The efforts by one activist shareholder to dislodge an earlier group of activist shareholders from influence over Canada’s Dye & Durham is being eyed warily by Australian banks.
Dye & Durham supports more than 10,000 Australian financial and legal professionals with national property and business information, data, workflow technology and mortgage settlement services, or so D&D proclaim at their Australian website.
D&D also provide practice management solutions to many Australian law firms.
Dye & Durham are a pillar of the information ecosystem of the mortgage arms of the banking industry in this country, but the D&D business is floundering in the background, or so allege Plantro, a shareholder group associated with a former CEO.
At their website, selldnd.com, Plantro contend “since December 2024, the value destruction at Dye & Durham has reached crisis proportions. Under the control of the Engine Activist Group, the board has overseen a staggering erosion of value.”
The Engine Activist Group comprise Engine Capital Management LP (Engine), EdgePoint Wealth Management (EdgePoint), and OneMove Capital Ltd. (OneMove).
Plantro assert: “The truth is, remaining public is no longer a viable option for Dye & Durham. If the current Board remains unchanged, the company will continue down the same failed path, resulting in further shareholder losses.
“A full sale of the company is the only way to realise a control premium for current shareholders and restore stability in the business.”
D&D have been exploring a sale of their financial services business and the Australian conveyancing powerhouse PEXA has previously been linked with Dye & Durham as an interested party.
Plantro did not respond to an approach from Banking Day for comment.