Matthew Proud announces cancellation of options that reduces his holdings of Dye & Durham Limited below 10%

TORONTO, Dec. 20, 2024 /CNW/ - Matthew Proud announced that on December 17, 2024, 4,795,800 unvested stock options ("Options") of Dye & Durham Limited (the "Company") held by him were cancelled under the terms of a separation agreement dated November 25, 2024 between the Company and Mr. Proud (the "Separation Agreement") as a result of the appointment of a new chief executive officer of the Company.

As a result of the cancellation of the Options, Mr. Proud's direct and controlled holdings of the Company were reduced to 4,392,095 Options, which if exercised, would represent approximately 6.5% of the issued and outstanding common shares of the Company (calculated on a partially diluted basis), such amount being less than 10% of the common shares of the Company. 

The Separation Agreement provides Mr. Proud with certain board observer rights and contains certain standstill restrictions.

An early warning report reflecting the above-noted cancellation of Options has now been filed, a copy of which has been sent to the Company and is available on SEDAR+ at https://www.sedarplus.ca/. 

In accordance with applicable securities legislation, the Company has filed updated insider reports via the System for Electronic Disclosure by Insiders (SEDI) for the transaction, noting that Mr. Proud has ceased to be an insider of the Company as of the date of the disposal.

For further information regarding this news release and to request a copy of the early warning report, please contact Mr. Proud at 199 Bay Street, Suite 4610, Toronto, Ontario M5L 1E9.

SOURCE Matthew Proud