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OneMove Capital Demands Immediate Market Update on Dye & Durham’s Financial Position, Outlook and Debt-Service Plan in Light of Debt Default Announcement

OneMove Capital Ltd.
Wednesday at 10:55am ADT · September 24, 2025 3 min read

Engine Board’s Incompetence Will Cause Company to Default on its Debt in Coming Days

Engine Board has Ignored our Private and Well-Founded Warnings, Further Underscoring its Lack of Accountability

Engine Board has Destroyed Close to $1 Billion in Shareholder Value Since Election

BRIDGETOWN, Barbados, Sept. 24, 2025 /CNW/ – Major shareholder OneMove Capital Ltd. (“OneMove“) of Dye & Durham Limited (“Dye & Durham” or the “Company“) (TSX: DND) demands an immediate market update on the Company’s true financial position. The Company’s failure to file audited consolidated financial statements for the fiscal year ended June 30, 2025 is deeply concerning and a default of its debt could be just a few days away.

“The Engine Board should come clean. Shareholders are in the dark without any outside date for the financials. Meanwhile, we believe Dye & Durham’s performance continues to deteriorate,” said Tyler Proud, Chief Executive Officer of OneMove. “The Company’s soaring leverage and strained liquidity leaves us deeply concerned that the Board will undertake a rushed and flawed asset sale to distract shareholders.”

Since the Company’s release of its March 31, 2025 financials, shareholders have had no meaningful update from the Engine Board on the Company’s financial position and key business initiatives. Therefore, it is critical that the Engine Board update shareholders to:

  • Confirm whether the Company is able to meet its near term debt obligations without reliance on more unsustainable borrowing.
  • Provide a financial outlook for the current quarter so shareholders can understand the impact of the Company’s current flawed strategy of customer price cuts and unchecked overspending.
  • Confirm the status of any lender waivers and whether these waivers will restore the Company’s access to its revolving credit facility or not.
  • Provide a clear update on the Company’s recently announced strategic review process, including steps taken to advance the full sale process.

In addition, shareholders deserve accountability from the Board. Under the failed leadership of Dye & Durham’s Chairman Arnaud Ajdler of Engine Capital (“Engine“), Dye & Durham has suffered a sharp deterioration from what was once a fundamentally strong business. Amid a backdrop of successive C-Suite changes, we believe that revenue quality has eroded, customer attrition has intensified, and operational discipline has broken down. Instead of preserving and strengthening the Company, as Engine promised, the Engine Board has overseen nine months of accelerating decline, leaving Dye & Durham smaller and weaker than when Engine’s nominees assumed control.

We call on Mr. Ajdler to take responsibility for these failures and immediately step down from the Board. We believe the Board requires substantive renewal – which starts from the top. Shareholders deserve an engaged Board, that delivers on its promises and is willing to challenge a weak Chairman.

About OneMove Capital Ltd.

OneMove Capital Ltd. is a private investment firm focused on unlocking value in technology-enabled businesses through disciplined governance, strategic oversight, and long-term shareholder alignment.

This press release does not constitute a solicitation of a proxy within the meaning of applicable laws, and accordingly, Dye & Durham shareholders are not being asked to give, withhold or revoke a proxy.

SOURCE OneMove Capital Ltd.

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