OneMove Capital Ltd. Responds to Ongoing Attempt by Dye & Durham to Disenfranchise Shareholders and Entrench Board
July 10 2024 - 2:16PM
OneMove Capital Ltd. (“
OneMove”), a Family Office
based in Bridgetown, Barbados and a founding shareholder
in Dye & Durham Limited (“
Dye &
Durham” or the “
Company”), has
reluctantly commenced litigation against the Company to
protect its fundamental rights as a shareholder and ensure
that the Company’s shareholders have a say on replacing Edward
Prittie at the upcoming special meeting of shareholders (the
“
Special Meeting”) scheduled on August 20, 2024.
The Company’s board of directors (the
“Board”) claims that OneMove is attempting “to use
the court to achieve an outcome that the Company does not believe
its shareholders would accept”. If the Board is so confident about
the will of its shareholders, shouldn’t they let shareholders vote
on whether or not to remove Mr. Prittie? Why waste the Company’s
resources in “scorched earth” tactics to insulate Mr. Prittie from
facing shareholders? Let shareholders decide.
For months, OneMove has tried to work
confidentially and collaboratively with the Board to improve
governance amidst serious missteps. If the Board is genuinely
interested in being transparent, it would disclose all of the
offers exchanged with OneMove (and any other shareholders) --
instead of selectively disclosing an incomplete recent offer.
OneMove will never accept an offer that
entrenches a Board that has overseen significant value-destruction
to shareholders. OneMove’s position is very simple. It has lost
confidence in Mr. Prittie and seeks a vote where shareholders get
to decide whether to replace him with Eric Shahinian. This is not a
“personal grievance”, as the Board contends for tactical reasons.
OneMove is deeply disappointed with Mr Prittie’s lack of leadership
and performance as a director over the last 24 months.
The Board should immediately cease
self-interested tactics and any unnecessary litigation at the
expense of corporate resources and listen to their shareholders. If
not, shareholders will have their say on governance at the Special
Meeting.
OneMove urges the Company to not delay the
Special Meeting. Further uncertainty and delay is not in the
Company’s best interests.
OneMove Capital Ltd.Email:
ir@onemovecapital.com Phone: 786.220.2552