Dye & Durham Initiates Review of Strategic Alternatives
In connection with this announcement, the Company has entered into a Cooperation Agreement ("Agreement") with Plantro Ltd. ("Plantro") under which Plantro has agreed to withdraw its special meeting requisition. As part of this agreement, David Danziger, CPA, CA will be appointed to the Board forthwith. Mr. Danziger will also join and serve as Chair of a newly formed Special Committee tasked with leading the strategic review. The Agreement also contains customary standstill provisions and voting commitments.
"Over the past several weeks, the Board has engaged with shareholders to carefully consider Dye & Durham's next steps," said Board Chair Arnaud Ajdler. "We appreciate the constructive and pragmatic engagement that we have had with Plantro and Matt Proud toward our shared goal of enhancing value for the Company's shareholders, and we are pleased to have reached a resolution. We welcome David, whose M&A and accounting expertise and significant public company director experience will be incredibly additive."
"As one of the Company's largest and longest-standing shareholders, we are pleased to have reached a constructive agreement with the Board that provides the basis to thoughtfully pursue a sale of the Company to preserve and maximize value for all shareholders," said Matt Proud, spokesperson for Plantro. "Plantro is appreciative of the efforts of the Board Chair Arnaud Ajdler in developing this collaborative framework. We look forward to remaining an engaged and constructive shareholder."
David Danziger, CPA, CA Biography
David Danziger, CPA, CA, is an experienced finance leader and corporate director with an extensive background in audit, accounting, M&A and management consulting. Previously, he was the Senior Vice President, Assurance, and the National Leader of Public Companies at MNP LLP, Canada's fifth-largest accounting firm. Mr. Danziger continues to serve as a Senior Advisor for MNP LLP working on special projects and supporting the Public Company Audit Team nationally. Mr. Danziger has served as a director for a range of technology, mining and life sciences companies listed on the TSX, TSXV, CSE and NYSE.
About Dye & Durham Limited
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", "appears", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In particular, statements regarding the review of strategic alternatives, and the potential sale of the Company, divestiture of assets, recapitalization or merger transactions, and the Company's efforts to maximize value for all shareholders are forward-looking statements.
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 outcome of the strategic review process, the ability to successfully enter into a transaction with a third party relating to the Company, including a potential sale, divesture of assets, recapitalization or merger transaction, and 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.
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