13/11/2023

Dye & Durham announces strategic review of non-core assets to significantly expedite deleveraging plan

  • Review to examine ways to generate additional capital to achieve stated goal of total net debt to adjusted EBITDA ratio of four times or less
  • Review will examine variety of options, including potential sale of all or part of non-core assets, including the financial services infrastructure business

TORONTONov. 13, 2023 /CNW/ – Dye & Durham Limited (“Dye & Durham” or the “Company”) (TSX: DND), one of the world’s largest providers of cloud-based legal practice management software designed to make managing a law firm, organizing cases, and collaborating with clients easy, today announced it has begun a strategic review of its non-core assets to significantly expedite its previously announced plan to reduce its leverage ratio.

The strategic review will include the examination of a variety of options intended to generate additional capital to deliver on the Company’s stated goal of reducing its leverage to less than four times total net debt to adjusted EBITDA as soon as possible. These options include the potential partial or complete sale of non-core assets, such as the Company’s financial services business, among others.

“Despite our strong business performance and liquidity position, we understand our shareholders would like us to reduce our leverage ratio. We strongly believe this strategic review will accelerate this process,” said Dye & Durham CEO Matthew Proud. “We are working closely with our financial and legal advisors to ensure the review is comprehensive, diligent and maximizes value.”

Dye & Durham has retained Goldman Sachs and Canaccord Genuity Corp. as its financial advisors with respect to the strategic review of non-core assets.

There can be no assurance that the commencement of the strategic review of non-core assets will result in a transaction. It is the Company’s current intention not to disclose developments with respect to the strategic review process unless and until the board of directors has approved a specific transaction or otherwise determines that disclosure is necessary or appropriate.

About Dye & Durham

Dye & Durham Limited provides premier practice management solutions empowering legal professionals every day, delivers vital data insights to support critical corporate transactions and enables the essential payments infrastructure trusted by government and financial institutions. The company has operations in Canada, the United KingdomIrelandAustralia and South Africa.

Additional information can be found at www.dyedurham.com

SOURCE Dye & Durham Limited

For further information: Media Relations: Morgan McLellan, VP, Global Communications, [email protected], 647-802-4825; Investor Relations: Ross Marshall, LodeRock Advisors Inc., [email protected], 416-526-1563

Go to Media

LATEST MEDIA

07/11/2024
Press Releases

Dye & Durham Comments on Competition Bureau Investigation

TORONTO, Nov. 7, 2024 /CNW/ – Dye & Durham Limited (the “Company” or “Dye & Durham“) (TSX: DND) today commented on the Competition Bureau’s (the “Bureau”) investigation into the Company’s position in the…

Read more
07/11/2024
Press Releases

Dye & Durham Reports First Quarter Fiscal 2025 Financial Results

Revenue up 5% to $120 million in Q1 FY2025, taking into consideration the TM Group divestiture  ARR1,2 up 43% to $156 million, representing 32% of total revenue Leveraged Free Cash Flow1 of $28 million and net cash…

Read more
05/11/2024
Press Releases

Dye & Durham Responds to Engine Capital’s Attempt to Replace its Board and Seize Control of the Company

TORONTO, Nov. 5, 2024 /CNW/ – Dye & Durham Limited (“Dye & Durham” or the “Company“) (TSX: DND), one of the world’s largest providers of cloud-based legal practice management software, today responded to…

Read more
31/10/2024
Press Releases

Dye & Durham to Host First Quarter Fiscal 2025 Conference Call

TORONTO, Oct. 31, 2024 /CNW/ – Dye & Durham Limited (TSX: DND) (“Dye & Durham” or the “Company”), one of the world’s largest providers of cloud-based legal practice management software designed to make managing…

Read more
30/10/2024
Press Releases

Dye & Durham Appoints Luke McCormick to its Board of Directors

TORONTO, Oct. 30, 2024 /CNW/ – Dye & Durham Limited (the “Company” or “Dye & Durham“) (TSX: DND) today announced that Luke McCormick has been appointed to the Company’s board of directors (the “Board“), with…

Read more
24/10/2024
Press Releases

Dye & Durham Responds to Engine Capital’s Latest Disingenuous Attacks

Engine’s attempt to takeover the Company without paying shareholders a premium is failing Engine demands the Board abandon its duties to shareholders to serve its narrow agenda Board and management…

Read more
22/10/2024
Press Releases

Dye & Durham Responds to Media Report

TORONTO, Oct. 22, 2024 /CNW/ – Dye & Durham Limited (the “Company” or “Dye & Durham“) (TSX: DND), at the request of CIRO, today responded to a media report that it is exploring a…

Read more
17/10/2024
Press Releases

Dye & Durham Surpasses $150 Million in Annual Recurring Revenue

ARR has now surpassed $150 million on an annualized basis, up approximately 40% in just over one year ARR achievement is a result of strong execution and delivering on go-to-market strategy as…

Read more
15/10/2024
Press Releases

Dye & Durham Calls Annual General Meeting of Shareholders and Cancels Special Meeting Requisitioned by Engine Capital

Special Meeting cancelled in response to Engine Capital’s ever-shifting demands 2024 Annual Meeting timing consistent with past practice and will spare the cost of holding two meetings Board has been…

Read more
15/10/2024
Press Releases

Dye & Durham Enters into Cooperation Agreement with Blacksheep

Blacksheep agrees to support Company nominees at 2024 & 2025 annual meeting Company is grateful to Blacksheep for constructive and thoughtful engagement TORONTO, Oct. 15, 2024 /CNW/ – Dye & Durham Limited (the “Company”…

Read more
25/09/2024
Press Releases

Dye & Durham Responds to Engine’s Rapidly Shifting and Misleading Narrative

Special Meeting was called promptly and delayed by baseless litigation brought by OneMove in which Engine participated as an intervenor Engine’s advice and demands over the past several months have…

Read more
24/09/2024
News

Dye & Durham Announces Early Debt Repayment of $20.3 Million as a Result of Strong Free Cash Flow Generation

Company to repay $20.3 million of principal outstanding on senior secured Term Loan B Facility Management is strongly committed to reducing its net leverage ratio Toronto, Ontario – September 24,…

Read more