The investment fund’s rebuttal to Gildan’s letter caps off a week of warring words between the investor and Montreal-based wholesaler
, says the T-shirt maker’s allegation that the investor has violated American securities law is “baseless” and part of a publicity stunt.Thursday to the U.S. Securities and Exchange Commission accusing the shareholder of spreading false information about Gildan’s new chief executive, Vince Tyra.
Browning West’s rebuttal to Gildan’s letter caps off a week of warring words between the investor and Montreal-based wholesaler. The Post story included allegations contained in a report prepared by management-analysis company Paragon Intel that accused Mr. Tyra of having an affair with a subordinate female manager. The relationship occurred 20 years ago and at a different company, but that woman, Patti Lambert Simetz, is now a senior executive at Gildan.with The Globe and Mail, Mr. Tyra and Ms. Simetz said that this was a deliberate mischaracterization of the relationship in order to score points in a proxy war.
This battle for control of Gildan is set to play out for at least two more months. Browning West wants to replace a majority of the 12 directors on Gildan’s board and intends to run a new list of eight nominees at the coming annual meeting on May 28. On Friday, Browning West issued a press release stating that they were confident they would see all of their board picks appointed.
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