After a judge ruled last week on shareholders seeking to remove a director, D&D rescheduled the special meeting to around the time it typically holds its annual general meeting
board is offering to drop its request for a special meeting since it is likely to happen close to the AGM , where the hedge fund can propose its changes instead.
The meeting was postponed from its original Aug. 20 date because of litigation from another activist, ex-chairman Tyler Proud, brother of D&D CEO Matt Proud. Tyler Proud’s holding company, OneMove Capital Ltd., had asked Ontario Superior Court to force D&D to add its proposal to the meeting to vote off his prior nominee to the board, Ted Prittie, and replace him with hedge-fund manager Eric Shahinian.
D&D responded with a tart news release that said nothing about Engine’s offer, indicating the special meeting is still set for Dec. 10. It said nothing about the AGM. Engine stated it received a legal letter from D&D last Friday threatening activist investors “based on completely frivolous claims” about foreign regulatory issues, calling them “entirely irrelevant to our valid shareholdings under Canadian law. This is yet another example of the board’s level of entrenchment and only underscores the urgent need for change.
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