Board Update - Dye and Durham
$DND.TO /
$DYNDF
Alan Hibben’s just resigned from the Board.
I actually view this as a constructive development, not a negative one.
Hibben stepped in as Chair late last year during a turbulent period (activist pressure, strategic review).
He helped stabilize governance, pushed for the Sales Process, and even put his own money in (buying ~61k shares in Feb at $2.67–$3.45).
His job there looks largely done.
Nov 20, 2025: Hibben joined the board and was appointed Independent Chair.
Early 2026: The board was refreshed (part of the settlement with OneMove / Tyler Proud). Edward Smith became Chair for a period.
By May 2026 (latest Management Information Circular dated May 6): Mary Filipelli (M&A Specialist) joins as the Chair of the Board.
Today: Hibben resigned as a director (not as Chair - he had already stepped down from that role earlier).
Now that Tyler Proud is on the board and the Sales Process is deep in due diligence, the board is likely streamlining to be leaner and more focused for the final stages (second-round bids, exclusivity, carve-out negotiations).
This is common in live M&A situations - companies often refresh the board to align it tightly with the transaction phase.
There’s zero indication of any beef with the Proud brothers. Plantro and OneMove have been supportive of the process (they’re voting FOR the poison pill tomorrow), and Hibben’s resignation was clean with no public disagreement.
If there was real conflict, we would have seen it disclosed.
Net effect:
- The board is getting transaction-ready.
- The Sales Process continues uninterrupted, and the core thesis (credible first-round bids and carve-out) remains intact.
- This is housekeeping.
- The stock is still ridiculously cheap relative to the bids that already exist.
I'll be adding more on any weakness.