But two other dissidents - Engine Capital and ex-chairman Tyler Proud - still seeking board changes
Dye & Durham cuts a deal with dissident hedge fund, giving it a board seat and a say on anotherhas made peace with one of its dissident shareholders, giving it a seat on the company’s seven-person board and sway over the nomination of another director. It’s the second time in a year the legal software company has capitulated to unhappy shareholders to make board changes, but it still faces pressure from two more dissidents seeking further changes.
Blacksheep chief investment officer Alex Fortune stated his firm was “confident” the new directors would be “world-class additions – disciplined capital allocators who can support the board and management.” Toronto corporate lawyer Philip Anisman, who isn’t involved in the situation, said the deal helps D&D consolidate support, giving the incumbents “a slightly stronger position. It all depends on what other negotiations are going on.”suggest considerable acrimony prevails. Engine has called for a special meeting for shareholders to vote on its proposal to remove former chair Brian Derksen, Ms. Moorehead and a third director, Leslie O’Donoghue, and replace them with its nominees. Ms.
But an Ontario Superior Court justice ruled last month OneMove couldn’t do that and would have to request a separate meeting. Instead, OneMove is expected to instead wait to nominate a new director at the annual meeting, which is usually held just before Christmas. Engine also offered to drop its meeting request after D&D rescheduled it for Dec. 10, given its likely proximity to the AGM. D&D has not consented.
Onemove Cent Meeting Blacksheep Engine Company Director Toronto Britain Blacksheep
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