iolite Confirms Special Meeting of Dynacor Group Inc. – Meeting to Proceed Despite Attempts by Dynacor to Block It in Court

In the high-stakes world of corporate governance, the battle for control of Dynacor Group Inc. (TSX: DNG) has reached a new level of intensity. iolite Capital Management AG, a Switzerland-based investment manager, has confirmed that the special meeting of Dynacor shareholders will proceed on April 16, 2025, despite attempts by Dynacor to block it in court. This move by iolite, which holds not less than 10% of the issued and outstanding voting shares of Dynacor, is a bold assertion of shareholder rights and a challenge to the existing board's governance practices.

The special meeting, initially scheduled for April 9, 2025, was called by iolite after the existing board failed to convene a meeting as requested. The new date of record is now March 14, 2025, meaning shareholders as of this date will be entitled to vote on the election of Mr. Robert Leitz as a director of the company. Leitz, with 25 years of experience in finance and commodities, brings a wealth of expertise in international M&A and distressed debt investing, which iolite believes will contribute effectively to Dynacor's success.



The delay in the special meeting from April 9, 2025, to April 16, 2025, has several implications for the voting process and potential outcomes for shareholders. The new date of record means that shareholders as of March 14, 2025, will be entitled to vote on the election of Mr. Robert Leitz as director of the Company and to transact such other business as may properly be brought before the meeting or any adjournment thereof. This change in the record date could affect which shareholders are eligible to vote, as those who acquired shares after March 14, 2025, will not be able to participate in the voting process. Additionally, the delay provides more time for shareholders to receive and review the information circular and proxy, which will be sent to shareholders as of the Record Date. This could potentially lead to a more informed voting process, as shareholders will have more time to consider the information provided and make a decision on how to vote. However, the delay could also provide more time for the existing Board to engage in tactics to influence the outcome of the vote, as iolite has accused the Company of engaging in dilatory tactics and wasting money.

The conflict between iolite and Dynacor's existing board highlights the broader issue of corporate governance and shareholder activism. iolite's actions are framed as being in the best interests of the shareholders, positioning itself as an advocate for shareholder rights. By calling the meeting, iolite is challenging what it perceives as entrenchment tactics by the existing board, pushing for a more transparent and accountable governance structure. This could lead to a more responsive and shareholder-friendly board, which could positively impact Dynacor's future direction.

The election of Robert Leitz could lead to strategic changes within Dynacor. Leitz's background and experience suggest that he may push for initiatives that align with iolite's investment philosophy, such as deep fundamental research, constructive engagement with management, and a long-term investment horizon. This could result in a more focused and strategic direction for Dynacor, potentially leading to improved performance and value creation.



In conclusion, the special meeting of Dynacor shareholders, called by iolite Capital Management AG, is a significant development in the ongoing battle for control of the company. The delay in the meeting and the change in the record date have implications for the voting process and potential outcomes for shareholders. The conflict between iolite and Dynacor's existing board highlights the broader issue of corporate governance and shareholder activism. iolite's actions are framed as being in the best interests of the shareholders, positioning itself as an advocate for shareholder rights. The election of Robert Leitz could lead to strategic changes within Dynacor, potentially resulting in improved performance and value creation. The outcome of the special meeting will be closely watched by investors and corporate governance experts alike, as it could set a precedent for future shareholder activism and corporate governance practices.