TORONTO, April 25,
2024 /CNW/ - Dye & Durham Limited ("Dye &
Durham" or the "Company"), (TSX: DND) one of the world's
largest providers of cloud-based legal practice management software
designed to make managing a law firm, organizing cases, and
collaborating with clients easy, today responded to a public letter
issued by Engine Capital LP ("Engine").
The board of directors (the "Board") has patiently
engaged with Engine and its joint actors over the past several
months. Unfortunately, despite the best efforts of the Board,
Engine continues to display a stunning lack of understanding of the
key value drivers of Dye & Durham's business. Engine's letter
grossly mischaracterizes the Company's track record of value
creation, operational efficiency, and approach to capital
allocation, and is reflective of their superficial understanding of
the business, its history and its future. Engine's letter contains
many basic factual errors.
Dye & Durham is performing extremely well. The Board and
management team are aligned with shareholders, and continue to
drive disciplined execution and opportunities to enhance long term
shareholder value. The Company has done this while ensuring it has
a robust capital structure that preserves Dye & Durham's
financial flexibility. The Board is committed to acting in the best
interests of all of the Company's stakeholders and, we will
continue welcome the opportunity to continue to engage in good
faith with all shareholders.
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. Dye & Durham 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. 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