Rainy Day Investments Ltd. Submits Slate of Nominees for Election as Directors of DavidsTea Inc.
March 19 2018 - 4:47PM
Rainy Day Investments Ltd. (“
RDI”), the principal
shareholder of DavidsTea Inc. (Nasdaq:DTEA), is pleased to
announce that at the request of the Corporate Governance and
Nominating Committee of the Board of Directors of DavidsTea, RDI
has submitted a slate of eight nominees to the Committee for
election as the Board of Directors of DavidsTea at its forthcoming
annual meeting of shareholders, which RDI expects will be held in
June.
RDI holds approximately 46% of the
issued and outstanding shares of DavidsTea.
Mr. Herschel Segal, co-founder of DavidsTea and
President of RDI, leads the slate of RDI nominees. If the
slate is elected or appointed, it is expected that Mr. Segal
will be appointed as Chairman of the Board of Directors of
DavidsTea. The other nominees are: M. William Cleman, a
corporate director and consultant; Pat De Marco, President of
Viau Foods Inc., located in Laval, Québec; Emilia Di Raddo,
President of Le Château Inc., a leading Canadian fashion retailer
based in Montreal, Québec; Dr. Ludwig Max Fisher, a retired
professor with an interest in holistic nutrition and herbal
medicine; Dr. Peter Robinson, until recently CEO of the
David Suzuki Foundation and prior thereto CEO of Mountain
Equipment Co-op, a Canadian consumers’ cooperative; Lorenzo
Salvaggio, Vice-President and Chief Operating Officer of RDI; and
Roland Walton, former President of Tim Horton’s Canada.
Emilia Di Raddo is currently, and each of Herschel Segal and
Lorenzo Salvaggio was until recently, a director of DavidsTea.
Herschel Segal stated “This is a slate of
quality candidates with a common vision for DavidsTea and with the
competencies and experience necessary for a turn-around of the
company, for the benefit of all DavidsTea shareholders. I am
confident that the members of the slate share my belief in the
company and its future. We think eight is an appropriate size
for the Board of DavidsTea at the present time. Six of our
eight nominees are independent of RDI and a majority of our
nominees will be independent directors of DavidsTea.
“As I previously said, I have every confidence
that the Corporate Governance and Nominating Committee and Board of
Directors of DavidsTea will endorse our slate of nominees and that
our slate will appear in the management information circular that
DavidsTea will prepare for the annual meeting of
shareholders. Our nominees are ready to take office at the
annual meeting, if not sooner,” Mr. Segal concluded.
For further information please contact:Mr.
Lorenzo SalvaggioVice-President and Chief Operating OfficerRainy
Day Investments Ltd.(514) 295-2353
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