15/03/2024

Dye & Durham Provides an Update on Board Matters

TORONTO, March 15, 2024 /CNW/ – Dye & Durham Limited (“Dye & Durham” or the “Company”) (TSX: DND) announced today that, (i) the Chair of the Company’s board of directors (the “Board”), Brian Derksen will not seek re-election at the Company’s next annual meeting of shareholders (the “AGM”), and (ii) effective at the Board’s next quarterly meeting (the “Q3 Meeting”) to approve its third quarter financial results, Colleen Moorehead, a current member of the Board, will assume the position of Chair. Mr. Derksen will work closely with Ms. Moorehead over the coming weeks to facilitate an orderly transition in advance of the Q3 Meeting. In addition, in the event that the Company is able to identify a suitable board candidate in advance of its AGM, Mr. Derksen has advised the Board that he is willing to step down from the Board to allow such a candidate to join the Board in advance of the AGM.

“Brian has been a member of our board for over six years, and has played an instrumental role it the growth of Dye & Durham. It has been a privilege working very closely with Brian over this period, and I will greatly miss his invaluable input and stewardship,” said Matthew Proud, Chief Executive Officer of the Company. “I am, however, excited for our future, and strongly believe we have found the right person to assume the role of Chair of the Board in Colleen. Colleen has extensive public company board experience, and has been a very strong contributor to the Company since joining the Board. I look forward to working with her as we continue to execute on our strategic plan.”

The Company remains focused on its previously stated goal of deleveraging the business, including the goal of reducing its leverage ratio to less than four times total net debt to adjusted EBITDA.

In addition to the planned changes to the Board, the Company announced today that it has recently received a letter requisitioning a meeting of its shareholders from Engine Capital LP. Dye & Durham is in the process of reviewing and considering the requisition and will comment in due course. The Company welcomes the opportunity to engage with all shareholders, including Engine Capital LP.

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 Kingdom, Ireland, Australia and South Africa.

Additional information can be found at www.dyedurham.com.

Forward-looking Statements

This press release may contain forward-looking information within the meaning of applicable securities laws, which reflects Dye & Durham’s current expectations regarding future events. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Specifically, forward-looking statements include, without limitation, statements regarding Mr. Derksen’s resignation and Ms. Moorehead assuming the role of Chair of the Board. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management’s current beliefs, expectations, estimates and projections regarding future events and operating performance.

Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dye & Durham’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in Dye & Durham’s most recent annual information form. Dye & Durham does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

SOURCE Dye & Durham Limited

For further information: Huss Hirji, VP, Investor Relations, Dye & Durham Limited, Email: [email protected], Phone: 647-323-7193

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