Dye & Durham's Ex-CFO Urges Sale After Stock Drops, Debt Mounts
A former senior executive and shareholder of Canadian technology firm Dye & Durham Ltd. is asking the board to consider a full sale of the company, citing a plunge in shareholder value and growing competitive pressures.
Ronnie Wahi, who was chief financial officer until 2018, criticized the company's strategic direction in a letter sent to directors on Thursday, saying nearly C$1 billion in equity value has been lost under the current board.
Shares of Dye & Durham have dropped about 55% over the past six months, giving the company a market capitalization of approximately C$650 million. The firm has struggled to attract new investors and trim its debt levels, according to Wahi, which has soured market sentiment on the stock. Long-term debt was C$1.6 billion as of March, up from C$1.3 billion two years earlier, according to data compiled by Bloomberg.
Dye & Durham and Wahi did not immediately respond to requests for comment.
'It is difficult to see how the company can unlock shareholder value as a public entity within a reasonable time frame,' wrote Wahi, who's also a former board member. He urged directors to 'consider a full sale process to provide shareholders with alternatives and the opportunity to realize the present value of their investment.'
The current board came to power following a contentious proxy fight last year that led to the departure of then-Chief Executive Officer Matthew Proud. Dissident shareholders led by New York-based Engine Capital rallied enough support to replace a majority of the board and install new leadership committed to restoring credibility and financial discipline. Engine's founder, Arnaud Ajdler, became the chair.
This article was generated from an automated news agency feed without modifications to text.
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