11/21/2025

Palliser Proposes That Japan Post Carve Out Real Estate Holdings

Nikkei Asia (11/21/25) Yamashita, Akira

Palliser Capital has proposed that Japan Post Holdings (6178) undertake asset efficiency improvements such as carving out its real estate holdings, contending that the group's stock price is trading around 50% below its intrinsic value. Palliser says it holds 0.5% of Japan Post Holdings shares, making the U.K. firm one of the top 15 shareholders. While Japan Post Holdings has said its rental properties are worth 1.5 trillion yen ($9.59 billion), a third-party estimate suggests the value is closer to 3 trillion yen. Palliser said the value of the Japanese postal group's real estate business is not being fully evaluated by the market, and that it thinks limited disclosure is the cause. Palliser asserted that consolidating the real estate business into a single company would open options such as merging with other real estate operators, selling to a real estate investment trust or spinning off and listing. The U.K. investor estimated the group's market capitalization of 4.3 trillion yen could reach 8.5 trillion yen. As Japan Post Holdings owns Japan Post Bank and Japan Post Insurance, its complex financial disclosures make its value difficult to discern, Palliser said. The shareholder estimates that net cash and deposits for Japan Post Holdings total 1 trillion yen, equivalent to one-quarter of its market capitalization, and that an increase in dividends is also possible. Though Palliser has engaged in activist shareholder tactics at Japanese companies like Keisei Electric Railway (9009), it generally agrees with Japan Post's overall management policy and thinks the company's nationwide postal operations should be firmly maintained, a Palliser insider said.

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11/21/2025

Analysis: Britain's Investment Trusts Face Turning Point with Policy Shifts and Activist Pressure

Reuters (11/21/25) Indyk, Samuel; Mackenzie, Nell

Britain's unloved investment trusts may be nearing a turning point as falling interest rates, a possible government drive to boost share ownership, and activist pressure converge to unlock value. Investment trusts, which pool shareholder funds into diversified portfolios, have been a fixture of Britain's markets for 150 years. They aim to deliver steady dividend income but often trade below the value of their underlying assets. Average discounts to net asset value (NAV) have been stuck in double digits for over three years — the longest stretch in at least three decades. With investment trusts including the likes of Tritax Big Box (TTBXF) and RIT Capital Partners (RCP) making up nearly a third of the FTSE 250, the index's sluggish 4.3% rise this year highlights the sector's underperformance. According to the Association of Investment Companies (AIC), the average investment trust share price trades at 13% below NAV compared to a historical average of about 4% from 2015 to 2021. The discounts also reflect broader malaise in UK equities, which have suffered persistent outflows, a dearth of new listings and a surge in deals taking companies private. UK equities have seen $32.4 billion in outflows in 2025, according to Barclays Research and EPFR data. London's $380-billion FTSE 250 mid-cap index has lagged this year, rising just 4.3% compared to a 17% rise for the larger-cap international FTSE 100 index. It's also cheaper, trading at 12.7 times earnings, compared to the FTSE 100, which trades at 17.4 times earnings. But falling interest rates could change the picture, investors and analysts said. The BoE has signaled another potential rate cut in December, and possibly more next year. "If rates were to come down meaningfully, that's going to have a benefit on the sector as a whole," said Matt Ennion, head of fund research at Quilter Cheviot. Finance minister Rachel Reeves is also expected to unveil measures in her November budget to encourage pension funds to invest domestically and tighten rules around tax-free savings products — potentially funneling more household cash into equities. "The UK just doesn't have much domestic investment in equities broadly," said Sharon Bell, senior European equity strategist at Goldman Sachs. "The key thing is to get more investment into risk assets which give investors longer-term better returns." Activist investors are adding to the positive momentum. Boaz Weinstein's Saba Capital has campaigned against trusts he calls "underwhelming." "Since we began, manager behavior has been better for shareholders, especially in the funds we own,” Weinstein said. Smithson Investment Trust (SSON), of which Saba holds about 16%, announced it will convert from a closed-ended fund to an open-ended fund, allowing investors to exit at NAV minus costs. Its shares rose more than 7% following the announcement. “We think this proposal provides a blueprint as to the type of option that boards should consider in order to enhance shareholder value, in situations where discounts in excess of 10% persist over a long period of time,” said Stifel analyst Iain Scouller. Boards are also deploying share buybacks more aggressively. Winterflood Securities reports year-to-date share buybacks have reached a record 8.6 billion pounds ($11.54 billion), 35% above the same period in 2024 and already greater than last year's total. "Boards that are more active in the way they're engaging and responding to investors have benefited and been able to either narrow or avoid widening discounts," Winterflood research analyst Alex Trett said. With monetary policy easing, government incentives on the horizon, and activists forcing change, Britain's investment trusts may finally be ready to shake off years of neglect.

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11/21/2025

Plantro Offers $384 Million to Buy Dye & Durham

Financial Post (11/21/25) Sambo, Paula

Plantro Ltd., the investment firm controlled by former Dye & Durham Ltd. (DYNDF) executive Matt Proud, has submitted a fresh proposal to take the legal software company private for about $384 million, according to people familiar with the matter. The offer was sent to Dye & Durham’s special committee this week and proposes to pay $5.72 a share in cash and notes, according to the people, more than double the stock’s closing price on Thursday. The stock was halted at the open in Toronto on Friday, and rose as much as 33% after it resumed trading before paring some of those gains. Before Friday, Dye & Durham’s shares had dropped 85% this year, giving the company a stock market value of just $182 million. That’s largely because it’s burdened with some $1.6 billion in debt and faces a potential default due to late financial disclosures. The proposal lands after a year of upheaval at Toronto-based Dye & Durham, which provides technology for law firms to help them manage their practices, handle legal accounting and perform other tasks. Proud, the company’s longtime chief executive officer, departed late last year after losing a proxy fight to activist investor Engine Capital. But soon after, he was trying to come back. In February, Proud and Plantro floated a $20-a-share offer worth about $1.3 billion. Although that didn’t go anywhere, he continued to agitate for the company to go private. In July, Dye & Durham launched a strategic review after reaching a truce with Proud and Plantro that paused a heated governance dispute. The review is examining options including a sale, breakup, recapitalization, or merger. Matthew Proud and Dye & Durham’s board have had a contentious relationship after he lost a proxy fight last year, resulting in his departure from the company. The fragile peace between the board and Proud collapsed by October. Canadian Imperial Bank of Commerce, adviser to the special committee, withdrew from the mandate, and Dye & Durham filed a legal action accusing Proud and Plantro of violating the July cooperation agreement and undermining the review with “misleading statements” about its finances. This week brought more governance shake-ups. The company named veteran dealmaker Alan Hibben as independent chair and added chief executive George Tsivin to the board, according to a statement Thursday. Three directors resigned, including Engine Capital’s Arnaud Ajdler. The changes come as Dye & Durham prepares for a Dec. 31 annual meeting and looks to repair its deteriorating financials. In a separate move Friday, OneMove Capital Ltd., a company led by Proud’s brother, Tyler Proud, nominated five directors of its own to the board. Tyler Proud, who co-founded Dye & Durham, cited “poor leadership” from directors installed by Engine as the reason in a statement. “Yesterday's attempt by former Chairman Arnaud Ajdler to hand-pick his own replacement is consistent with the same approach that created the problem,” he said. OneMove's nominees are Tyler Proud, Edward Smith, David Giannetto, Allen Taylor, and ex-Dye & Durham director and Chief Financial Officer Ronnie Wahi. As for Plantro's takeover offer, the company told Dye & Durham's board it's prepared to sign a binding agreement immediately with no additional due diligence, according to the people. Under the proposal, shareholders would receive $3.50 in cash at closing, with the remaining $2.22 paid in new senior unsecured notes yielding 15% — though only a third of that interest would be payable in cash, the people said. Plantro also offered a go-shop period, allowing the board to sign a deal quickly while continuing to solicit higher offers. The stock was trading at $3.19 at 11:22 a.m. Friday.

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11/21/2025

Equinix Escapes Enforcement from SEC Probe

The Real Deal (11/21/25)

Data center real estate investment trust Equinix (EQIX) is breathing a sigh of relief after a probe by the Securities and Exchange Commission ended without any action. The company disclosed recently that the SEC concluded its investigation. Equinix stated that there will be no further action, such as a lawsuit, after the probe into alleged stock manipulation. The investigation began after activist short-seller Hindenburg Research alleged in a March 2024 report that Equinix inflated growth metrics through fuzzy accounting. Hindenburg claimed Equinix oversubscribed capacity, promising power to customers that it did not possess, allegations the firm denied. But the enforcement division of the SEC and the U.S. Attorney’s Office for the Northern District of California quickly entered the picture, subpoenaing the company days after the report; Equinix does not expect further action in the state probe, either. After the report, shareholders filed a class-action lawsuit against Equinix, accusing it of manipulating reported capital expenditures to increase its adjusted funds from operations. Equinix resolved that case with a $41.5 million settlement. Before the Hindenburg report, Equinix stock was trading around $850 per share and dropped to around $700 per share after an extended sell-off stemming from the report. It recovered to top out at $994 per share in December. The stock closed at $752.81 on Thursday. The stock is down more than 20% year-to-date, but the company posted $2.3 billion in revenue in the third quarter, a 5% gain year-over-year. Equinix counts more than 270 data centers across six of the world’s continents. It is considered a colocation specialist, meaning it rents space and computing power on servers inside its data centers. It has 58 projects under development across the world as data centers continue to boom behind the artificial intelligence craze. Over the summer, Elliott Investment Management was reported to be growing its stake substantially in Equinix, becoming one of its largest investors.

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11/20/2025

SEC Steps Away from Shareholder Proposal Review, Creating Uncertainty for Proxy Season

Pensions & Investments (11/20/25) Croce, Brian

Following the SEC’s announcement that it will not act as a referee on requests to exclude shareholder proposals this proxy season, public companies will have more power over the process, but the development isn’t a sure-fire win for the business community, experts said. The change could lead to more chaos this proxy season, and more proposals making it onto proxy statements if companies fear a legal challenge as a result of their decision. “This will bring about certainly some short-term chaos here as people try to figure out the lay of the land,” said David Lynn, a partner in Goodwin Procter’s capital markets group and chair of the firm’s public company advisory practice. Added Cynthia Krus, a partner and co-chair of the global board at law firm Eversheds Sutherland, “I think it’s going to create a lot of confusion and I would say chaos, on how to respond” because the announcement was made during the period when shareholders typically submit proposals to companies. The SEC’s corporation finance division on Nov. 17 cited “resource and timing considerations following the lengthy government shutdown,” and the “large volume of registration statements and other filings requiring prompt staff attention,” as reasons why it will not “respond to no-action requests for, and express no views on, companies’ intended reliance on any basis for exclusion of shareholder proposals.” In a follow-up email, an SEC spokesperson said the decision was made “after thoroughly considering the staff’s role in the shareholder proposal process, staff resources, and timing issues. With over 900 registration statements and many other filings received during the government shutdown, this decision will allow staff to focus on time-sensitive transactional matters including capital formation and investor protection.” Companies that intend to exclude shareholder proposals from their proxy materials must still notify the SEC and proponents no later than 80 calendar days before filing a definitive proxy statement, the SEC noted in its announcement. Bryan McGannon, managing director at US SIF: The Sustainable Investment Forum, a nonprofit whose members include institutional investors, asset managers and financial advisers, said in an email the shareholder proposal process is a critical tool for investors to guard investment value from material risks and to protect the American public from corporate misconduct and egregious behavior. “Taking away the right to have shareholder proposals on the proxy will leave shareholder proponents with only costly and onerous options such as suing the issuers or voting against board directors,” he said. Looking ahead, Krus said she expects the SEC to issue a formal rulemaking on the matter. “I think they want to get out of the shareholder proposal business,” Krus added. The SEC’s latest agenda, unveiled in September, included potential amendments to Rule 14a-8 to “reduce compliance burdens for registrants and account for developments since the rule was last amended.” The Trump administration is also mulling other changes for investors to navigate during proxy season. It’s reportedly considering an executive order aimed at limiting the role of proxy advisory firms Institutional Shareholder Services and Glass Lewis. SEC Chair Paul Atkins has said the proxy firms have too much power over management decisions. Shareholders can file a proposal before a public company's annual meeting and it must be filed at least 120 days before the company's proxy statement was released for the previous year's annual meeting. But if a company thinks a proposal is out of bounds or has already been addressed, it can file a no-action letter with the SEC, requesting permission not to include the proposal in its proxy statement. There are a host of reasons to exclude a proposal under Securities Exchange Act Rule 14a-8, and it's long been established that the SEC is the go-to referee for companies seeking to exclude a proposal. The business community and Atkins have long called for reducing the influence of activist investors who submit shareholder proposals each proxy season. Atkins in a speech last month in Delaware said he wants to “depoliticize shareholder meetings” as part of a broader effort to entice more companies to go public. In that same speech, Atkins made the case that Delaware state law does not provide shareholders the right to have their proposals addressed by companies. Given Atkins' prior comments, “I don't think that anyone should have seen this as sort of coming out of left field,” Goodwin Procter's Lynn said of the Nov. 17 announcement. Mike Flood, senior vice president of the U.S. Chamber of Commerce's of Center for Capital Markets Competitiveness, was pleased with the SEC's move. “Addressing the costs and politicization of the SEC's shareholder proposal system is a top priority of the Chamber,” he said in a statement. “We welcome (the) announcement and look forward to working with the SEC on permanent reforms to Rule 14a-8 in the coming months.” Investor groups, on the other hand, were displeased. So too was SEC Commissioner Caroline Crenshaw, the commission's lone Democrat. “This announcement is more of a giveaway to issuers than an exercise in resource allocation,” Crenshaw said in a Nov. 17 statement. “And, more directly, it is an act of hostility toward shareholders.” She also called the announcement a Trojan horse. “It cloaks itself in neutrality by expressing that the division will not weigh in on any company's exclusion of shareholder proposals, but then it hands companies a hall pass to do whatever they want,” she added. “It effectively creates unqualified permission for companies to silence investor voices (with 'no objection' from the commission). This is the latest in a parade of actions by this commission that will ring the death knell for corporate governance and shareholder democracy, deny voice to the equity owners of corporations, and elevate management to untouchable status. In a neutral way, of course.” The threat of legal action — shareholders suing companies alleging they've violated Rule 14a-8 by excluding a given proposal — could lead to more companies playing it safe and allowing contentious shareholder proposals to make it onto their proxy ballots, sources said. “If you excluded something, what would happen to your reputation, your stakeholders?” Krus said. “So I think it's going to weigh on management. You could have an opposite effect, which is, you have a lot more shareholder proposals in proxies because nobody wants to have the exposure out there.” Ryan Adams, a public company advisory and governance partner at law firm Morrison & Foerster, said that while the SEC's announcement could be seen as a boon to companies, it's important to think about the policy change in terms of risk management. “Now, companies will have to determine whether they are comfortable excluding proposals without staff concurrence, and there's some litigation risk that comes along with that,” he said. “In the past, we've seen most companies actually hesitant to proceed with excluding proposals without approval of the SEC staff so it's actually quite possible that this action could result in more proposals going to a vote.”

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11/20/2025

Atkore's Board to Consider Options for Potential Sale of Company

Reuters (11/20/25)

Electric component maker Atkore (ATKR) said on Thursday its board and management team are considering its options, including the potential sale or merger of the company, sending its shares down 3.5%. Irenic Capital Management, holding a 2.5% stake in Atkore, has been urging the board to explore a potential sale. Atkore said it was working with Citigroup to evaluate strategic alternatives to increase focus on its core electrical infrastructure portfolio. Atkore announced the appointment of Franklin Edmonds to its board as part of a cooperation agreement with Irenic Capital. With the addition, the company's board will form a review committee to oversee strategic alternatives to include assets outside of its core electrical infrastructure portfolio. The electric component maker has been taking steps to cut costs, including a headcount reduction, as it grapples with higher input costs and resulting pressure on profit margins due to tariffs. On Thursday, Atkore posted an annual net loss of $15.2 million for fiscal 2025, compared with a net income of $472.9 million for the previous fiscal year. It expects annual adjusted net income per share for fiscal 2026 to be in the range of $5.05 to $5.55, compared with analyst estimates of $5.48 according to data compiled by LSEG. On an adjusted basis, Atkore's profit for the quarter ended September 30 was 69 cents share, missing estimates of $1.26. Quarterly revenue fell by 4.6% from a year earlier to $752 million, compared with estimates of about $734 million. Atkore has a market capitalization of $2.24 billion, as per data compiled by LSEG. As of last close, its shares were down 20.3% so far this year.

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11/20/2025

Cracker Barrel Board Member Ousted Following Activist Pressure

Restaurant Business (11/20/25) Guszkowski, Joe

Embattled Cracker Barrel (CBRL) board member Gilbert Dávila stepped down Thursday after preliminary results of a shareholder vote showed that he did not win enough support to stay on. Dávila, the CEO of marketing agency DMI Consulting, has come under fire from Cracker Barrel critics, chiefly activist shareholder Sardar Biglari, for his alleged role in the chain’s controversial logo change. In a press release, Cracker Barrel said it is reducing the size of its board from 10 to nine members following Dávila’s resignation. The vote marks a rare victory in Biglari’s long-running campaign against Cracker Barrel, which he has argued is mismanaged and undervalued. In September, Biglari called on shareholders to oust Dávila and CEO Julie Masino following consumer outcry over the chain's new logo and remodel plan. The backlash has hurt Cracker Barrel’s sales and stock price, prompting Biglari, who is also the CEO of Steak n Shake, to reignite his fight against the chain. Biglari owns a 3% stake in Cracker Barrel and has held nine proxy battles against it over the past 15 years. This time, Biglari gained the support of two influential proxy advisory firms, ISS and Glass Lewis, who echoed his calls to vote Dávila out, citing the fallout from the rebrand effort. Shareholders were apparently receptive to those messages, but they broke with Biglari on other matters Thursday. They voted to keep Masino in place, and also approved new bylaws that are specifically designed to limit Biglari’s ability to launch costly proxy fights against the company in the future. Masino joined Cracker Barrel in 2023 and has spearheaded its three-year turnaround plan, which produced five consecutive quarters of same-store sales growth prior to the logo debacle. “The Board and leadership team are honored to be trusted with the responsibility of stewarding Cracker Barrel and we take seriously the trust our shareholders and guests have placed in us,” the company said in a statement. “We thank our shareholders for their strong show of support today, electing 9 of 10 of the Company’s recommended director nominees, including the Company’s CEO, Julie Masino, and voting for every other proposal we put forth.” The company also thanked Dávila, who had been on the board for five years. He helped develop the chain’s turnaround plan and also led the compensation committee. Following the backlash to Cracker Barrel’s new logo in late August, Dávila was singled out by conservative pundits because of his role as a marketing specialist on the board and because his firm, DMI, specializes in multicultural marketing. Critics traced those details to the new logo, which they said was “woke” because it dropped the image of a man standing next to a barrel. Masino has since said that the logo was simply designed to be more visible on highway billboards. Cracker Barrel quickly backtracked on the logo and accompanying remodels, both of which moved the brand in a more modern direction, and has doubled down on its roots in nostalgia and Americana. It is pushing forward with its turnaround plan, with a focus on improving its food and customer experience. But the logo uproar has nonetheless inflicted serious damage on the company. Traffic plummeted in the wake of the controversy, and Cracker Barrel expects to spend the next 12 months building it back. Its stock has also fallen to its lowest point since the Great Recession and was down more than 3% as of midday Thursday.

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11/20/2025

Elliott Management Builds Stake in Barrick, Encouraged by Breakup Prospects, Source Says

Wall Street Journal (11/20/25) Stewart, Robb

Elliott Management has built up a sizable stake in Barrick Mining (B), putting pressure on the gold and copper producer to consider splitting up its operations. The stake positions Elliott as one of Barrick’s top 10 shareholders, a person familiar with the matter said, and was made because the activist was encouraged by the prospect of Barrick’s exploring a breakup. Other news outlets reported on Elliott’s stake earlier this week. Barrick is currently undergoing a review of operations, which is aimed at improving efficiencies and utilization across its assets. The plan, launched last month, involves taking a closer look at the Nevada Gold Mines operations and the Pueblo Viejo mine in the Dominican Republic, both of which are minority owned by Newmont and account for more than half of Barrick’s gold production. The fresh emphasis on North America came shortly after Barrick parted ways with Mark Bristow, who had been chief executive for nearly seven years since the company bought Randgold Resources, an Africa-focused miner founded and run by Bristow for more than two decades. Company veteran Mark Hill was elevated to interim CEO. Barrick’s share price has more than doubled in 2025, and has risen more than 50% in the last three months alone as the company and other gold producers have benefited from a boost in the price of the precious metal to record highs because of investor demand for perceived safe-haven assets and central-bank purchases. Still, it has lagged behind the jump seen in the share prices of some rivals, such as Canada’s Agnico Eagle (AEM), whose steady production saw it vault Barrick this year to become second in world gold production behind Newmont (NEM). Elliott has engaged other mining companies in the past. In 2017, the firm took aim at BHP Group (BHP), which at the time lagged behind its peers during a commodity-price upswing. It urged the company, then known as BHP Billiton, to spin off its U.S. petroleum assets and unify a dual Sydney-London listing, moves that — despite initial resistance — it eventually made. Josh Wolfson, an analyst at RBC Capital Markets, said there is merit in a breakup or sale of assets by Barrick, supported by a share price that is trading at a discount to the sum of the company’s parts. “Various scenarios could be pursued to realize this value, including multiple breakup options with or without additional asset divestitures,” he said. If Barrick plans to focus on its North American assets, a breakup of the company and possible asset sales would make sense, said Anita Soni, an analyst at CIBC Capital Markets, who adds that the company’s management should focus on operations that offer the best ounces of production and on favorable jurisdictions.

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11/20/2025

Three Board Directors Resign from Embattled Legal Software Firm Dye & Durham

Toronto Globe and Mail (11/20/25) Silcoff, Sean

Dye & Durham Ltd. (DYNDF) has been hit by a mass boardroom defection, with three of its seven directors — including chairman Arnaud Ajdler, the hedge-fund manager who led a successful activist campaign to overhaul its governance last year — quitting the embattled legal-software firm, the company said Thursday. Ajdler, founder of New York’s Engine Capital LP, swept in a new board at last December’s annual meeting. He, along with five hand-picked nominees that he’d recruited, joined the board. A seventh was nominated by ex-chairman Tyler Proud’s holding company under a shareholder-rights agreement. Support for the new slate from disaffected shareholders, including Proud, was so overwhelming that the company pulled its rival slate before the vote. The dissidents had favored sweeping changes atop the company led by Proud’s brother, Matt Proud, who agreed to step down as chief executive officer weeks before the meeting. Tyler Proud’s nominee, Eric Shahinian, is also stepping down, as is Sid Singh, one of Ajdler’s hand-picked nominees who briefly served as CEO this year. Joining the board as chairman is veteran director Alan Hibben, formerly chairman of Home Capital, and recently appointed CEO George Tsivin. “I am pleased to have found a very capable chair,” Ajdler said. “I remained on the board for a period after appointing George as CEO to support his efforts. Now, with Alan and George as board members, it is time for me to step away.” Hibben said in a statement that he was pleased to join the board “at this important moment for the company.” He added that “with time, effort, and George’s leadership, I believe the company can thrive.” The shakeup follows weeks of negotiations between Tyler Proud and the board in advance of next month’s annual meeting. Proud has pushed for the company to refresh its governance again and had a slate ready to put forward, said a source familiar with the matter. Proud was trying to avoid a proxy fight and felt he had a deal with the company before Thursday’s resignations, the source said. The job of recruiting new directors for the meeting and dealing with an unhappy Tyler Proud, one of D&D’s largest shareholders through his holding company OneMove Capital — who could still propose a rival slate — now falls to Hibben. Tyler Proud said in a statement that the three departing directors had overseen rising costs and “reckless decisions” by D&D, and accused them of “vanishing six weeks before the AGM in a calculated bid to dodge accountability.” “At this stage, the remaining directors should also step aside so shareholders can install a board capable of getting this company back on track.” The boardroom exodus is the latest in a recent string of troubling developments at the company. D&D has less than a month to file its delayed audited financial statements for its most recent quarter or the heavily indebted company will be in default under its senior credit agreement. The company is also pursuing a second extension from the Ontario Securities Commission after failing to file its annual filings on time for its fiscal year ended June 30. D&D this month reported preliminary unaudited results for last year and the first quarter that were below expectations. Last month, S&P Global Ratings and Moody’s Ratings cut their credit ratings on the company, flagging concerns about its leadership and governance issues. The stock crashed twice in one week in October, after Matt Proud withdrew his offer to buy D&D for $10.25 a share, then when the company disclosed CIBC Capital Markets had backed out of leading a strategic review that could lead to the company’s sale. The stock crashed a third time and hit another all-time low of $2.69 on Thursday, down more than 80% in the past year. The company went public at $7.50 a share in July, 2020, and topped $50 a year later. D&D’s continuing turmoil follows years of concerns by large shareholders about the acquisitive company’s rising debt, its management and governance under Matt Proud’s leadership, which culminated in their support for Engine’s campaign last year. The new board led by Ajdler, a veteran activist investor, was supposed to quickly hire a new CEO and lead the company’s renewal. But the hiring effort dragged on as two directors held the job on an interim basis, and the company rehired and then quickly fired a former chief financial officer. Tsivin joined midyear but was sued by his former employer, Relx PLC, for allegedly violating his notice requirement and noncompete agreement. Matt Proud also led his own activist campaign against D&D, agreeing to back off in July when the company reached a standstill agreement with him. The company recently sued to enforce its co-operation agreement, and Proud and his investment company, Plantro Ltd., agreed to consent to a temporary injunction that D&D had sought.

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