Plantro enters into Agreement with Blacksheep Fund Management

ST. MICHAEL, Barbados, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Dye & Durham Limited (“Dye & Durham”) announced today that it had entered into a cooperation agreement (the “Cooperation Agreement”) with Blacksheep Fund Management Ltd. (together with its affiliates, “Blacksheep”) pursuant to which, among other things: (i) Blacksheep has the right to designate one individual (the “Investor Nominee”) who will be appointed to the Company’s board of directors (the “Board”), and (ii) the Company and Blacksheep have agreed to a construct whereby they will mutually identify a new independent director nominee for the Board (the “Independent Nominee”).

In connection with the Cooperation Agreement, Plantro has entered into a letter agreement with Blacksheep pursuant to which, subject to certain conditions, Plantro has agreed to vote its common shares of Dye & Durham (the “Common Shares”) in favour of the Investor Nominee and the Independent Nominee, or their replacements, at any annual or special meetings of Dye & Durham’s shareholders up to, and including, the 2025 annual meeting.

As of the date hereof, Plantro holds 10,861,110 Common Shares, representing approximately 16.2% of the issued and outstanding Common Shares. Plantro intends to review its investment in Dye & Durham on a continuing basis and may determine to buy additional common shares, or sell some or all of the common shares it holds, depending upon price, market conditions, availability of funds, evaluation of alternative investments and other factors it considers relevant from time to time.

Dye & Durham’s address is 25 York Street, Suite 1100, Toronto, Ontario, M5J 2V5. Plantro’s address is Cidel Place, Lower Collymore Rock, St. Michael, Barbados 11000. To obtain a copy of the early warning report relating to Plantro’s agreement with Blacksheep, please contact Amanda J. Lashley at +1 246-430-5350.

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