 million in Q2 2025 from $16,249 million a year ago, while on a quarter-on-quarter basis, it was a rise compared to $14,798 million. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
25 minutes ago
- Time of India
AI infrastructure company fal raises $125 million, valuing company at $1.5 billion
Artificial intelligence infrastructure company fal raised a $125 million Series C round valuing the company at $1.5 billion, the company said capital fund Meritech led the round with participation from Salesforce Ventures , Shopify Ventures and Google AI Futures fund. Existing investors Bessemer Venture Partners, Kindred Ventures, Andreessen Horowitz, Notable Capital, First Round Capital, Unusual Ventures and Village Global also participated in the Francisco-based fal, which specialises in running audio, video and image models on behalf of enterprises, is part of a growing class of service providers to companies looking to use AI models that are not text-based, sometimes known as multimodal models or generative media particular, image generation AI models, where users type in prompts to generate novel images, have taken off with consumers this ChatGPT's initial viral takeoff was from its ability to generate paragraphs of text, its most recent viral moment came in April when it unveiled the ability to create images based on the hand-drawn style of famed Japanese animation outfit Studio to that feature, ChatGPT's average weekly active users breached the 150 million mark for the first time, according to data from market research firm of fal's customers are using its platform for enterprise purposes, such as to create different images of a product for an ecommerce website or for online advertising."With generative AI , you can create infinite iterations of the same ad," fal CEO Burkay Gur told Reuters. "You can create different versions for different demographics. You can A/B test it as much as you want. And there is incremental value on each asset that you create."
Indian Express
25 minutes ago
- Indian Express
Google's proposed remedies in CCI antitrust case could bring more real-money gaming apps to Play Store
Google has proposed opening up Play Store in India to a larger number of real-money gaming (RMG) apps in response to an ongoing antitrust probe by the Competition Commission of India (CCI) related to the tech giant's alleged abuse of dominance in the RMG ecosystem. The broader Play Store access is part of a set of proposed remedies submitted by Google to CCI, according to a notice issued by the competition watchdog inviting public comments on the 'commitment offer'. The antitrust case stems from a complaint filed by Delhi-based online gaming platform Winzo in November last year. As part of its list of proposed fixes aimed at levelling the competitive field, Google said it would allow all real-money gaming apps to be distributed to users in India via Play Store, provided they are 'self-declared by developers as permissible online real-money games as per applicable laws/jurisprudence.' The company also indicated that it may update its advertising policies to allow ads for 'games of skill' in India as long as developers furnish proof showing that they are not 'games of chance' or gambling apps. The deadline for providing feedback on Google's proposed remedies is August 20, 2025. If approved by the CCI, these remedies would not only let developers of real-money gaming apps reach more Android users but also enable Google to earn more revenue from a wider pool of apps and ads for these apps shown on its platforms. As for the finer details of app fees and revenue-sharing from in-app purchases, Google still appears to be figuring it out. 'In parallel, Google is finalising its approach for an appropriate business model which considers developer commercial models in the RMG industry,' the company submitted to CCI. In regards to the CCI's decision to gather public feedback on its commitment proposal, Google told The Indian Express, 'We're pleased the CCI is market testing our proposed framework for real-money games (RMGs) in India. This development reflects our constructive discussions with the CCI and the Indian developer community along with our commitment to building a more open and safe ecosystem for RMG apps across Google Play and Google Ads.' 'We look forward to continuing to work with the CCI and the wider RMG ecosystem, and are confident our proposed framework will empower Indian developers, grow the digital economy, and prioritize user safety,' it added. The All India Gaming Federation (AIGF), an industry body which represents Mobile Premier League (MPL), Nazara, Gameskraft, and MyTeam11, among others, welcomed the Play Store changes proposed by Google. 'Over the past three years, we have actively engaged with all relevant stakeholders to help shape balanced and forward-looking policy outcomes for the sector. We're encouraged to see that this constructive engagement is bearing fruit, and believe this move will empower responsible operators, support innovation, and ensure a safer experience for Indian consumers,' Roland Landers, CEO of AIGF, said in a statement. As part of a pilot programme launched in 2022, Google only allowed apps involving daily fantasy sports (DFS) and rummy games to be hosted on the Play Store. While the pilot was supposed to last for a year, these two types of RMG apps remained on the app store. Now, Google has proposed to replace the pilot programme and allow the distribution of all RMGs, with certain conditions: – Developers will be required to self-declare that their apps are permissible online real-money games as per applicable Indian laws and jurisprudence. – Developers will need to submit proof that the app 'is in good standing' with a third-party body recognised by Google. These third-party bodies include industry associations such as AIGF as well as Federation of Indian Fantasy Sports (FIFS) and e-Gaming Federation (EGF). – Developers will also need to ensure that their apps are compliant with Google policies, including the Google Play-Developer Distribution Agreement (DDA) and Developer Program Policies (DPP), which it said will be updated to reflect these changes. Google said it would start allowing developers of compliant RMG apps on the Play Store within 120 days of the CCI accepting its remedies and issuing such an order. In response to concerns raised by CCI on Google permitting ads only from DFS and Rummy apps, the company has proposed that it will allow games of skill to be advertised in India provided: – The advertiser provides proof that it is in good standing with a Recognised Third Party. 'Recognised Third Parties will be required to meet objective criteria, and may include industry associations such as AIGF, EGF and FIFS,' it said. – The advertiser provides Third Party Certification that the game it intends to advertise is a permissible game of skill. – The advertiser complies with Google Ads Policies. If accepted by the CCI, Google said that the related ad policy changes will take effect within 150 days of the regulator's order.
