Dye & Durham begins action against Plantro, Proud

Executive Summary

• Dye & Durham Ltd. is commencing legal action in the Ontario Superior Court of Justice against Plantro Ltd. and Matthew Proud to enforce a cooperation agreement and protect the integrity of its ongoing strategic review process.
• The lawsuit seeks a declaration that the cooperation agreement remains valid and injunctive relief to prevent Plantro and Mr. Proud from breaching standstill restrictions.
• Plantro and Mr. Proud have asserted that the cooperation agreement has been repudiated by Dye & Durham, prompting the legal response.

Key Details

• Legal Action: Dye & Durham is filing a suit in the Ontario Superior Court of Justice (Commercial List).
• Defendants: Plantro Ltd. and Matthew Proud.
• Objective: To enforce the terms of the cooperation agreement entered into on July 29, 2025.
• Relief Sought:
  • Declaration that the cooperation agreement is fully valid and in force.
  • Injunctive relief prohibiting Plantro and Mr. Proud from breaching the agreement's terms.
• Background: The action follows an assertion by Plantro and Mr. Proud that the cooperation agreement was repudiated.
• Strategic Review Status:
  • A strategic committee is actively evaluating strategic alternatives.
  • The committee is evaluating the Plantro proposal disclosed in the Oct. 8, 2025 press release.
  • The committee is also conducting preparatory work for a robust sales process.
  • Deadline: The strategic committee has until Dec. 29, 2025, to commence a process seeking initial written proposals.
• Advisers:
  • Financial Adviser: CIBC Capital Markets.
  • Legal Adviser: Osler Hoskin & Harcourt LLP.

Notable Quotes

• "Dye & Durham is commencing an action in the Ontario Superior Court of Justice (Commercial List) to enforce the terms of the co-operation agreement in furtherance of the company's diligent pursuit of its strategic review process."