Dye & Durham Provides Update on Legal Action and Strategic Review Process

Executive Summary

• The Board’s Strategic Committee continues its review of strategic alternatives, including a possible sale, asset divestitures, recapitalizations or mergers.
• Plantro Ltd.’s unsolicited proposal was withdrawn after the Company enforced its legal rights under the Cooperation Agreement; Plantro has issued misleading statements about Dye & Durham’s financial position.
• CIBC Capital Markets will no longer act as financial advisor; the Committee is actively seeking a replacement.

Key Details

• The Strategic Committee, chaired by independent director David Danziger (Plantro nominee), remains engaged in evaluating all strategic alternatives to maximize shareholder value.
• Plantro’s unsolicited proposal was under active review when Plantro attempted to abandon the Cooperation Agreement and subsequently withdrew its offer after legal enforcement by Dye & Durham.
• Plantro published statements that Dye & Durham claims are misleading regarding the Company’s leverage and future prospects, potentially harming the strategic review process.
• The Company is open to settling litigation against Mr. Proud and Plantro if they unequivocally reaffirm their commitment to the July Cooperation Agreement and respect a fair, transparent review.
• CIBC Capital Markets has elected not to continue as financial advisor; the Strategic Committee is in the process of engaging a new financial advisor for the review.

Notable Quotes

(No direct quotes were provided in the release.)