OneMove Capital Ltd. Responds to Ongoing Attempt by Dye & Durham to Disenfranchise Shareholders and Entrench Board
/EIN News/ -- BRIDGETOWN, Barbados, July 10, 2024 (GLOBE NEWSWIRE) -- OneMove Capital Ltd. (“OneMove”), a Family Office based in Bridgetown, Barbados and a founding shareholder in Dye & Durham Limited (“Dye & Durham” or the “Company”), has reluctantly commenced litigation against the Company to protect its fundamental rights as a shareholder and ensure that the Company’s shareholders have a say on replacing Edward Prittie at the upcoming special meeting of shareholders (the “Special Meeting”) scheduled on August 20, 2024.
The Company’s board of directors (the “Board”) claims that OneMove is attempting “to use the court to achieve an outcome that the Company does not believe its shareholders would accept”. If the Board is so confident about the will of its shareholders, shouldn’t they let shareholders vote on whether or not to remove Mr. Prittie? Why waste the Company’s resources in “scorched earth” tactics to insulate Mr. Prittie from facing shareholders? Let shareholders decide.
For months, OneMove has tried to work confidentially and collaboratively with the Board to improve governance amidst serious missteps. If the Board is genuinely interested in being transparent, it would disclose all of the offers exchanged with OneMove (and any other shareholders) -- instead of selectively disclosing an incomplete recent offer.
OneMove will never accept an offer that entrenches a Board that has overseen significant value-destruction to shareholders. OneMove’s position is very simple. It has lost confidence in Mr. Prittie and seeks a vote where shareholders get to decide whether to replace him with Eric Shahinian. This is not a “personal grievance”, as the Board contends for tactical reasons. OneMove is deeply disappointed with Mr Prittie’s lack of leadership and performance as a director over the last 24 months.
The Board should immediately cease self-interested tactics and any unnecessary litigation at the expense of corporate resources and listen to their shareholders. If not, shareholders will have their say on governance at the Special Meeting.
OneMove urges the Company to not delay the Special Meeting. Further uncertainty and delay is not in the Company’s best interests.
OneMove Capital Ltd.
Email: ir@onemovecapital.com
Phone: 786.220.2552
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