DAVIDsTEA Says Considering Rainy Day Investments’ Proposals

DAVIDsTEA (DTEA) said it is considering proposals and board nominations from Rainy Day Investments Ltd. (RDI), a holder of 46% of the outstanding shares, and Herschel Segal, RDI’s president and a former member of the Board of Directors of the company.

Last week, RDI suggested the company should focus on turning around its financial performance. RDI also said it will not proceed with previously-announced plans to present a proposal for an offer to buy out DavidsTea’s minority shareholders and that it has no intention of selling its shares at this time. RDI also said it has submitted a slate of eight nominees to the Corporate Governance and Nominating Committee for election as the Board of Directors at DavidsTea’s forthcoming annual meeting

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