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Dye & Durham co-founder Ronnie Wahi seeks board changes and sale of company
Ronnie Wahi seeks new board to reverse near 70% share price drop and pursue a full sale after mismanagement and financial decline under current leadership.
- To reconstitute the board, Ronnie Wahi, co-founder and former chief executive of Dye & Durham Ltd., intends to nominate individuals at the 2025 annual meeting.
- Wahi says the Engine Capital-led board has overseen an almost 70% share-price decline and pushed the company toward a debt default while refusing to engage with qualified buyers.
- The company has cycled through four different CEOs and three CFOs while defaulting on debt, facing a management cease trade order and filing two Annual Information Forms within 24 hours with materially different debt figures.
- The proposed directors would pursue a full-business sale to maximize shareholder value, and Wahi says many shareholders share his frustration with the current board's inaction.
- The shift follows Engine Capital's takeover of the board in December 2024 and last year's activist shakeup, with Engine Capital's slate appointed after the previous board resigned ahead of a shareholder vote.
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11 Articles
Winnipeg Free Press+6 Reposted by 6 other sources
Dye & Durham co-founder Ronnie Wahi seeks board changes and sale of company
Breaking News, Sports, Manitoba, Canada
·Winnipeg, Canada
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Coverage Details
Total News Sources11
Leaning Left6Leaning Right0Center4Last UpdatedBias Distribution60% Left
Bias Distribution
- 60% of the sources lean Left
60% Left
L 60%
C 40%
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