Category: GlobeNewswire

Source: GlobeNewswire (MIL-OSI)

Chair Arnaud Adjler and Audit Chair Tracey Keates Alleged to Have Ordered Former CFO to Misrepresent Financial Statements to Show Stronger Performance

CFO Refused the Order and Was Subject to Retaliatory and Arbitrary Termination After the Release of Accurate Results

Plantro Calls on the Two Implicated Directors to Resign Immediately to Protect the Integrity, Reputation, and the Remaining Shareholder Value of Dye & Durham

ST. HELIER, Jersey, July 14, 2025 (GLOBE NEWSWIRE) — Plantro Ltd. (“Plantro” or the “Concerned Shareholder”) one of the largest shareholders of Dye & Durham Limited (“Dye & Durham” or the “Company”) (DND: TSX) which owns approximately 11% of the Company, today called on Dye & Durham’s Board of Directors (the “Board”) to respond to serious allegations of director misconduct at the Company.

Plantro has learned in recent days that the Board of Dye & Durham has received multiple whistleblower complaints. The most recent complaint includes serious allegations of misconduct by Arnaud Adjler, Chair of the Board, and Tracey Keates, Chair of the Audit Committee.

Plantro understands the material elements of the most recent whistleblower complaint to be as follows:

1. In February 2025, the Company’s Chief Financial Officer (“CFO”) at that time, submitted a confidential letter to the Audit Committee regarding failures in the Company’s internal controls and governance practices. In the letter, he raised concerns about the disclosure of material, non-public and confidential Company information by Board members to third parties whom with they were conspiring with in the creation of “short seller-style” reports. These reports included numerous false and defamatory statements about the Company.
2. In April 2025, the above-mentioned Board members attempted to force the former CFO to misrepresent the Company’s Q3 FY2025 financial statements by adopting aggressive accounting practices. The implicated Board members’ direction would serve to artificially inflate the results, was not compliant with International Financial Reporting Standards (“IFRS”), and would result in the CFO being unable to certify the Company’s financial statements under National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Financials.
3. The former CFO refused the Board’s directive, and after the Company’s Q3 FY2025 financial statements were released, he was removed from his role in retaliation.

Given the seriousness of these allegations, Mr. Adjler and Ms. Keates should do the right thing and immediately resign from the Board to protect the integrity, reputation, and the remaining shareholder value of Dye & Durham. The Board should also reinstate its recently deposed independent chairman Hans T. Gieskes, to provide stable and independent Board leadership.

Should the allegations be found to be unsubstantiated, and should the Board deem it appropriate, the implicated directors may be renominated for election at the next Annual General Meeting.

The fact that the Company has received multiple whistleblower allegations only serves to reinforce Plantro’s concerns about Dye & Durham’s suitability to continue operating as a public company. Likeminded shareholders who value good governance and who want action to restore value at Dye & Durham should contact the Board to express their concerns today.

Please visit www.SellDnd.com to view Plantro’s presentation to fellow shareholders and other important materials.

Information Concerning the Plantro Nominees

To the knowledge of Plantro, no Plantro nominee is, at the date hereof, or has been, within ten (10) years before the date hereof: (a) a director, chief executive officer or chief financial officer of any company that (i) was subject to a cease trade order, an order similar to a cease trade order or an order that denied the relevant company access to any exemption under securities legislation that was in effect for a period of more than thirty (30) consecutive days (each, an “order”), in each case that was issued while the Plantro nominee was acting in the capacity as director, chief executive officer or chief financial officer, or (ii) was subject to an order that was issued after the Plantro nominee ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer; (b) a director or executive officer of any company that, while such Plantro nominee was acting in that capacity, or within one (1) year of such Plantro nominee ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or (c) someone who became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or became subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of such Plantro nominee.

To the knowledge of Plantro, as at the date hereof, no Plantro nominee has been subject to: (a) any penalties or sanctions imposed by a court relating to securities legislation, or by a securities regulatory authority, or has entered into a settlement agreement with a securities regulatory authority; or (b) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable securityholder in deciding whether to vote for a Plantro nominee.

To the knowledge of Plantro, none of the directors or officers of Plantro, or any associates or affiliates of the foregoing, or any of the Plantro nominees or their respective associates or affiliates, has: (a) any material interest, direct or indirect, in any transaction since the commencement of the Company’s most recently completed financial year or in any proposed transaction which has materially affected or will materially affect the Company or any of its subsidiaries; or (b) any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter proposed to be acted on at the Special Meeting, other than the re-constitution of the Board.

Plantro beneficially owns and controls 7,374,510 common shares representing approximately 11% of the outstanding shares of the Company. Martha Vallance beneficially owns and controls 38,600 common shares, representing approximately 0.06% of the outstanding shares of the Company. She also holds options to acquire an additional 425,433 common shares. Assuming full exercise of these options, she would beneficially own and control 464,033 common shares, representing approximately 0.69% of the then-outstanding shares of the Company, on a partially diluted basis. While the other Concerned Shareholder Nominees may purchase shares in the future, not of the other Concerned Shareholder Nominees currently hold any units of the Company.

Disclaimer for Forward-Looking Information

Certain information in this news release may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking statements and information generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “plans,” “continue,” or similar expressions suggesting future outcomes or events. Forward-looking information in this news release may include, but is not limited to, statements of Plantro regarding (i) how Plantro intends to exercise its legal rights as a shareholder of the Company, and (ii) its plans to make changes at the Board of the Company.

Although Plantro believes that the expectations reflected in any such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that (i) the Company may use tactics to thwart the rights of Plantro as a shareholder and (ii) the actions being proposed and the changes being demanded by Plantro, may not take place for any reason whatsoever. Except as required by law, Plantro does not intend to update these forward-looking statements.

About Plantro

Plantro is a privately held company, with an established track record of making successful investments in undervalued and high quality legal, financial, and information services businesses.

Media Contact

Gagnier Communications
Riyaz Lalani / Dan Gagnier
Plantro@gagnierfc.com

The MIL Network –

Source: GlobeNewswire (MIL-OSI)

Chair Arnaud Adjler and Audit Chair Tracey Keates Alleged to Have Ordered Former CFO to Misrepresent Financial Statements to Show Stronger Performance

CFO Refused the Order and Was Subject to Retaliatory and Arbitrary Termination After the Release of Accurate Results

Plantro Calls on the Two Implicated Directors to Resign Immediately to Protect the Integrity, Reputation, and the Remaining Shareholder Value of Dye & Durham

ST. HELIER, Jersey, July 14, 2025 (GLOBE NEWSWIRE) — Plantro Ltd. (“Plantro” or the “Concerned Shareholder”) one of the largest shareholders of Dye & Durham Limited (“Dye & Durham” or the “Company”) (DND: TSX) which owns approximately 11% of the Company, today called on Dye & Durham’s Board of Directors (the “Board”) to respond to serious allegations of director misconduct at the Company.

Plantro has learned in recent days that the Board of Dye & Durham has received multiple whistleblower complaints. The most recent complaint includes serious allegations of misconduct by Arnaud Adjler, Chair of the Board, and Tracey Keates, Chair of the Audit Committee.

Plantro understands the material elements of the most recent whistleblower complaint to be as follows:

1. In February 2025, the Company’s Chief Financial Officer (“CFO”) at that time, submitted a confidential letter to the Audit Committee regarding failures in the Company’s internal controls and governance practices. In the letter, he raised concerns about the disclosure of material, non-public and confidential Company information by Board members to third parties whom with they were conspiring with in the creation of “short seller-style” reports. These reports included numerous false and defamatory statements about the Company.
2. In April 2025, the above-mentioned Board members attempted to force the former CFO to misrepresent the Company’s Q3 FY2025 financial statements by adopting aggressive accounting practices. The implicated Board members’ direction would serve to artificially inflate the results, was not compliant with International Financial Reporting Standards (“IFRS”), and would result in the CFO being unable to certify the Company’s financial statements under National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Financials.
3. The former CFO refused the Board’s directive, and after the Company’s Q3 FY2025 financial statements were released, he was removed from his role in retaliation.

Given the seriousness of these allegations, Mr. Adjler and Ms. Keates should do the right thing and immediately resign from the Board to protect the integrity, reputation, and the remaining shareholder value of Dye & Durham. The Board should also reinstate its recently deposed independent chairman Hans T. Gieskes, to provide stable and independent Board leadership.

Should the allegations be found to be unsubstantiated, and should the Board deem it appropriate, the implicated directors may be renominated for election at the next Annual General Meeting.

The fact that the Company has received multiple whistleblower allegations only serves to reinforce Plantro’s concerns about Dye & Durham’s suitability to continue operating as a public company. Likeminded shareholders who value good governance and who want action to restore value at Dye & Durham should contact the Board to express their concerns today.

Please visit www.SellDnd.com to view Plantro’s presentation to fellow shareholders and other important materials.

Information Concerning the Plantro Nominees

To the knowledge of Plantro, no Plantro nominee is, at the date hereof, or has been, within ten (10) years before the date hereof: (a) a director, chief executive officer or chief financial officer of any company that (i) was subject to a cease trade order, an order similar to a cease trade order or an order that denied the relevant company access to any exemption under securities legislation that was in effect for a period of more than thirty (30) consecutive days (each, an “order”), in each case that was issued while the Plantro nominee was acting in the capacity as director, chief executive officer or chief financial officer, or (ii) was subject to an order that was issued after the Plantro nominee ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer; (b) a director or executive officer of any company that, while such Plantro nominee was acting in that capacity, or within one (1) year of such Plantro nominee ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or (c) someone who became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or became subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of such Plantro nominee.

To the knowledge of Plantro, as at the date hereof, no Plantro nominee has been subject to: (a) any penalties or sanctions imposed by a court relating to securities legislation, or by a securities regulatory authority, or has entered into a settlement agreement with a securities regulatory authority; or (b) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable securityholder in deciding whether to vote for a Plantro nominee.

To the knowledge of Plantro, none of the directors or officers of Plantro, or any associates or affiliates of the foregoing, or any of the Plantro nominees or their respective associates or affiliates, has: (a) any material interest, direct or indirect, in any transaction since the commencement of the Company’s most recently completed financial year or in any proposed transaction which has materially affected or will materially affect the Company or any of its subsidiaries; or (b) any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter proposed to be acted on at the Special Meeting, other than the re-constitution of the Board.

Plantro beneficially owns and controls 7,374,510 common shares representing approximately 11% of the outstanding shares of the Company. Martha Vallance beneficially owns and controls 38,600 common shares, representing approximately 0.06% of the outstanding shares of the Company. She also holds options to acquire an additional 425,433 common shares. Assuming full exercise of these options, she would beneficially own and control 464,033 common shares, representing approximately 0.69% of the then-outstanding shares of the Company, on a partially diluted basis. While the other Concerned Shareholder Nominees may purchase shares in the future, not of the other Concerned Shareholder Nominees currently hold any units of the Company.

Disclaimer for Forward-Looking Information

Certain information in this news release may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking statements and information generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “plans,” “continue,” or similar expressions suggesting future outcomes or events. Forward-looking information in this news release may include, but is not limited to, statements of Plantro regarding (i) how Plantro intends to exercise its legal rights as a shareholder of the Company, and (ii) its plans to make changes at the Board of the Company.

Although Plantro believes that the expectations reflected in any such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that (i) the Company may use tactics to thwart the rights of Plantro as a shareholder and (ii) the actions being proposed and the changes being demanded by Plantro, may not take place for any reason whatsoever. Except as required by law, Plantro does not intend to update these forward-looking statements.

About Plantro

Plantro is a privately held company, with an established track record of making successful investments in undervalued and high quality legal, financial, and information services businesses.

Media Contact

Gagnier Communications
Riyaz Lalani / Dan Gagnier
Plantro@gagnierfc.com

The MIL Network –

Source: GlobeNewswire (MIL-OSI)

Chair Arnaud Adjler and Audit Chair Tracey Keates Alleged to Have Ordered Former CFO to Misrepresent Financial Statements to Show Stronger Performance

CFO Refused the Order and Was Subject to Retaliatory and Arbitrary Termination After the Release of Accurate Results

Plantro Calls on the Two Implicated Directors to Resign Immediately to Protect the Integrity, Reputation, and the Remaining Shareholder Value of Dye & Durham

ST. HELIER, Jersey, July 14, 2025 (GLOBE NEWSWIRE) — Plantro Ltd. (“Plantro” or the “Concerned Shareholder”) one of the largest shareholders of Dye & Durham Limited (“Dye & Durham” or the “Company”) (DND: TSX) which owns approximately 11% of the Company, today called on Dye & Durham’s Board of Directors (the “Board”) to respond to serious allegations of director misconduct at the Company.

Plantro has learned in recent days that the Board of Dye & Durham has received multiple whistleblower complaints. The most recent complaint includes serious allegations of misconduct by Arnaud Adjler, Chair of the Board, and Tracey Keates, Chair of the Audit Committee.

Plantro understands the material elements of the most recent whistleblower complaint to be as follows:

1. In February 2025, the Company’s Chief Financial Officer (“CFO”) at that time, submitted a confidential letter to the Audit Committee regarding failures in the Company’s internal controls and governance practices. In the letter, he raised concerns about the disclosure of material, non-public and confidential Company information by Board members to third parties whom with they were conspiring with in the creation of “short seller-style” reports. These reports included numerous false and defamatory statements about the Company.
2. In April 2025, the above-mentioned Board members attempted to force the former CFO to misrepresent the Company’s Q3 FY2025 financial statements by adopting aggressive accounting practices. The implicated Board members’ direction would serve to artificially inflate the results, was not compliant with International Financial Reporting Standards (“IFRS”), and would result in the CFO being unable to certify the Company’s financial statements under National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Financials.
3. The former CFO refused the Board’s directive, and after the Company’s Q3 FY2025 financial statements were released, he was removed from his role in retaliation.

Given the seriousness of these allegations, Mr. Adjler and Ms. Keates should do the right thing and immediately resign from the Board to protect the integrity, reputation, and the remaining shareholder value of Dye & Durham. The Board should also reinstate its recently deposed independent chairman Hans T. Gieskes, to provide stable and independent Board leadership.

Should the allegations be found to be unsubstantiated, and should the Board deem it appropriate, the implicated directors may be renominated for election at the next Annual General Meeting.

The fact that the Company has received multiple whistleblower allegations only serves to reinforce Plantro’s concerns about Dye & Durham’s suitability to continue operating as a public company. Likeminded shareholders who value good governance and who want action to restore value at Dye & Durham should contact the Board to express their concerns today.

Please visit www.SellDnd.com to view Plantro’s presentation to fellow shareholders and other important materials.

Information Concerning the Plantro Nominees

To the knowledge of Plantro, no Plantro nominee is, at the date hereof, or has been, within ten (10) years before the date hereof: (a) a director, chief executive officer or chief financial officer of any company that (i) was subject to a cease trade order, an order similar to a cease trade order or an order that denied the relevant company access to any exemption under securities legislation that was in effect for a period of more than thirty (30) consecutive days (each, an “order”), in each case that was issued while the Plantro nominee was acting in the capacity as director, chief executive officer or chief financial officer, or (ii) was subject to an order that was issued after the Plantro nominee ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer; (b) a director or executive officer of any company that, while such Plantro nominee was acting in that capacity, or within one (1) year of such Plantro nominee ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or (c) someone who became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or became subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of such Plantro nominee.

To the knowledge of Plantro, as at the date hereof, no Plantro nominee has been subject to: (a) any penalties or sanctions imposed by a court relating to securities legislation, or by a securities regulatory authority, or has entered into a settlement agreement with a securities regulatory authority; or (b) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable securityholder in deciding whether to vote for a Plantro nominee.

To the knowledge of Plantro, none of the directors or officers of Plantro, or any associates or affiliates of the foregoing, or any of the Plantro nominees or their respective associates or affiliates, has: (a) any material interest, direct or indirect, in any transaction since the commencement of the Company’s most recently completed financial year or in any proposed transaction which has materially affected or will materially affect the Company or any of its subsidiaries; or (b) any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter proposed to be acted on at the Special Meeting, other than the re-constitution of the Board.

Plantro beneficially owns and controls 7,374,510 common shares representing approximately 11% of the outstanding shares of the Company. Martha Vallance beneficially owns and controls 38,600 common shares, representing approximately 0.06% of the outstanding shares of the Company. She also holds options to acquire an additional 425,433 common shares. Assuming full exercise of these options, she would beneficially own and control 464,033 common shares, representing approximately 0.69% of the then-outstanding shares of the Company, on a partially diluted basis. While the other Concerned Shareholder Nominees may purchase shares in the future, not of the other Concerned Shareholder Nominees currently hold any units of the Company.

Disclaimer for Forward-Looking Information

Certain information in this news release may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking statements and information generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “plans,” “continue,” or similar expressions suggesting future outcomes or events. Forward-looking information in this news release may include, but is not limited to, statements of Plantro regarding (i) how Plantro intends to exercise its legal rights as a shareholder of the Company, and (ii) its plans to make changes at the Board of the Company.

Although Plantro believes that the expectations reflected in any such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that (i) the Company may use tactics to thwart the rights of Plantro as a shareholder and (ii) the actions being proposed and the changes being demanded by Plantro, may not take place for any reason whatsoever. Except as required by law, Plantro does not intend to update these forward-looking statements.

About Plantro

Plantro is a privately held company, with an established track record of making successful investments in undervalued and high quality legal, financial, and information services businesses.

Media Contact

Gagnier Communications
Riyaz Lalani / Dan Gagnier
Plantro@gagnierfc.com

The MIL Network –

Source: GlobeNewswire (MIL-OSI)

Chair Arnaud Adjler and Audit Chair Tracey Keates Alleged to Have Ordered Former CFO to Misrepresent Financial Statements to Show Stronger Performance

CFO Refused the Order and Was Subject to Retaliatory and Arbitrary Termination After the Release of Accurate Results

Plantro Calls on the Two Implicated Directors to Resign Immediately to Protect the Integrity, Reputation, and the Remaining Shareholder Value of Dye & Durham

ST. HELIER, Jersey, July 14, 2025 (GLOBE NEWSWIRE) — Plantro Ltd. (“Plantro” or the “Concerned Shareholder”) one of the largest shareholders of Dye & Durham Limited (“Dye & Durham” or the “Company”) (DND: TSX) which owns approximately 11% of the Company, today called on Dye & Durham’s Board of Directors (the “Board”) to respond to serious allegations of director misconduct at the Company.

Plantro has learned in recent days that the Board of Dye & Durham has received multiple whistleblower complaints. The most recent complaint includes serious allegations of misconduct by Arnaud Adjler, Chair of the Board, and Tracey Keates, Chair of the Audit Committee.

Plantro understands the material elements of the most recent whistleblower complaint to be as follows:

1. In February 2025, the Company’s Chief Financial Officer (“CFO”) at that time, submitted a confidential letter to the Audit Committee regarding failures in the Company’s internal controls and governance practices. In the letter, he raised concerns about the disclosure of material, non-public and confidential Company information by Board members to third parties whom with they were conspiring with in the creation of “short seller-style” reports. These reports included numerous false and defamatory statements about the Company.
2. In April 2025, the above-mentioned Board members attempted to force the former CFO to misrepresent the Company’s Q3 FY2025 financial statements by adopting aggressive accounting practices. The implicated Board members’ direction would serve to artificially inflate the results, was not compliant with International Financial Reporting Standards (“IFRS”), and would result in the CFO being unable to certify the Company’s financial statements under National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Financials.
3. The former CFO refused the Board’s directive, and after the Company’s Q3 FY2025 financial statements were released, he was removed from his role in retaliation.

Given the seriousness of these allegations, Mr. Adjler and Ms. Keates should do the right thing and immediately resign from the Board to protect the integrity, reputation, and the remaining shareholder value of Dye & Durham. The Board should also reinstate its recently deposed independent chairman Hans T. Gieskes, to provide stable and independent Board leadership.

Should the allegations be found to be unsubstantiated, and should the Board deem it appropriate, the implicated directors may be renominated for election at the next Annual General Meeting.

The fact that the Company has received multiple whistleblower allegations only serves to reinforce Plantro’s concerns about Dye & Durham’s suitability to continue operating as a public company. Likeminded shareholders who value good governance and who want action to restore value at Dye & Durham should contact the Board to express their concerns today.

Please visit www.SellDnd.com to view Plantro’s presentation to fellow shareholders and other important materials.

Information Concerning the Plantro Nominees

To the knowledge of Plantro, no Plantro nominee is, at the date hereof, or has been, within ten (10) years before the date hereof: (a) a director, chief executive officer or chief financial officer of any company that (i) was subject to a cease trade order, an order similar to a cease trade order or an order that denied the relevant company access to any exemption under securities legislation that was in effect for a period of more than thirty (30) consecutive days (each, an “order”), in each case that was issued while the Plantro nominee was acting in the capacity as director, chief executive officer or chief financial officer, or (ii) was subject to an order that was issued after the Plantro nominee ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer; (b) a director or executive officer of any company that, while such Plantro nominee was acting in that capacity, or within one (1) year of such Plantro nominee ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or (c) someone who became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or became subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of such Plantro nominee.

To the knowledge of Plantro, as at the date hereof, no Plantro nominee has been subject to: (a) any penalties or sanctions imposed by a court relating to securities legislation, or by a securities regulatory authority, or has entered into a settlement agreement with a securities regulatory authority; or (b) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable securityholder in deciding whether to vote for a Plantro nominee.

To the knowledge of Plantro, none of the directors or officers of Plantro, or any associates or affiliates of the foregoing, or any of the Plantro nominees or their respective associates or affiliates, has: (a) any material interest, direct or indirect, in any transaction since the commencement of the Company’s most recently completed financial year or in any proposed transaction which has materially affected or will materially affect the Company or any of its subsidiaries; or (b) any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter proposed to be acted on at the Special Meeting, other than the re-constitution of the Board.

Plantro beneficially owns and controls 7,374,510 common shares representing approximately 11% of the outstanding shares of the Company. Martha Vallance beneficially owns and controls 38,600 common shares, representing approximately 0.06% of the outstanding shares of the Company. She also holds options to acquire an additional 425,433 common shares. Assuming full exercise of these options, she would beneficially own and control 464,033 common shares, representing approximately 0.69% of the then-outstanding shares of the Company, on a partially diluted basis. While the other Concerned Shareholder Nominees may purchase shares in the future, not of the other Concerned Shareholder Nominees currently hold any units of the Company.

Disclaimer for Forward-Looking Information

Certain information in this news release may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking statements and information generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “plans,” “continue,” or similar expressions suggesting future outcomes or events. Forward-looking information in this news release may include, but is not limited to, statements of Plantro regarding (i) how Plantro intends to exercise its legal rights as a shareholder of the Company, and (ii) its plans to make changes at the Board of the Company.

Although Plantro believes that the expectations reflected in any such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that (i) the Company may use tactics to thwart the rights of Plantro as a shareholder and (ii) the actions being proposed and the changes being demanded by Plantro, may not take place for any reason whatsoever. Except as required by law, Plantro does not intend to update these forward-looking statements.

About Plantro

Plantro is a privately held company, with an established track record of making successful investments in undervalued and high quality legal, financial, and information services businesses.

Media Contact

Gagnier Communications
Riyaz Lalani / Dan Gagnier
Plantro@gagnierfc.com

The MIL Network –

Source: GlobeNewswire (MIL-OSI)

Chair Arnaud Adjler and Audit Chair Tracey Keates Alleged to Have Ordered Former CFO to Misrepresent Financial Statements to Show Stronger Performance

CFO Refused the Order and Was Subject to Retaliatory and Arbitrary Termination After the Release of Accurate Results

Plantro Calls on the Two Implicated Directors to Resign Immediately to Protect the Integrity, Reputation, and the Remaining Shareholder Value of Dye & Durham

ST. HELIER, Jersey, July 14, 2025 (GLOBE NEWSWIRE) — Plantro Ltd. (“Plantro” or the “Concerned Shareholder”) one of the largest shareholders of Dye & Durham Limited (“Dye & Durham” or the “Company”) (DND: TSX) which owns approximately 11% of the Company, today called on Dye & Durham’s Board of Directors (the “Board”) to respond to serious allegations of director misconduct at the Company.

Plantro has learned in recent days that the Board of Dye & Durham has received multiple whistleblower complaints. The most recent complaint includes serious allegations of misconduct by Arnaud Adjler, Chair of the Board, and Tracey Keates, Chair of the Audit Committee.

Plantro understands the material elements of the most recent whistleblower complaint to be as follows:

1. In February 2025, the Company’s Chief Financial Officer (“CFO”) at that time, submitted a confidential letter to the Audit Committee regarding failures in the Company’s internal controls and governance practices. In the letter, he raised concerns about the disclosure of material, non-public and confidential Company information by Board members to third parties whom with they were conspiring with in the creation of “short seller-style” reports. These reports included numerous false and defamatory statements about the Company.
2. In April 2025, the above-mentioned Board members attempted to force the former CFO to misrepresent the Company’s Q3 FY2025 financial statements by adopting aggressive accounting practices. The implicated Board members’ direction would serve to artificially inflate the results, was not compliant with International Financial Reporting Standards (“IFRS”), and would result in the CFO being unable to certify the Company’s financial statements under National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Financials.
3. The former CFO refused the Board’s directive, and after the Company’s Q3 FY2025 financial statements were released, he was removed from his role in retaliation.

Given the seriousness of these allegations, Mr. Adjler and Ms. Keates should do the right thing and immediately resign from the Board to protect the integrity, reputation, and the remaining shareholder value of Dye & Durham. The Board should also reinstate its recently deposed independent chairman Hans T. Gieskes, to provide stable and independent Board leadership.

Should the allegations be found to be unsubstantiated, and should the Board deem it appropriate, the implicated directors may be renominated for election at the next Annual General Meeting.

The fact that the Company has received multiple whistleblower allegations only serves to reinforce Plantro’s concerns about Dye & Durham’s suitability to continue operating as a public company. Likeminded shareholders who value good governance and who want action to restore value at Dye & Durham should contact the Board to express their concerns today.

Please visit www.SellDnd.com to view Plantro’s presentation to fellow shareholders and other important materials.

Information Concerning the Plantro Nominees

To the knowledge of Plantro, no Plantro nominee is, at the date hereof, or has been, within ten (10) years before the date hereof: (a) a director, chief executive officer or chief financial officer of any company that (i) was subject to a cease trade order, an order similar to a cease trade order or an order that denied the relevant company access to any exemption under securities legislation that was in effect for a period of more than thirty (30) consecutive days (each, an “order”), in each case that was issued while the Plantro nominee was acting in the capacity as director, chief executive officer or chief financial officer, or (ii) was subject to an order that was issued after the Plantro nominee ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer; (b) a director or executive officer of any company that, while such Plantro nominee was acting in that capacity, or within one (1) year of such Plantro nominee ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or (c) someone who became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or became subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of such Plantro nominee.

To the knowledge of Plantro, as at the date hereof, no Plantro nominee has been subject to: (a) any penalties or sanctions imposed by a court relating to securities legislation, or by a securities regulatory authority, or has entered into a settlement agreement with a securities regulatory authority; or (b) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable securityholder in deciding whether to vote for a Plantro nominee.

To the knowledge of Plantro, none of the directors or officers of Plantro, or any associates or affiliates of the foregoing, or any of the Plantro nominees or their respective associates or affiliates, has: (a) any material interest, direct or indirect, in any transaction since the commencement of the Company’s most recently completed financial year or in any proposed transaction which has materially affected or will materially affect the Company or any of its subsidiaries; or (b) any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter proposed to be acted on at the Special Meeting, other than the re-constitution of the Board.

Plantro beneficially owns and controls 7,374,510 common shares representing approximately 11% of the outstanding shares of the Company. Martha Vallance beneficially owns and controls 38,600 common shares, representing approximately 0.06% of the outstanding shares of the Company. She also holds options to acquire an additional 425,433 common shares. Assuming full exercise of these options, she would beneficially own and control 464,033 common shares, representing approximately 0.69% of the then-outstanding shares of the Company, on a partially diluted basis. While the other Concerned Shareholder Nominees may purchase shares in the future, not of the other Concerned Shareholder Nominees currently hold any units of the Company.

Disclaimer for Forward-Looking Information

Certain information in this news release may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking statements and information generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “plans,” “continue,” or similar expressions suggesting future outcomes or events. Forward-looking information in this news release may include, but is not limited to, statements of Plantro regarding (i) how Plantro intends to exercise its legal rights as a shareholder of the Company, and (ii) its plans to make changes at the Board of the Company.

Although Plantro believes that the expectations reflected in any such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that (i) the Company may use tactics to thwart the rights of Plantro as a shareholder and (ii) the actions being proposed and the changes being demanded by Plantro, may not take place for any reason whatsoever. Except as required by law, Plantro does not intend to update these forward-looking statements.

About Plantro

Plantro is a privately held company, with an established track record of making successful investments in undervalued and high quality legal, financial, and information services businesses.

Media Contact

Gagnier Communications
Riyaz Lalani / Dan Gagnier
Plantro@gagnierfc.com

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