Rainy Day Investments Deplores Intimidation Tactics by Investment Funds
MONTREAL, June 08, 2018 (GLOBE NEWSWIRE) -- Rainy Day Investments Ltd. ("RDI"), which has proposed a slate of seven highly-qualified Canadian nominees for election as directors of DAVIDsTEA Inc. ("DAVIDsTEA") (Nasdaq:DTEA) at the annual meeting to be held on June 14, categorically rejects and will vigorously contest a baseless, frivolous motion it has received from three limited partnerships managed by Porchlight Equity Management, LLC of Wellesley, Massachusetts.
The motion seeks a declaratory judgment from the Québec Superior Court, Civil Division, to the effect that an agreement entered into by RDI and the Porchlight limited partnerships in August 2013, while DAVIDsTEA was a private company, is still in effect and binds RDI and its President Herschel Segal with respect to the composition of the Board of Directors of DAVIDsTEA. Among other things, the August 2013 agreement was expressly cancelled more than a year before DAVIDsTEA's initial public offering in 2015. The motion does not name DAVIDsTEA as a defendant.
RDI also categorically rejects unfounded claims recently made by TDM Asset Management Pty Ltd of Sydney, Australia, via the publication of what can only be characterized as an intimidation letter sent to five of RDI's nominees for election as directors of DAVIDsTEA.
Peter Cornetta, Senior Managing Director of Porchlight Equity Management, and Benjamin Gisz, partner at TDM Asset Management, are two of the six nominees proposed by DAVIDsTEA for election as directors at the June 14 annual meeting.
RDI deplores these blatant attempts at intimidation by Porchlight and Mr. Cornetta, and by TDM and Mr. Gisz.
Herschel Segal commented: "I want to assure all DAVIDsTEA individual shareholders that these intimidation tactics will not work. Neither RDI nor our highly-qualified Board nominees will be deterred by these non-Canadian investment funds. At the annual meeting next Thursday, June 14, DAVIDsTEA's shareholders will elect a new Board of Directors. Then our work on turning around DAVIDsTEA can begin."
Vote FOR the RDI Nominees by Tuesday, June 12 at 9:00 a.m. (ET)
To ensure that your vote is counted, please vote now even if you are planning to attend the annual meeting on June 14, 2018. The deadline to vote your BLUE form is Tuesday, June 12, 2018 at 9:00 a.m. (ET).
RDI holds approximately 46.4% of the outstanding shares of DAVIDsTEA and has proposed seven highly-qualified Canadian nominees with extensive experience operating retail businesses in Canada. They share a common vision about the future of DAVIDsTEA and are committed to a turnaround of operations and financial performance for the benefit of ALL shareholders.
RDI's nominees are Herschel Segal, M. William Cleman, Pat De Marco, CPA, CA, Emilia Di Raddo, CPA, CA, Max Ludwig Fischer, Ph.D., Peter Robinson and Roland Walton. To vote FOR RDI's seven nominees, use only the BLUE voting instruction form. If you have already voted using the yellow management proxy and wish to vote FOR RDI's nominees, please vote again using the BLUE form. This will automatically revoke any previous proxies submitted. Shareholders who need assistance in voting their BLUE voting instruction form in favour of the seven RDI nominees should contact RDI's proxy solicitation agent, Shorecrest Group, by email at [email protected] or by calling toll free at 1-888-637-5789. Brokers and banks can reach Shorecrest Group at 647-931-7454.
RDI's proxy circular is available at www.saveDTEA.com as well as under DAVIDsTEA's profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
| Investor Contact | Media Contact |
| Christine Carson Co-founder & Managing Director Shorecrest Group Direct: 1-888-637-5789 E-mail: [email protected] | Lyla Radmanovich 514-845-8763 [email protected] |
Forward-looking Statements
This press release may contain forward-looking statements with respect to DAVIDsTEA and RDI. These statements generally can be identified by use of forward-looking words such as "may" "will", "expect", "estimate", "anticipate", "intends" or "believe" or the negative thereof or similar variations. Actual results could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. These cautionary statements qualify all forward-looking statements attributable to RDI and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and RDI has no obligation to update such statements, except to the extent required by applicable securities laws.
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