- Review to examine ways to generate additional capital to
achieve stated goal of total net debt to adjusted EBITDA ratio of
four times or less
- Review will examine variety of options, including potential
sale of all or part of non-core assets, including the financial
services infrastructure business
TORONTO, Nov. 13,
2023 /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 announced it has begun a
strategic review of its non-core assets to significantly expedite
its previously announced plan to reduce its leverage ratio.
The strategic review will include the examination of a variety
of options intended to generate additional capital to deliver on
the Company's stated goal of reducing its leverage to less than
four times total net debt to adjusted EBITDA as soon as possible.
These options include the potential partial or complete sale of
non-core assets, such as the Company's financial services business,
among others.
"Despite our strong business performance and liquidity position,
we understand our shareholders would like us to reduce our leverage
ratio. We strongly believe this strategic review will accelerate
this process," said Dye & Durham CEO Matthew Proud. "We are working closely with our
financial and legal advisors to ensure the review is comprehensive,
diligent and maximizes value."
Dye & Durham has retained Goldman Sachs and Canaccord
Genuity Corp. as its financial advisors with respect to the
strategic review of non-core assets.
There can be no assurance that the commencement of the strategic
review of non-core assets will result in a transaction. It is the
Company's current intention not to disclose developments with
respect to the strategic review process unless and until the board
of directors has approved a specific transaction or otherwise
determines that disclosure is necessary or appropriate.
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. The company has operations in
Canada, the United Kingdom, Ireland, Australia and South
Africa.
Additional information can be found at www.dyedurham.com
SOURCE Dye & Durham Limited